Whether you’re planning to move this year, next year or you don’t have the clearest idea if just when the big day will be yet, having a few tricks up your sleeve for when it is time to make a move may be just what you need to get the ball rolling and the wheels turning. So if you’re a first time buyer and you’re just itching to move then take some small steps and it might just make as big difference.
Track your spending
If there’s one thing you need master before buying your first home, it’s saving. Saving for a deposit is one of the biggest hurdles for first time buyers and really watching where you could save a couple of pennies may make a big difference when it comes to the bigger picture. There a lots of ways to track your spending whether you get tech savvy with a spreadsheet or you just want to be presented with the information clearly with the littlest effort possible. Money apps like Monzo and Starling can be great to watch where your money goes and where you can cut costs as well as helping you open easy money pots to save your pennies and look after the pounds.
If you’re struggling to get those savings up to where you want them to be, shared ownership could be ideal. Shared Ownership allows you to part buy part rent a home which means you only have to put a deposit down on the portion you wish to buy so this can be between 25% and 75%. This means you’ll only be paying a fraction in deposit and have a much more manageable and less daunting mortgage. Many of these homes are located in sought after areas like West London with shared ownership Bromley, Shepherds Bush and Acton all offering this buying scheme on some outstanding city apartments. And so getting your hands on one might just be the best investment you make. With Bewest.co.uk, being a great place to start or Moat’s Shared Ownership advice page, to answer any queries you might have, if you’re thinking of buying in London, shared ownership is certainly something to bare in mind.
Keeping an eye on your credit score
Your credit score might be something you don’t think of often but when it comes to buying a house making sure it’s as good as it can be is an essential and certainly not something to be overlooked. You can improve your score several ways including ensuring you are on the electoral register, using a healthy amount of credit and ensuring you pay everything on time and don’t have any outstanding payments. There are lots of great apps to help track your score too including Credit Karma and Money Supermarket and if you feel a little wary about where yours is at, then shared ownership could also be a great option as a smaller mortgage is far more likely to be accepted than a hefy one.
Choosing where to live
Choosing a spot to set up shop is always going to be a tough decision and with plenty of variables to consider, ensuring you choose a place right for you is the most important part. Considering how close you want to be from work, family and friends is the first thing to consider but also what kind of living suits you is vital to think about. Does city living seem stressful? Does a rural region sound boring? Picking something that you feel comfortable with is the first step to making a decision you’ll be pleased with.
Overall, there is plenty of reasons to be excited, so enjoy the process and don’t forget to have the pinterest boards at the ready when that big day comes!