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The Best Investment You Will Ever Make: Purchasing Your Own Home



Owning a home and getting a foot onto the property ladder is the ultimate goal for most young adults, but in the last decade or two it’s become more difficult than ever to do so. The recession had a huge impact on the property market and the ability of people to get hold of much-needed credit- meaning purchasing a home became out of reach for many. However now that things are easing up again, and government grants and schemes are available for many first-time buyers, purchasing a property might be something that has become possible again. If you’re considering it, here’s what you need to know.

Check Your Credit Score
Getting a mortgage requires you to have a good credit score, so you really need to know where you stand before making an application; you can see more info about this online. Make sure that everything looks right, and there’s nothing on your credit file that you don’t recognize. You should also contest anything you believe to be unfair, for example, some people have found that companies have wrongly charged them after they’ve closed accounts and given them a black mark on their file. If you have adverse credit on your file, you will more than likely need to wait for this to drop off before making an application. It takes six years to do so, so it’s important to make sure nothing else gets added. In the meantime, you could take out a credit card or phone contract and be careful to pay this back each month. That way you help build up your credit score.

Work Out Your Budget
The next step would be to work out what you can realistically afford. You will need to take your income (and your partner’s if you’re moving in together) and draw up a plan. Be sure to account for all bills plus any extras that you wouldn’t want to live without. Groceries, travel costs and money for savings all need to be accounted for. Then what you have left is what you can afford to pay out each month for your mortgage. There are also tools online which give you an idea on how big of a mortgage you’d be likely to get based on your annual salary.

Will You Renovate or Choose a Move In Ready Home?
If this will be your first home, chances are you won’t have loads of money in the bank to tackle masses of renovations. However, you could still go for a house that needed work doing to it, that way you can revamp it as you go and it’s likely to be a lot cheaper. Be sure you know what you’re getting into though, if you uncover dodgy electrics, plumbing, asbestos, pests or other huge problems it’s going to be incredibly expensive to fix. Your best bet would be to have a survey done before buying so you know exactly what’s going to need doing and how much it will cost.

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