Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Buying a house.... where to start?

2 replies

WooYa · 05/04/2021 17:46

I'm almost 30 and looking at buying my own home. I've rented all my life and want something of my own to do with what I wish. Does anyone have any tips or tricks from when started looking? And any ideas on how to save so much money for the deposit?
Thanks

OP posts:
RigaBalsam · 05/04/2021 18:19

Have you done a statement of affairs so you can see where all your money is going?

Do you know how much you are able to borrow on your salary and do you have any debts to pay down?

Changingwiththetimes · 05/04/2021 18:53

Figure out what you want to buy and where and how much it will cost and if you can afford it. Flat? House? Bedrooms? Near station? New build? Doer upper?
Remember after actually buying the property you will have ongoing expenses you just don't have with renting. As well as the mortgage, you have maintenance, insurance, and so on. You need to factor in buying furniture and any work or decorating.
Once you understand how much a property is likely to cost then you can see how much you need to save for a deposit (around 10%. You can buy with as little as 5%, but more mortgage options with 10%). Do not forget fees and moving costs on top.
How you save is by looking at your income and outgoings and seeing where you can cut back. As pp suggests, writing it all down will help.
Meet with a broker who will help you figure out how much you can borrow and with the process of applying. Prequalifying is essentisl these days. You need to have a agreement in principle plus proof of funds (bank statement showing you have enough to cover the deposit) before you can actually view places.
Then look at rightmove (zoopla etc). Before viewing, print out a checklist of things to look out for - there are plenty available online (water pressure, garden orientation, check the fuse box, cracks, condition of windows, road noise etc). It might be helpful to bring a trusted friend for an instant second opinion, maybe one who has bought before.
You will soon learn that a property that seems to tick all your needs just doesn't 'feel' right, and one you might have dismissed fits the bill perfectly, so keep and open mind. Be sure to view at least twice and preferably at different times of day.
Good luck!

New posts on this thread. Refresh page
Please create an account

To comment on this thread you need to create a Mumsnet account.

This thread is closed and is no longer accepting replies. Click here to start a new thread.

Swipe left for the next trending thread