Home Ownership Are You Ready? Find Out by Answering These 4 Questions

Are you thinking about owning a larger living space? Or maybe you just want to own your own home and build your net worth. Are you ready for the lifestyle as a homeowner?

Be Honest With Yourself Can You Realistically Afford To Buy?

The first thing to consider is financials can you afford it? Homeownership is a considerable financial investment. You will be committing to monthly mortgage payments for many years. The good news: owning a home can be more affordable than you might think. If you are already a steady renter then you already have a solid foundation.

Have You Saved Up For A Deposit?

If you're confident that monthly payments are no problem, then the next step is saving up enough for a deposit. This is a lump-sum investment that may lack when trying to buy a new home. The rest of the purchase cost is paid by your mortgage lender, who you pay back over time. Typically, your down payment can be as low as 5 percent of the home's cost with assistance programs which can reduce this further such as the government help to buy scheme, however, it is important to note the higher the deposit the more attractive rates you will be open up to.

What Type Of Home Do You Need?

To save you time and a ride on the emotional roller-coaster of viewings decide exactly what kind of home you need. For a single young professional, a flat or apartment might be the perfect starter home from which you can upgrade later. Or you might prefer something more rural which comes with more garden space, perfect for pets and a family.

Are You Ready To Set Down Some Roots?

Last step is to consider if you are ready to settle down. Is your career stable enough that you won't be moving for at least a few years? What about your partner or spouse are they ready to settle down? If you don't already, do you plan to have children in the future? All of these are considerations that will help you choose the right area and property.

When you are ready, our team is here to help you find the home of your dreams.