By now, you’ll probably know that buying a house isn’t always easy. When you’re not yet on the property ladder, it can be even tougher. But when you’ve always wanted to own your own property and you don’t want to rent forever, you’ll often find that you need to get serious about following the process. More often than not, you really have to plan for things. So let’s take a look at what you need to know in order to do that.
First of all, there will always be a set of requirements that you need to meet. These can often vary by lender. But as a minimum, you’re going to want to have a good credit history as this will affect your rate. You will also need to have financing. So let’s take a look at what costs you’re likely to be looking at.
You’re always going to need a downpayment. Again, this will differ between lenders. Typically, you’ll need anywhere between five and twenty percent to put down. But you should also budget for things like legal costs, fees, renovation work, and the survey too.
That you should never feel pressured and rush into buying a home. When you look at the statistics below of first-time buyers, you’ll often see that the average age is 32 right now. So if you’re in your twenties, don’t put too much pressure on yourself to make this happen. Instead, just focus on the two points above and it will happen when the time is right.
Infographic Design By Mortgage Guide for First Time Home Buyers