So many First Time Buyers dream of moving in to their first apartment, house that they own. Owning your own place can be fulfilling but only if you understand the true costs involved. Without that if interest rates change or your job security is uncertain then you could be in for a fall.
You can step or jump on to the property ladder by firstly costing out a moving checklist. Get to grips with the key professionals that you hope to use once you have saved for a deposit and found your dream property.
The on-going costs apply to all types of property and this is where you want to really drill in to the monthly outgoings that will be required. including saving for the unforeseen.
So how much does it cost per month to own a property?
Mortgage, House insurance, Council Tax, Broadband, Mobile phone, Utility bills, Life assurance, car insurance and already agreed monthly payments say for a car. Don’t forget to add that all important entertainment and sports memberships you have.
Your salary after tax minus the above is what you have left. Use these savings for a holiday and potential property maintenance costs that we all hate paying for.
If you are earning £24000 per year, then your monthly expenditure should not be more than £1200.
Work your own numbers out and remember interest rates can go up as well as down. If you go for a worst case scenario then you can keep a look out for lower mortgage rates and remortgage your property taking advantage of lower interest payments.
Lets Begin The Journey To Home Ownership
You should firstly understand what you can afford and with that, what deposit you will need to save for. You should contact an independent Whole of market Mortgage Broker.
After a few days the Broker will advise what you can afford and which Mortgage Lender is likely to provide a mortgage. If you haven’t the savings then you will need to pause and work out how long it will take you to get the required monies ready.
You will have an idea on the maximum property price you can search for and you can also view at any time online conveyancing quotes by visiting the Homebuyer Conveyancing website. You can compare local and national quotes without entering your personal details.
When you are about to make an offer on a property you should contact your Broker to confirm that a mortgage is available meeting your needs. If your offer is accepted then revisit the Homebuyer website and take a fast quote away and book a timed call to discuss the property transaction details. You should be able to pass on the Sellers Solicitors details.
Top Tip, Ensure that your Solicitors details are passed on to the Sellers Solicitor when the offer is accepted. Some Sales Agents wait for the Survey results. Doing that puts you in a weaker position.
Make progress fast and please do call 0345 463 7664 if you want help on finding a surveyor.
