The Sista’s Guide to First Time House Buying.
(ThySistas.com) Are you fed up of renting? Sick of roommates? Want to own a place to call your own and to put your own mark on? Of course you do! But buying ain’t so easy in this world, economic climate and that good old fashioned gender pay gap. Investing in your first home can feel like a minefield of information coming from all different sources – from your mom to the bank to your girlfriend’s sister’s man. So here we’ll break it down for you into some easy and manageable steps to owning your first home.
Don’t be scared to go it alone
Maybe you are in a relationship, but it’s not far enough along yet that you want to trust your finances with them, or maybe you’re not ready to move in yet, or maybe you are just a fierce, single and independent lady. Whatever your story, don’t think you need to wait for a partner to come along before you can buy a home. If you are in a place financially where you can do this and it’s something you want to do, go ahead and hit the property market!
Know your situation before you begin
It can be a horrible feeling if you get knocked back for a mortgage, and it could be for any number of reasons, from credit score to employment status. It’s a good idea to check in on your credit score before you approach solicitors and go on the house hunt, and if needed, there are options to sort it out without breaking the bank. Just search, “ways to fix my credit score myself for free” online, and you’ll come up with a range of options. It’s also worth remembering that if you are self-employed, you will be required to provide proof of year-on-year growth before you will even be considered for a mortgage.
Keep budget in mind from the start
And stick to it. Knowing what you can afford when house viewing is the only way to stop yourself falling in love with a place that is way out of your price range. You don’t want to set yourself up with monthly repayments that are so high you won’t be able to enjoy yourself for the next three years! Save enough money for after you have moved into your new home too, it’s quite a well-known problem that things need fixing almost as soon as you make yourself at home!
Invest in a survey on your new home
This is one of the most crucial parts in buying a house, and although it can seem like a big expense at the beginning, a house survey before you buy can save you thousands further down the line.
Be prepared to go through your monthly spending
As well as being able to prove your income to a prospective lender, you will be expected to run through your monthly expenditure with them too. They will likely do this with a fine tooth comb and will assess everything you spend your well-earned dollars on, from Friday drinks with the girls to clothes, to weekly groceries.
Staff Writer; Paula Carter