Are you looking to take the plunge and get onto the property ladder? Many of us dream of becoming home-owners, but taking that first step can often feel daunting, particularly in current times.
It's important to be aware of any fluctuations in the market - so is now a good time to invest in a home? In this post, Elite Property will explore whether now really is the right time for you to make the leap into renting, buying, or selling a property.
The Benefits to Getting on the Property Ladder:
The many benefits of getting on the property ladder are hugely appealing to first-time buyers considering buying their first home. Some of these benefits include:
- Save money in the long term
- Build equity
- Invest in your future
- Pay off your mortgage early
- Security of owning your own home
Is now the right time?
When considering the best time to get on the property ladder, there are a number of factors to consider. Generally speaking, the best time to start your journey as a homeowner is when you feel financially ready.
Consider your finances
On the financial side of things, it’s important to weigh up whether you can afford the regular mortgage repayments and any additional expenses such as upkeep costs, council tax and insurance.
You will also need to factor in having sufficient savings for a deposit, which is usually around five to twenty percent of the purchase price depending on how much money the lender will lend you. It’s also important to take into account any debts that may affect your ability to obtain a mortgage.
Manage your expectations
It’s essential that you enter into home ownership with realistic expectations and accept that there may be periods where repairs or other unforeseen costs crop up. Being able to manage these financially is part of being responsible for a property.
Additionally, hold off from making any big changes until after you have moved in; things like redecorating or adding extensions should only be done if you can comfortably afford them without over stretching your budget too much.
Evaluate the market
The key question is whether now is a good time. The property market is highly subject to change, meaning certain points in time may offer the ideal conditions to get on the property ladder, and other points may not.
Home prices vary greatly depending on location so researching local markets before making a decision is always wise; high house prices can often make it difficult for first-time buyers to break onto the property ladder but in some areas these prices are falling which could present an opportunity.
Ultimately, taking all of these factors into consideration should give you an indication as to whether now might be the best time for you join those taking their first steps as homeowners – but always remember that if it doesn’t feel quite right then it isn’t wrong not to jump in just yet!
The most important thing in your homeowner journey is you. Contact Elite Property for expert estate agent advice in Coventry.