Top Tips To Help You Get On The Property Ladder

Getting your foot on the property can be a huge challenge, no matter what stage of life you’re at! However, it’s still a significant investment and provides a considerable amount of financial security. So, for some tips and tricks that will hopefully help you get your foot on the property ladder sooner than you ever thought you could, read on! 

Start Saving 

Step one: start saving. Sounds simple, right?! Well, it is! Before you can dream too big or start proper planning, it’s essential to get your finances in order and make sure you have enough in the bank actually to get your first home. So, as soon as possible, put money aside for a deposit. Remember: the bigger the deposit, the more confidence mortgage lenders will have in you. This may take years of careful saving, but it will pay off in the end. 

Consider how much you can save each month, take a look at your finances as a whole and see where you can start making changes. There are a number of online budgeting apps and websites that may help you along the way. You’d be surprised at how much money you can save by making some small changes, like not buying a coffee every day or saying no to a meal out every now and then. 

Work Out Your Budget 

Start by meeting with mortgage advisors and lenders, who will consider your income and financial situation, and then let you know how much you will be able to borrow. Knowledge is power, so organizing a meeting and learning what you’ve got to work with will help you plan your next steps carefully. This is a particularly important step at the beginning of your house hunt because it will help you stay realistic about what you can and can’t get for your money. 

When you’re working out your budget, remember to factor in the real cost of moving. It’s not just the cost of the house that you need to worry about; it’s all the other costs that stack up in the background. There are legal fees, valuation fees, mortgage arrangement fees, among others. You may also need to factor in-home repairs and furniture that will need to be purchased. This is all-important, too! 

Consider The Area

The area where you’re looking to buy will affect mortgage rates. Of course, when you’re looking to buy your first home, there will be loads of factors to consider, like where you grew up, where your friends and family are, and where you work. However, it really does pay to consider the bigger picture when buying a home. You may realize that paying more to live in an area closer to work will work out financially in the long run, as you’ll save on commuting. Or, you may find new, cheaper areas that will help you get on the ladder sooner than you expected. After all, Singapore mortgage rates will be worlds apart from mortgage rates elsewhere. So, when you’re doing your research, consider where it is that you should buy. 

Help, Anyone?

Consider whether there are any help to buy schemes or programmes to help you reach your goal of buying your first home. This does vary depending on where you live, but they can be a great way to get a little help from a government. 

If the government isn’t there to help you, it can be worth reaching out to family members to see if they can assist you at all. While you may not want to take a huge amount of money from your parents’ bank accounts as a deposit, there are opportunities for parents to release equity from their own properties to help you get into your own. If you don’t ask, you don’t get! 

Consider Your Options 

It can be much easier to get a mortgage secured if you share it with someone else. Be it a partner or a family member; a problem shared really is a problem halved. A mortgage lender will be able to talk you through all the options out there, so make sure to check it out as an option. 

Stay Motivated 

The round to buying a home can be a long one, so staying motivated is critical. Some people find visualization a great tool – as they can keep their goal in their mind’s eye. If you find yourself getting stressed or overwhelmed by the process, then meditation is a great tool. Meditation is the practice of calming your mind and mastering your thoughts and is a brilliant de-stressor. If this sounds too complex, there are several tools and courses that will help you master the art. 

Be Ready With Your Paperwork 

Once you’ve saved your deposit and started your search, make sure to have all your paperwork ready to go. If you make an offer on a house and it’s accepted, you’ll have to hand in various documents (ID, bills, documents from your mortgage supplier). Because you never know when you might find the right place, you should have all of this ready to go! Being able to move with speed may help you avoid disappointment and keep the house-buying-ball rolling. 

Do Your Homework

When you’ve found a home that you think might be the place for you, make sure to check it out FULLY. Remember: this is one of the most expensive purchases you’ll ever make in your life! Do your due diligence and thoroughly investigate the house, the area, and the house’s history. When you commit to buying your first place, you’ll want to be totally confident that it’s the best option for you. 

Hopefully, this guide will have given you some useful tips, tricks and things to consider when you’re trying to get your foot on the property ladder for the first time. Buying your first property is a fantastic achievement and one that’s worth all the hard work. Good luck!

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