Flickr Image At: Michael Gil
When you were little you probably lived in your parents home without giving any thought to such mundane things like deposits, payment options or interest rates. However, when the time comes for you to fly the nest and set up on your own these suddenly become paramount indeed. It is possible to find your dream home; it may take some work, but your perfect property is out there you just need to follow these rules.
Save Those Pennies Now
First things first houses are expensive. How expensive do you ask? Well, it really depends on where you live, what local amenities are nearby and how the housing market is performing at that moment in time. To be eligible for a mortgage, note not obtain the mortgage itself but to be even considered you’ll need plenty of cash available for the deposit. The amount can vary between ten and twenty percent of the asking price, so if you’ve not got much in the bank now’s the time to look at ways you can save money. Why not take a packed lunch to work? Cut down on the amount of meals out you have each month and enjoy preparing delicious, home cooked dishes together instead. However, you choose to do it small changes made now can equal big money in the long term.
Learn The Lingo
The property market has its very own particular set of words and phrases, such as fixed interest rates, repayment plans, buy to let schemes, arrangement fees and much more. Before you go anywhere near a bank, building society or even logging online and visiting http://www.granny8mortgage.com/locations-indianapolis/ you’re going to need to know what you’re talking about. Do some research, ask someone who already has had their mortgage approved or chat to a customer service agent at the Citizens Advice Bureau to firmly understand everything you need to know. The last thing you want while trying to appear confident, self-possessed and grown up enough to own your own home is to be caught out on an easy question about deposits or joint salary worth.
Research The Housing Market
Houses come in all shapes and sizes as well as coming with unusual covenants and clauses that may prohibit you doing certain things. For example, a freehold property means that you own the land that the house is built one, while a leasehold means you pay an additional fee to ‘lease’ the land from the owner. You may find that your ideal home doesn’t actually exist and you may need to compromise on the area, the number of bedrooms or, in urban areas, even the garden. Check out property comparison sites to view its location and make a note of what’s around. If you’re planning to start a family are there good nurseries and schools nearby? Is it close enough to work so you don’t have to wake up an hour earlier for the morning commute? Lastly, look at how much other properties have sold for in the area recently as that should give you an idea of what you should be paying.