It goes
without saying that buying your first home is going to be a costly affair. It
will probably be one of, if not the most expensive purchase you make in your
lifetime. So, ensuring you can save up as much as possible is really important.
Aside from all of the general costs involved, saving is essential for getting
the best rates. Putting a larger deposit down will give you a better chance of
bagging cheap mortgage rates, not to mention giving you more properties to
choose from when you come to buy.
Below, we
give some helpful tips for managing the financial side of your first property
purchase.
Know the costs
Before you even start saving, you’ll need to make
yourself aware of the costs of moving into your first home. It's not just the
mortgage you'll be paying for; you'll need to account for various other costs
too, from house surveys and home insurance to removal costs and hiring a
property lawyer. Do your research and collate a comprehensive list of
everything you'll be paying for, from start to finish.
Set a clear budget
Once you've
put together a list of the things you expect to pay for, you'll next need to
set out a clear overall budget so that you have a distinct saving goal to work
towards. You should consider all of the admin fees, but also think about what
your budget will get you in terms of the property itself. How many bedrooms do
you want? Do you want outside space? Are you willing to do some work once you
move in? Once you're clear about what you want, you can think about what
aspects of your new property will be dealbreakers, and set your budget based on
these.
Move back home
We know it's not ideal, as you're
probably dying for some independence, but the quickest way to move out is to
stay moved in. Your parents may charge rent, but it'll be a fraction of the
price of normal rental costs and if you're lucky, all you'll have to provide is
a bit of housework and some tasty meals a few times a week!
Make lifestyle changes
Before
buying a property, you're best off going into stealth saving mode. This means
cutting back in your day to day life; go running and cancel your gym
membership, cycle to work instead of catching the bus and set yourself monthly
budgets for your recreational spending. Remember, being a fun sponge now means
that you can get into your home quicker and host as many parties as you wish!
Buy with someone else
If you're in
a relationship or you've got a good friend that you know you can trust, buying
a property with someone else is much cheaper. Naturally, all of the costs will
be cut in half, but you still get the benefit of having your own property.
If it’s your first time buying property, it’s a
good idea to work with the experts. Choose Hawley & Rodgers as your
conveyancing solicitors, and we’ll ensure that your first property purchase is
hassle-free.
Get in touch with us today
for more information about property law.
