The past few years that you have spent renting have been life enhancing. You’ve had the freedom to move around the country, experienced living in all sorts of properties from condos to townhouses and you’ve met loads of new people that you now call friends along the way. But now you’re older and hopefully wiser. You’re ready to settle in one place, put down roots and invest your cash into your own property rather than help somebody else make a living. The path from renter to homeowner is fraught with pitfalls and stresses but take a look at these handy tips, and the road to home ownership will be just that little bit easier.
Before you can even begin your property search, you need to ensure that all of your finances are in order. By now you should have a healthy deposit through your year or two of saving. Now it’s time to secure a home loan. Make sure you don’t venture into your overdraft for a few months and begin paying more than the minimum payment on your credit cards. This enhances your credit rating and makes you look like a safe investment to financial institutions.
When looking for your first home, think about it as an investment. The chances are that your first home will not be your ultimate dream home and you may need to climb a few rungs on the property ladder before you reach your perfect pad. Take your time to assess the pros and cons of each property that you view and take a critical friend along to play devil’s advocate on viewings. There is no rush to put in an offer on the first house that you see. You are in the driving seat so take your time and make sure you can see yourself living in any potential purchase for at least a couple of years.
Consider the lifestyle that you want to be living. If you’re a city lover, consider a downtown apartment or a suburban townhouse. If venturing into the sticks is more appealing, maybe the idea of purchasing some real estate in the mountains is more to your liking allowing you to clearly separate your work and home life. Weekends could be spent skiing, walking and hiking; a world away from your 9 – 5 desk job during the week.
Get In The Pros
It’s important that you get the right people on board to help you with your purchase. Find a good property lawyer to guide you from your initial offer to completion, a real estate agent who can hunt for your ideal property and don’t forget the removals firm. You may be surprised at how many material items you have built up over your years of renting. It pays to employ the services of professionals to ensure the safe transit of all your worldly goods.
Purchasing your first property will be nerve wracking and scary, but it should also be exciting and relatively stress-free. Now is your time to move from seasoned renter to proud homeowner.