There are a lot of perks to being a homeowner, such as the opportunity to build equity, being able to style the home in the way you want, not worrying that your landlord will give you notice because they have decided to sell their property or dealing with bad landlords. These are all attractive reasons to get on the property ladder, but buying a property is not something that you should do on a whim, which is why it is important to ask yourself the following questions to determine if you are truly ready to do so.
What is Your Financial Position?
The costs of purchasing a house are high, so the first thing you need to look at is your finances. You will need at least 10% of the asking price to put down as a deposit, and you will need to have a steady income and a good credit rating if you want to secure a mortgage. In addition to this, you will need to consider legal fees, the cost of getting the property inspected before you finalize the sale, and any possible real estate agency fees for administration (although typically the seller pays these, not the buyer).
Have You Done Your Research?
As buying a property can be a long and sometimes complicated process, doing some research before getting started is key. This includes looking at various areas you are interested in living in, but are still within your budget. You should also be thinking about which estate agents are the best to work with, as some are more reliable than others. Broadhurst Property is a great example of an estate agency, and you can find more information on what you should expect on their site. Researching whether it is a good time to buy property is also something you need to look at before you move forward.
Are You Ready to Settle?
You might have the money and the knowledge, but one of the bigger questions is are you ready to settle? Although nothing is permanent, and you could put the property back on the market at any time, it seems silly to make such a big purchase if you do not intend to live there for longer than a year or two. Consider whether you are happy with where you are right now and if you have no intention of going anywhere, buying a home could be the best option. However, if you want to go elsewhere soon, perhaps stick to renting until you are ready to settle.
Are You Willing to Commit?
Similar to the point above, but this is more about whether you are willing to commit to the responsibilities of being a homeowner. You will be the one who has to keep up with the maintenance work on your property to keep it looking good and a safe place to live. This can take up a lot of time and sometimes these jobs can be expensive, too. Be honest with yourself about whether or not you want to take on this kind of responsibility, or if you would prefer to continue having a landlord take care of these issues for you.
Before you start viewing properties, ask yourself these questions to help you decide if you are truly ready to be a homeowner.