6 Signs You’re Ready To Buy Your First Home
If you’ve been thinking about jumping on the property ladder and buying your first home, you’ll know that it’s a big (and sometimes confusing) decision.
Some days you feel totally ready; like an unstoppable, responsible adult and other days you feel like a helpless baby who shouldn’t be allowed to own something as important as a house – regardless of whether you’re 23 or 53.
So, if buying a house is on the horizon but you’re not quite sure if you’re ready just yet, here are 6 signs that it’s time to take the plunge.
You have a big person job
When it comes to getting a mortgage, lenders will look at many things, but the key criteria will be your ability to make repayments. You’ll be considered a lower risk to lenders if you’re in secure, full-time employment with a nice steady wage. So if you’re in a good job, with a decent salary that’s been steady for a while, you’re one step closer to that home owning dream.
You spend more time than you’d like to admit on PropertyPal.com
We all do it (even us – and we work here!). Browsing homes on PropertyPal is addictive is addictive but if you have specific saved searches that you go back to constantly, chances are you know exactly what you want in a home. This is a clear sign that you’re on your way towards finding and buying your ideal home.
You have a deposit
When you pay a visit to the mortgage broker, they’ll tell you that most lenders will recommend putting down a deposit of around 10% (although some will accept from 5%). If you know what price range you’re aiming for and have a good portion of that saved, you know you’re serious about getting a foothold on that property ladder.
You’re getting increasingly frustrated with renting/living at home
Even if you loved your rented place at the start, recently you’ve noticed that you’re getting increasingly frustrated by little things like how the shower’s a bit leaky or having to constantly call the landlord when the boiler’s on the blink. If you notice yourself getting more agitated about these little things, it’s probably because you’re subconsciously desperate to get out of there and bag your own place.
Your finances are in pretty good nick
Houses are expensive and it’s not just the mortgage repayments you have to worry about. When you first move in, there can be considerable costs; you may need to refurbish or make changes to areas of the property or you may simply need to splash out on new furniture. If you no longer get that sick feeling in your stomach when you check your bank account and you feel like you could comfortably afford these expenses, then it might be close to buying time.
Your party days are over and you feel kind of like an adult
Buying a house is a huge commitment and not just in terms of finances. It’s a lot of responsibility and a sure sign of settling down. So if your weekends of going out until 3am and downing shots have been replaced by lying in bed at 10pm, scrolling through Pinterest drinking tea, you are so ready to buy that house.
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