The Biggest Purchase of Your Life

The Biggest Purchase of Your Life

We all know that the biggest purchase you are likely to make in your lifetime is a home. To make this path a little easier I have put together some handy tips that we know work, getting you in a position to buy a home faster.

1. Commitment

This process takes commitment from you to make it work, especially if you need some savings or to reduce debt. For some, this process may take months rather than weeks and you will need checkpoints to keep you on track.

You may need to cut back on some of the usual spending habits. You won’t need to give up all your little pleasures, but just manage them as treats rather than regular occurrences. An easy way to see what you do with your money is to look at your bank statement and see what spending you can do without. You can use the spare money as savings, to reduce your debt or put it aside for those extra house purchase costs.

2. Increase your income

This isn’t possible for everyone but if you are able to take on a boarder, extra flatmate or even move in with your family to save extra money, short term pain for long term gain. Even picking up extra work hours here and there can help.

3. Increase your savings

Set up a savings account that is not attached to your internet banking so you won’t be tempted to dip into it. Set aside however much you can to go there each pay and forget about it. You are less likely to spend it if you can’t see or access it. A big part of this working is having a budget and sticking to it.

4. Being Realistic

No one ever buys their dream home as the first purchase. But it will be your home. It may not be your forever home but it will be your home. As you are preparing and planning, keep an eye on the market and the internet house listings to get a feel for what money can buy. Make a list of what you are looking for in a home. Note which ones are negotiable and what are must-haves.
The better prepared you are, the easier it will be to go through the process when the time comes.

A great first step to find out how far away you are is to contact us so we can do an assessment for you.

The basics are you will need some form of deposit, stable income, and manageable debt repayments. The bank wants to be confident that you can afford your living expenses, debt repayments and the new mortgage.

Get in touch and I can discuss your journey with you.

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Vicky Springintveld
Business Development Manager

Phone: 0800 337 426
Email: [email protected]

The Biggest Purchase of Your Life
 
 

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