Friday 16 June 2017

Affording Your Next Move On The Property Ladder

Most of us have desires to move up the property ladder. Whether you’re taking that first giant leap and buying your first home or you’re hoping to improve your current property or move to a larger house, it’s important to ensure you can afford the next move.

Buying your first home
For many of us, buying that all-important first home is a rite of passage. We grow up thinking about the day we’ll have those keys in our hand ready to unlock that door for the first time. It’s not easy to become a homeowner, especially in this day and age, and if you do have this dream, you’ll need to be savvy when it comes to saving. You can’t buy a house without a deposit at the moment, and this means you’ll need to save. The deposit you need will depend on the value of the house or apartment. If you know that you want to buy a home, but you have no idea how much you need to put down, it’s a good idea to do some research to ascertain information about average house prices in the area. It’s also worth arranging a session with a financial adviser so you can discuss mortgage values and find out how much you could borrow based on your savings target for a deposit and your household income. Once you’ve got figures on the table, you can work on a saving strategy.

Updating your home
There comes a time for many homeowners when you reach a crossroads, and you need to decide whether to stay put and make some improvements or take the plunge and move. If you’re running out of space, your first thought may be to try and buy a bigger home, but adding an extension may be a more affordable option. Extensions are a tried and tested means of adding value to your home, so you could actually save and make money at the same time by taking this route. You’ll be saving on the cost of moving, and you’ll have a more valuable asset. If you don’t have the cash available for work to hand, it’s worth searching the Internet and browsing sites that have tabs like loan details near me and interactive services like borrowing calculators and chat features. You could also see a financial adviser and discuss ways you can raise capital. It pays to have personalized advice. If you are thinking about extending, get a range of quotes first, and do some digging to see how much value you could add.

Bigger and better
If you’re looking to climb that ladder and you need to borrow more money, you can use the value of your home to increase your mortgage. You may find that you make money when you sell, and this can be put into your pot for the new property. If you are moving onto bigger and better things, make sure you can afford the repayments. There’s no point in finding your dream home if you’re going to be financially crippled for the next twenty years.

Are you buying for the first time, extending or moving to pastures new? Whatever kind of move you’re making, always ensure you can afford it. Seek advice, put money aside, and try and add value whenever possible. 

1 comment: