5 Signs You’re Ready To Buy Your First Home
If you’ve been thinking about stepping on to the property ladder and buying your own home, you’ll be aware that it’s a (very) big decision to make!
If you’ve been contemplating the decision but not sure whether you are quite ready yet, here’s a few signs that will help you acknowledge whether it’s the right thing for you:
It makes emotional and financial sense
Buying a property will probably be the biggest purchase you will ever make so ensuring that you are comfortable with the decision is an important factor. Take some time to weigh over the pros and cons of buying and renting and work out if you are financially able to afford what it entails. If you can see yourself taking that leap, then you’re ready to buy your first home.
You spend too much time on Rightmove
Browsing homes on Rightmove can become addictive and if you’ve got your heart set on finding the perfect property then you’re going to spend a lot of time online researching. You more than likely have a good idea what type of property you are looking for and often will have saved searched or alerts set up so you can keep checking in. If this sounds like you, then you’re well on your way to finding your first home.
You have a deposit
If you’ve been saving for a while or are able to put a large amount of money aside, then you’ll have the beginnings of a deposit ready for your mortgage. Most lenders will want a minimum of 5% of the property price down as a deposit although many lenders will require more. If you’re looking for financial advice, we can help!
Saving between 5% – 25% will give you the best access to mortgage deals. Having your deposit ready means you are ready to buy your new home.
You’re ready to settle down
Are you getting frustrated with living at home or with friends, or perhaps just not having the freedom of owning your own property whilst renting? The little things that start to eat away at you as you think about what you could be doing if you owned the property can take over as your mind knows it’s ready to be a homeowner. Buying a home is a big commitment and responsibility but if you’re happier looking through Instagram for home inspirations for your own property, it’s probably time you took that step.
You are, in whole, ready
Buying your first home is a big step and one that shouldn’t be taken lightly. But if you find that everything is suddenly falling into place and your personal circumstances are pointing more towards the desire to purchase, then it sounds like you’re ready. The mortgage companies will look at whether you are able to make repayments, they will look to see if you’re in a stable full-time employment and whether you are a risk to lend money to. But if you’re in a good job and are capable of making those repayments, meeting the criteria they stipulate, you are well on your way to owning your own home.
At Clarkes Properties we understand what you are going through and the path that is ahead as you embark on a first time buyers process. We pride ourselves on going above and beyond to make the journey a pleasurable and memorable one, resulting in you purchasing your dream first time time home.
If you’re a first time buyer thinking about starting the process, get in touch, we’d love to help.