When you come into adulthood things change dramatically in your life. You now have lots of new responsibilities, commitments and things to consider in your life. You also have the freedom to do whatever you want and the ability to be anything you want to be.
One of the biggest things about adulthood you need to look into is buying your first home. Buying a house is a privilege and is one of the most exciting things you can do as a young adult. Here are some tips to make sure you are able to buy the perfect home this year.
Know your stuff
Before you start looking at a property for sale, make sure you know everything involved in buying a home. As a child, it seems like a simple transaction where you sign a contract and you get a house in return, but there is a lot more to it which you need to learn about. You need to know about solicitors, mortgage advisors, extra costs, and bills. Take your time to research the process so that that you are prepared when it comes to buying.
Ask your parents
The best possible people of help you with this new chapter of your life are your parents. When they were in their twenties they went through the same thing, and they will have learned some things which can help you during your search. If you need financial help with your deposit, they will likely be happy to lend you a little to get you started.
What can you afford?
The biggest question you need to answer during your property search is how much money you can afford to spend on a house. You can find this out by filling out a mortgage in principle online which will give you a maximum home value to work from. This will allow you to tailor your search to this budget and see what kind of home you can reasonably afford to buy.
There isn’t a universal rate for mortgages of the same size. Every lender will give you a different rate to entice you in and they can offer better interest rates than other lenders. Make sure you take the time to research different lenders and make sure that you are choosing the right one for your situation. It might take some time to compare, but it will be worth it when you save money in the future.
Save until you move in
When you finally make an offer on a home and you have the deposit covered you might think that you can stop saving altogether. However, it is incredibly important that you keep on saving up until the day you move into the home. This will allow you to afford new furniture and appliances for the home, and it might even allow you to decorate the space before you move your furniture in. There will always be extra costs to think about when buying a home, so the more you can save, the better it will be.
If you aren’t in a relationship but are still looking it buy a home, why not ask one or two of your best friends to buy it with you? If you know that you will be happy living together for at least the next few years, you are better off splitting the cost between you and lowering your individual spending overall. It is a common occurrence these days for friends to buy a home together because it is more affordable and will allow you all to have the freedom and independence of owning a home.
Rent some space
If you are moving into a home as a couple and there are a couple of spare bedrooms in your home, why not rent out the space to someone who needs a room? You’ll be making extra money to cover your household bills and it means that you can save up for holidays and other things you want in your life. It can be a smart investment which you can stop at any time if you need the space for a new member of the family.
Move somewhere new
Moving away from your local area can be incredibly scary, and that’s why most young adults end up moving just a few roads away from their parents. However, if you want to make a change in your life and allow yourself to thrive, it can be a great idea to move somewhere completely new and test yourself. Moving to somewhere close to a city or in another country altogether will open you up to a range of possibilities and will give you the freedom to do anything. Being brave can be a great thing.
Plan for the future
Buying a home is a massive commitment for you to make financially. The moment you take out a mortgage on a home you are tied into a contract for between 15-35 years, maybe longer. It is incredibly important that you know you are in a place in your life where you are ready to settle down and start your life. Make sure that the home you choose has enough room for any children you may have, or at least has the option for you to extend if you need more space. It is a big commitment and one you need to make sure is right for you.
Buy things in advance
If you have been living with your parents up until this point of your life, it is unlikely that you will have a stash of furniture and appliances ready to go when you get the keys to your new home. Rather than waiting until you move into the home, make sure you start buying items from the moment the offer goes through. You can rent out a storage unit to keep everything safe until moving day and make your first few days in your first home less stressful. You can look forward to moving in and starting this new part of your life without any worries!