Home Is Where The Heart Is: Securing Your First Home
Everyone wants a home. That much is likely true. A home offers a haven from the stresses of life and it’s a great place to start, or grow, your family. After all, home is where the heart is.
But, how do you even get one?
It’s not easy, and it’s a long path – but it’s not impossible.
Firstly, you can choose the option of renting. Renting can give you instant access to a number of amazing properties. This is an incredible and sometimes cheap option for you, and you shouldn’t turn your nose at it, but buying is better. Why? Well, buying a home ensures the payments secure your future. Each monthly payment towards a home is leading you towards the goal of ownership. It’s almost like a savings account you can live in. Renting is seen as dead money by most.
Now, to buy a home, you need to secure a mortgage from the bank. A mortgage is a gigantic loan offered to you to secure your desired house. It’s likely going to number in the tens of thousands, if not the hundreds. You’re looking at big money here, and you’re going to owe it, so ensure it can be paid off. Each bank will offer a different mortgage rate to you, so do your research and use sites like Lending Tree to accurately calculate what you can borrow and what your eventual monthly repayments will be. Remember your credit rating here, if you’re thinking of eventually buying a house, check it right now and if it’s bad, try and fix that. Don’t miss monthly repayments from this point forward. That’s not the only cost, though, as you’ll need to get the property appraised and inspected to ensure you’re not buying a deathtrap, not only that, but your estate agents and solicitors will also have fees. Most costs can be rolled into the mortgage, but not all.
The mortgage is usually offset with a down payment, or deposit. The bigger your down payment, the less you’re going to have to pay back to the bank. This is key. The best way to get a large deposit is to save, so it’s time to enjoy a frugal lifestyle. It’s going to be hard, but you’ll have a home at the end of it.
Find areas of your lifestyle you can cut back in. Don’t always eat out and go for expensive clothing options. It’s time to live on the cheap so you can secure your home. Plan and cook meals with cheap ingredients and save leftovers for later in the week. It’s really easy to get started here.
There are steps to owning a home: save, buy, live. It doesn’t seem that simple, but it is. Start saving now if you’ve got plans of becoming a future homeowner and you’ll make life a lot easier for yourself.