TAKING the plunge and buying your first property seems like a big step – and it’s one that shouldn’t be taken lightly.
However, there are some indications that now might be the time to make those all-important steps onto the property ladder and realise your property ownership dreams.
Here are some of the major indicators to look for if you’re still on the fence as to whether you should go in search of property for the first time.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
1. You’ve built a substantial deposit
Generally speaking, the bigger the deposit you have, the more attractive you will be to mortgage lenders. This said, it is possible to get into a home without spending decades putting together a large amount of savings.
If you have at least 10 per cent of your dream property’s value saved then it’s a good idea to think about approaching a broker or lender.
2. Your rental outgoings are increasing
The cost of renting property is increasing in some parts of the country, which could make buying a more attractive prospect for some people. Take a look at costs in your local area and see if the figures add up for your individual circumstances.
If there’s a chance you could pay less meeting repayments on your own mortgage than renting out someone else’s home,then it’s time to look seriously at doing just that.
3. You’re looking for a long-term investment
There’s a reason so many people choose to invest in property – it gives them a fairly safe long-term investment option. It’s not usually the best choice if you’re looking for a quick buck, but it can give decent returns in the long run.
Doing your homework is one of the most effective ways of making sure you’re coming to the right decision, so put in plenty of research and you shouldn’t be disappointed.