Something I have yet talk about on my blog is the exciting new adventure I’m on, of starting the process to buying my first home. I have gone back and forth about the idea of being a home owner alot over the last few months. But with the current state of the renting market, it makes way more sense to buy instead of rent. Covid has had such an impact on real estate, its really crazy how high the prices are at the moment.
As I said, I initially considered renting (and still might!) but the prices for places to rent currently are so high. So high that it would be cheaper to buy as the mortgage payments are way cheaper. Which is crazy! I guess people cant go on vacations so instead are moving or renting their properties. But, whatever is going on, it’s wild out there. As I am on this journey, I thought I should share some of the tips I have learnt so far. Just incase you might be in the same situation as me!
MORTGAGE CALCULATORS ARE A LIFE SAVER
If you’re anything like me, I am clueless about what factors come into play when applying for a mortgage. I had no idea about the process or costs. Before I had even considered about moving homes I had never thought to use a mortgage calculator. Mortgage calculators have become so important to me on my home finding journey that I use them on a regular basis.
There are so many out there on the internet, but one of my favourites is Mortgage Calculator UK. It’s so easy to use and shows you the results almost instantly. They even have a remortgage calculator if you are looking for something different. Its websites like these that really help when you don’t really know what you’re looking for! What I really love about this site is that you can scroll down and it breaks down all of the payment information. I think thats so important to show, as it really gives a better idea of how much capital you will get from paying a mortgage.
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BE PATIENT, IT MIGHT TAKE A WHILE
As mentioned in the intro, the housing market is really crazy at the moment. I know here in the UK its because the government decided to remove stamp duty, which meant moving/buying homes was alot cheaper. Now that stamp duty is back, its not meant that the housing market has gotten any better. Its a really good place right now for people who are looking to sell. If you are looking to buy like me, then you will probably end up paying way more than you would have a few months ago. Right move have some good information about the current state of the housing market this month.
One thing I have had to constantly tell myself is to be patient. Homes are getting snatched up so quickly that it’s almost like you have to predict when one is going on the market in order to get your chance of getting it. With anything in life, it wont come quickly. And at the moment housing sales are taking longer than ever!
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SAVE, SAVE, SAVE
It seems like an obvious thing to say when talking about buying your first home, or any home. But saving up is so important. And making sure you save more than you think you need too. There are always hidden costs with buying property, and you want to make sure that you have extra to furnish your home too once you move in. I put away a chunk of cash each month and don’t touch it. I don’t even acknowldge its there and sort of act like its not mine. It really helps in making sure the money stays in my savings and I don’t get tempted to get it out.
One of the great things about the UK right now is that there is a government Help to Buy scheme. Which is really helpful if you are a first time buyer. So I would recommend checking that out! It might mean that you get your first home significantly cheaper than you usually would!
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Are you buying your first home? Do you have any advice you could give to first time buyers? Have you ever used a mortgage calculator?
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