5 Signs it’s Time to Buy Your First Home
Buying your first home is a big decision and sometimes it can be scary to take the leap. So how do you know if you're ready and if it really is time to become a first time home buyer?
In this post we're sharing a few signs that could indicate that you're ready to jump into home ownership.
1) You're ready to put down roots
One of the advantages of renting is that you have more freedom to travel and to try different areas or even countries.
If you've found a place that you know you want to settle in, then buying a home could definitely be the right move for you.
2) You want more freedom to change your living space
Rental agreements come with restrictions in terms of decorating or remodelling but when you own your home, you can really add your own personality to it. If you're ready to turn your interior design dreams into reality then buying is the way to go.
3) You need more space to live in
Perhaps your family is growing - or maybe you just want more space to entertain or for your hobbies. Whatever the reason, if you're looking for a larger living area, then it might be time to purchase your first property.
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4) You've got a healthy deposit saved
Before buying a home you need to save a deposit in order to get a mortgage. The more you're able to save, the cheaper the mortgage you'll have to pay each month, so the size of your deposit should definitely be a factor when you're deciding whether to buy.
The minimum deposit you'll generally need is 10% of the sale price - however, if you can save more than this, then this can help to reduce the mortgage rates that you'll be eligible for.
5) You have a good credit history
Your credit history is also an important part of getting a good mortgage rate. If you're considering buying your first home, then it's a great idea to check your credit report to see if anything needs improving before you apply for a mortgage.
A mortgage broker will be able to help advise you on how to get your credit history in tip top shape - and how to find the best mortgage to meet your personal circumstances.
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So, what do you think? Are you ready to buy your first home? If so, we'd love to help you! If you'd like to book a free consultation with one of our expert advisers to chat about which mortgage will be best for you, then you can book your appointment here.