Plenty of people dream of owning their own property, whether it is a terrace home, semi-detached, or a flat. Unfortunately, with the rising cost of property and wages falling behind for many first-time buyers, this can seem like pie in the sky. Rather than what some people might tell you it is more than just a case of spending a little less on Starbucks and Netflix, but instead will take planning and action to get the keys to your own place.
1. Define your budget
The first step here is to work out how much you can afford. Plenty of ready-reckoners online will show the mortgage calculations for where you are, but spending some time with a mortgage adviser could also be a very good idea. They can tell you more about how much you will need for your initial down payment and also about different mortgages and special offers, so you are left with no doubt about what options are available.
2. Research your desired area
Once you know your budget, you can start looking at the various areas where you wouldn’t mind living. The problem here is that your expectations might not meet with financial reality, and you will have to look at areas you might not have considered before but are the only ones you can afford. There are plenty of factors to look at, and this will depend on how and where you work and whether or not you have a family. So, you’ll have to look at transport routes, schools, and shops to come up with a shortlist.
3. Choose your buying style
Everybody loves a bargain, and if you can get one in your new home, then all the better. As well as the more traditional method of buying, which involves looking around properties that you have seen in estate agent windows, you could also consider looking at Property Auctions UK. The prices here are likely to be much lower than for traditionally bought properties, but there are so many things you need to take into account, like auction fees. You should also always read the property pack so you know what you are looking at, but this could provide you with a much cheaper route to getting on the property ladder.
4. Know the different terms used
As part of your research, however, you need to ensure that you know what type of property you are buying in regard to ownership. You should at least research the difference between freehold and leasehold online, as well as know the ins and outs of shared ownership schemes. If you are looking to renovate, you should also get a good grounding on buying a property that is graded, as there are certain rules you need to understand.
Final thoughts
Property ownership doesn’t have to be the closed book you think it might be. While you might not get the home of your dreams, you can at least get a foothold on the property ladder if you follow a few simple steps. You need to know your budget, thoroughly research the areas you are considering, and do your homework on different types of ownership and the rules that affect older properties. You should also not tie yourself to buying traditionally and consider buying your home at auction.
