Many people are considering buying their first property this year, but is it really the right time for you to buy? There are many factors to consider that will help you decide whether or now is the right time for you and the following article takes potential buyers through the essential questions they should ask before booking in the viewings.
Who are you Buying With?
Most will consider buying a property when they are with a partner that can help to share the financial burden of owning a property, but is that person really the right choice? Whilst nobody can be sure that a relationship will last, there are a few practical questions you should be asking yourself before taking this next step together. Start by looking at the financial aspects; are they open about their monthly income and expenditure? Next, consider the nature of your relationship and think about what would happen if the relationship ceased. This will give you a good indication as to whether or not that person is the right individual to buy a property with.
Do You Have the Right Deposit?
The type of property you are looking for will largely determine the minimum deposit needed, so do a little research and see what figure you are realistically looking at for the deposit. Some websites can offer a ballpark figure of the mortgage you could afford in relation to your deposit, so if this doesn’t fit the criteria then you may want to continue saving for a little longer.
Are you Settled in your Location?
Whilst many people purchase a property and then decide to move away from the area later in life, the last thing you want is to work hard on your first property only to discover that circumstances dictate a move away from the area. Consider your employment; are there plans in place to open other offices around the country or perhaps even further afield? Is your partner happy living in the area? These are all questions to consider when thinking of laying down roots in a certain location.
Have you Studied the Current Housing Market?
Before making the decision on whether or now is the right time to buy a house, you need to consider the property market as a whole and see what other buyers are doing. There are many ways of doing this such as talking to people within the industry, following reputable blogs on the issue and generally keeping an eye on finance related news. Only when you are able understand the housing market at present can you really determine whether now is the right time to buy a home.
Ultimately, buying a house is the biggest financial commitment you can make so making sure this is the right step for you at the moment is of paramount importance. Getting on the property ladder is an exciting prospect, but ensure you go into it with eyes wide open through having the knowledge and understanding of what buying a property entails.
Sophie works alongside Housetrade and has recently started to think about whether now is the right time to purchase her first home, therefore has been studying the property market closely and spoken to others who have recently bought a property.