Are you thinking about buying a new home before the year is out? Probably not or at least, if you are, you should reconsider. Winter is perhaps the worst possible time to buy a home. You would be better off waiting for the spring. You see, you’ve only been on this post for a few seconds, and already we’ve given you a great tip. But there are many more pieces of advice we can offer you that will help when buying a new home.
Hows Your Credit Rating?
If you want to buy a new home, it’s a good idea to make sure that your credit rating is healthy. You can check your credit rating quite easily online. Your credit rating is determined by how good you are at paying back money that you’ve borrowed or that you owe. This might be home bills, bills on credit cards or even rent. If you have a history of paying your rent late, your credit rating is going to be poor. That’s going to make buying a home a little more difficult because it affects the type of mortgages available to you. If you have a good credit rating you’ll be able to get a mortgage with a good rate of repayments. If your credit rating is poor, the story won’t be so pleasant. You should work to improve your rating before you buy. You can do this by paying off any debt or outstanding bills straight away.
When you buy a home, you need to think about the deposit. If this is your first time buying a home, you’re probably not aware that you don’t pay the full asking price upfront. Instead, you pay a deposit and then complete the rest through mortgage repayments. You borrow a mortgage from a loan company. But first, you have to save up money for the deposit. We suggest you aim to save as much as twenty-five percent of what you will be able to pay for a home. This will give you access to the best mortgage deals.
But, it’s not just the deposit you need to think about. You should also take into consideration the increase in house bills, repayments and emergencies. It’s also wise to think about the other costs of moving such as hiring a solicitor.
Finding The Home
Before the internet, you had to traipse around different locations looking for homes that were on sale. But now, it’s easy to find some great homes being marketed online. We suggest you have a browse of the Ballantynes website. They have some luxury housing on sale that would be perfect for a newlywed couple looking to buy their first home in the country. It’s always a good idea to investigate the market. That way, you’ll know what type of prices homes are selling at and what you should be expected to pay.
Making Your Mark
Once you’ve found the home and haggled with the price, you’ll buy. After that we imagine you’l want to put your mark on the home right away. You might make improvements, and these can be expensive. Again, it’s a good idea to take this into account when considering how much to save.
We hope you love living in your new home.