You need to make sure you are ready for home ownership and it’s not all about the figures! Read on to see if you’re ready…
Sign 1: You feel secure with your job or business
Stability and being able to keep up with the monthly mortgage payments is paramount. Therefore, maintaining a steady income will be required, not just for the mortgage payments themselves, but in addition to the other monthly costs that come with owning a property such as utility bills, insurance and maintenance costs.
Sign 2: You have a deposit available
Whether that’s savings or a gifted deposit from a relative (or very generous friend!), you will need a deposit in order to purchase a property.
Outside of this, it’s important to remember that you will also need to set aside funds for additional fees such as legal, stamp duty, property surveys, broker, and solicitors fees.
Sign 3: You know where you want to live—at least the next couple of years!
Owning a home allows you to feel settled in a way that renting doesn’t always provide. For example, a landlord may raise rental costs or decide to sell the property—forcing you to find a new place to live. But if you own your own home (and keep up with your mortgage payments!) you have much more security.
Sign 4: You know what you want
Whether you want a house or a flat, to live in the city or the countryside, a new build or a renovation project, knowing what you want is a must before you start your mortgage journey.
So my pro tip: Make a list of your non-negotiables. This helps narrow down your property search and can make it less overwhelming to find a property suitable for your needs. Plus it saves time when viewing properties, knowing that you’ll only be seeing those you genuinely have an interest in.
Sign 5: You know your ‘why’
You are clear on why you want to purchase a property.
Whether it’s a craving for stability, a desire to invest in your future or you’re just fed up with not being able to put a shelf up in your rented home and paint the walls a different colour, there are numerous reasons why people want to purchase.
But whatever the reason, make sure you’re doing it for yourself and not because you feel pressure from anybody else. Homeownership is a huge commitment and it doesn’t suit everyone’s lifestyle preferences, and that’s perfectly okay.