It was fair to say that Amy was quite nervous about the thought of buying her first property as a single person embarking on her very first mortgage. She had saved hard and was ready to move out of the family home but it was a very real concern for her and one that a lot of other people in her situation face.
So here some tips to consider when getting on the property ladder for the first time:
• Find Out What You Can Afford – avoid looking at property until you know exactly how much money you can afford to spend on a home. Remember, all of the expenses associated with owning a home will be your responsibility once the deal goes through. Make sure you know exactly what your financial situation looks like before taking the leap into home ownership.
• Get Finance Pre-Approval - Getting pre-approval for a mortgage will help ease your financial uncertainties and improve your bargaining position when you make an offer.
• Don’t Look Alone - Amy sensibly consulted her Dad for advice and support and it’s important that you choose someone you trust and whose opinion won’t dampen your dream with negative feedback. Work with someone who’s realistic and who you believe will provide a fair assessment of the properties you’re looking at.
• Consider a House Mate – as was the case with Amy, you may want to consider renting out a room to help you to make some extra dollars to help cover your outgoings.
• Talk To Other Singles - Who better to give you advice than a single person who has experienced it already? Whatever problem you encounter, they might know the solution or have a suggestion to help you find one.
Amy was very happy in her new apartment and ultimately took on my advice to borrow some extra equity from her parents so she could get the property that she was happy with which will ultimately prove to be a good investment decision for her.