If you are eager to move from seasoned renter to first time property owner, you need to have all of your financial ducks in a row. It is tougher than ever to get a foot on the housing ladder as the coronavirus pandemic has struck and left us with financial instability and rocky economic markets. The good news is that the property markets seem relatively unaffected so far and you could grab yourself a bargain. However, you need to be in a solid position to buy. That’s where this article comes in. Read on to discover tips from a guest author that show how you can get on the property ladder quickly, at low cost, and without the stress.
3 Sure Fire Ways To Get On The Property Ladder
Money
You need a deposit in order to access the most favorable mortgages. To compare home loan types, head online and check out the sorts of interest rates, fees and terms that you can access. The more deposit you have the smaller the home value to mortgage ratio will be. If you borrow less and put equity down in your pad, home loan lenders will look more favorably on you. You need to ensure that you don’t venture into your overdraft for at least six months prior to applying for a home loan. Buying a new sports car and going into the red is not a good look and doesn’t scream responsible borrower. Ensure that you clear credit card debts and store cards. Live well within your means and ensure that you can account for your income and expenditure.
Buy Well
Forget about purchasing the best house on the finest street Instead, stick to the best location but go for the worst house. Here, you can make money and add value to any home that you buy. Your first home purchase will not be your last. Make sure that you don’t overstretch yourself financially. By purchasing well in an excellent location with great transport links and awesome amenities, you can be sure of a return on your investment. This means that you can release the equity and climb up the housing ladder. Think about buying at auction to secure yourself a bargain. Bidding on a home that needs
Purchase Off-Plan
Purchase Off-Plan
If you are thinking of purchasing in a city, check out the developments that haven’t even been built yet. By purchasing an apartment or penthouse that is already beautifully dressed and fit for sale, you will be paying a premium. The furniture that has seduced you in the pad won’t even be staying. Instead, look for developers and new apartments that will soon be adorning the skyline. Putting down a deposit for one of these dwellings while in the building stage could see you parting with less cash and having a profitable asset as you exchange contracts. Purchasing off plan can be risky, but if you do your research, you can opt to do business with highly reputable developers and architects.
Getting on the housing ladder can be challenging when the property market seems so lucrative. Your salary may not be enough to secure you that elusive home loan. Instead, consider purchasing off plan, buy something that needs work and sort out your finances to get your foot on the property ladder.
If you are thinking of purchasing in a city, check out the developments that haven’t even been built yet. By purchasing an apartment or penthouse that is already beautifully dressed and fit for sale, you will be paying a premium. The furniture that has seduced you in the pad won’t even be staying. Instead, look for developers and new apartments that will soon be adorning the skyline. Putting down a deposit for one of these dwellings while in the building stage could see you parting with less cash and having a profitable asset as you exchange contracts. Purchasing off plan can be risky, but if you do your research, you can opt to do business with highly reputable developers and architects.
Getting on the housing ladder can be challenging when the property market seems so lucrative. Your salary may not be enough to secure you that elusive home loan. Instead, consider purchasing off plan, buy something that needs work and sort out your finances to get your foot on the property ladder.