First Time Buyers- whats the first step?
Maura Walsh (mikailian)
Director @ PM Renovations ltd | Property Developer, Investor | ￡4.5m property portfolio in 5 years
So you are thinking about buying a property what are you looking for?
House hunting shouldn't be a struggle, but full of fun and excitement for the future ahead. Having a 25 year old daughter, who is looking to get on to the housing ladder, these are a few points to get you on the right track.
The first thing to do is look at can I actually afford to buy a property how much can you borrow?
In my daughters case as a single person thats 4.5 x times your salary living in London what can that buy you?
It turns out not actually much
So what are her options? Stay at home with me for longer, buy and share with a friend, which her friends have done as they all have partners, or what about home to buy, 95% mortgages only work if your on a really high salary but no savings so that seems a bit of a back handed offer.
Ease yourself into the process by preparing in advance and looking at the important questions you should be asking and answering?
The property check list for first time buyers?
- Have you cleared credit cards?
- Improved your credit?
- Saved as hard as you can?
- found additonal income? (selling on line, being a VA, admin work proof reading, bar work?)
Once the above is covered? Move on to finance side?
Need to know figures.
Speak to bank or broker.
This way you wont be disappointed when you cant afford the pent house flat you viewed. Know your price range you can afford?
Once the above is done, you'll be ready to explore your dream home in no time.
Make a list of your wants and needs and what you don't want.
tomorrows, post looks at what do you need to know or understand to ensure your property viewings are worthwhile.