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Home Home and Garden

How to Get on the Property Ladder

by Miles Austine
in Home and Garden, Real Estate, Tips and Tricks
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There are countless benefits to being a homeowner such as security, monthly mortgage payments can be cheaper than rent, and the freedom to modify the home as you would like without the need for permission (unless planning permission is required for an extension). It is because owning a property comes with a lot of perks that many people strive to become homeowners, but it isn’t always that easy to get onto the property ladder. If you’re someone who would like to buy their first house, but feel as though it’s an unattainable dream, here are some tips to help you achieve your goals. 

Save! Save! Save! 

The first and most obvious thing you need to do is put aside savings to go towards a deposit. This might seem simple enough, but saving money can be difficult, particularly if you’re on a lower income job or have high outgoings every month. Sit down and look at your spending habits to try and determine where you can make cutbacks, and open a separate saving account to keep your deposit money separate from your other finances. You can also look at help to buy schemes like the one offered by Linden Homes. These are fantastic for first-time buyers who might not be able to save for a standard deposit as quickly as they’d like to.

Do Your Research

There are a lot of things you need to consider when buying a property, especially if this is your first time doing so. A lack of experience could lead to problems, so do your best to look into the ins and outs of buying a house. You will need to think about additional fees like surveyors and stamp duty, plus any legal fees if you’re going to use a solicitor to help you with your purchase. You should also research different areas you’re interested in living in, and whether you can afford them or whether they are worth the investment. Take your time looking at properties and looking into these things before you make a decision. 

Be Realistic

It might feel like you’ve been waiting forever to buy a home, and this might make you want to move into your dream house straight away. However, you need to be realistic about what you can afford and be ready to make some compromises. For example, you might want a four-bedroom detached house with a big garden, but these can be expensive properties, and if it’s just you or you and your partner, do you need that much space? Start small when you’re trying to get onto the property ladder, you can upgrade to your dream home later.

Work on Your Credit Score

When applying for mortgages and help to buy schemes, you will be subjected to a credit check. This is a standard procedure as your lender will need to know you can pay back your mortgage loan and that you’re reliable. Pay off any outstanding debts you have first, and check your credit score yourself for free to see if you need to improve it before you apply for mortgages. 

These are just some basic tips to help you get onto the property ladder. Make sure you use them to become a homeowner quicker. 

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