The Best Guide for the NN12 Area

Think you’re ready to buy a home? Try this checklist first.

Buying your first home: make sure you get it right
Getting onto the property market and owning a home is a milestone that many aspire to. And while the idea is exciting it’s vital you only take that step when you are ready.

Being a homeowner requires desire, sustainability and a long-term financial commitment. Aside from finding the ideal first home and dealing with the sometimes-complicated home-buying process, there are other elements to consider so here are a few pointers to think about before making your final decision.

Settled and ready to put down roots?
Buying a home can require a deposit, mortgage costs, solicitor fees, insurance premiums and maintenance costs. Because of this it rarely makes financial sense to purchase a property for a short period. Depending on the market, it can take between five and seven years to build up some real equity, so buying only makes sense if you are planning to stay in the house for at least that length of time.

Finances in order?
Some buyers can afford to buy a property in cash but most will require a mortgage. Before applying for one, you need to focus on minimising your expenses and paying off debts to create as much expendable income as possible. The last thing a prospective lender wants to see is that you owe a lot of money on credit cards or outstanding loans. Paying off your debts will demonstrate that can manage your finances.

Remember that credit scores matter so get a copy of yours to see what lenders see when they review your application. If need be, there are lots of simple things you can do to give your credit score a boost, such as checking you are on the electoral roll.

Thinking of switching jobs?
Lenders want to see you have been with your employer for a while before they are willing to give you a mortgage. This means that you can either wait until you have a mortgage and then move jobs, or delay buying a home and settle into your new job before applying. Usually you will have to have been with your new company for at least three to six months before approaching a lender for finance.

Do you have the savings in place?
You can’t separate savings from homeowner readiness, they go hand in hand. Home buyers are required to put down a deposit and the more you can the better. Having a large deposit will increase the number of mortgage choices available to you. Lenders will reserve the best rates for people with big deposits, so you will benefit from a lower monthly payment.

A deposit is not the only aspect to consider because you may also require money for any home updates or renovation, possibly new furniture, appliances and moving expenses.

Transitioning from a tenant to a homeowner means taking on the full responsibility for the property. If anything in the home requires repairs or maintenance, the buck stops with you. So it’s best to have a contingency fund in place to be able to deal with any repairs as and when required.

Is it the right time?
Timing is a crucial aspect to homeowner readiness. Ideally you want to be ready to buy, but also be able to wait if necessary. As a tenant you don’t want to have another six months left on your lease and lose out on the right home, Conversely, you also don’t want to rush with only a month to find a home.

Purchasing a property is a big decision and it’s never good to rush into it without giving it due consideration. That said, it is also not ideal to hold back too long and let an opportunity pass by because you are not prepared.

Be realistic
One of the signs that show you are ready to own a home is understanding it is not always going to be easy. Being a homeowner takes time, effort and money. However, even though there are likely to be a few challenges you face along the way, the result is a home that you can call your own.

So if you’re ready to be a homeowner, come and see us at our offices in Towcester Town Hall on the Market Square and we will be happy to help.

Monthly draw: why not enter October’s draw and your chance to win a case of Italian wines (red/whites/mixed) or get one month’s membership to Whittlebury Hall Leisure Club.

How To Enter: every valuation and instruction for sale or rental between now and Friday October 25 will be entered into the draw, the winners being notified by e-mail.

If you’re thinking of selling or letting your property and want to win one of these great prizes on offer call (01327) 359164 and speak to our sales or lettings team.

Until next time.

Craig Bees, MD Bartram & Co

E-mail me at craigbees@bartramandco.co.uk


Visit our website www.bartramandco.co.uk and follow us on Twitter@bartramandcotow



Tel: (01327) 359164


Fax: (01327) 359166

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