Owning a house nowadays is quite literally hot property. Not only is the value of property going up and up across the bigger cities in England during the past decade or so, but it is also predicted to increase by a staggering amount of one-fifth of its already existing price by the year 2020. Considering we now have around two more years until that happens, there might be an even bigger race for property than before from first-time buyers and businesses alike. It is the time to either start taking action, or abandon all hope to save yourself the disappointment two years down the line. Now, whether you are planning on getting onto the property ladder to make big money somewhere down the line or you just want a place to call your very own, you will want to keep reading. Either way, we will now go through some things to consider that might just save you a decent chunk of money on your future property purchase. In the undying words of Zack de la Rocha, “What better place than here, what better time than now?”.
Start working towards your purchase right now
Often it is easy to put things to the back of the backlog for now, even if they are at the forefront of your daily thoughts. The kind of thinking which gives you an attitude of “I’ll get around to it someday” or “We’ll cross that bridge when we come to it”, which can be a very detrimental attitude to have when seeking to purchase a property. With how volatile the market is known to be at times, and with some parts of the year having noticeably cheaper pricings overall, you always have to be ready to make your move. Don’t keep putting off property purchase as some distant goal, and start saving for that down payment on your mortgage right now. Do you have a tendency of overpaying for a latte in Starbucks every single day? Do you spend too much on clothes and find yourself coming back home with shopping bags every single time you walk past Carnaby Street? Well, it might just be time to start introducing a bit of self-control into your life. Of course, this is not purely about completely denying yourself all nice things in life, because that can make living in the city seem like an endless treadmill with no carrot at the end of your stick. You have to learn to cut down on needless everyday expenses, to then be able to enjoy life in your new home a few years down the line.
Slow and steady wins the race
Now despite the previous point about starting to do things right now and getting on top of your dreams as soon as possible, you have to keep in mind that suddenly lashing out and making a miscalculated purchase on a whim is one of the worst things you can do. Not only will you possibly be the owner of some property or house that you are not pleased with in the slightest, but you will also have lost all that hard earned and hard saved money that you were accumulating over the years. Despite the need for some quick thinking and decision making sometimes, your purchase must be calm and calculated first and foremost. Do not let yourself be fooled into buying property for some ridiculous price because someone managed to make it seem somewhat appealing to you in the moment. Keep calm and collected, make decisions which have some future potential. If you are confronted with a sudden opportunity to make a quick purchase, get out your arsenal of tools like a conveyancing fees calculator and some good advice from your best friends, then hope for the best.
Don’t dig yourself in too deep before you’ve even started
A great scenario would be to have enough of your own money for a down payment on a house, then to pay it off yourself as time goes on. An even better scenario would be to have enough of your own money for an even bigger down payment to make the interest rates lower in the long run. Sadly neither of those are usually the case in today’s modern world, as people struggle to make ends meet in everyday life, let alone have money to be investing in property. If you are one of those people, then chances are that you will go and take a loan out from the bank to get started on both your down payment and all the things that come with buying a new house. Some possibly major remodelling, fixing up a few things here and there, moving furniture, buying furniture, repainting walls, it all adds up near the end. All those things are often known as the hidden costs of buying a house, and while they may seem rather obvious to the experienced buyer, someone who is not accustomed to such things may be in for a rude awakening. This is why it is important to pay off all your existing debts before you make the decision to take one out for the house, no one wants to be in debt for the rest of their life, and why go down that path if you can indeed avoid it?
Now since you are probably taking out a loan from the bank, you’ll want the best rates available, but that is only available to those who have their credit rating in top shape by the time they go up to that bank teller and finally face the music. That said, it is definitely worth doing so despite the number of previous arrangements it might take. If you wish to take care of your credit rating or score, then there are a few things you should keep in mind. Getting signed onto the electoral roll increases your credit rating, which might seem strange at first but it really does help. Things like paying your bills and rent on time are the obvious ones, and if you cannot for whatever reason meet those deadlines then its worth borrowing money or getting out a quick same-day loan just to cover that payment. Money can be easily paid back to friends or family, while a bad credit rating can tarnish your reputation in the eyes of the banks almost forever.