How to Know You’re Ready
Many of us are renting for much longer before we buy a home. As time goes on, though, there might be signs that you are ready to take the plunge and buy a place of your own. Here are just a few of them, along with how advice on mortgages from a broker could help you.
You’re settled in your life and career
A lot of us are taking longer to settle down, whether that’s in our personal lives or careers. There’s nothing wrong with that! After all, you shouldn’t rush into any big life decisions before you are ready. If you have a steady income or you are in a committed relationship with someone you want to buy a home with, then it could be time. Of course, you can do this yourself – you’ll just need a bigger income to buy a home on your own.
You have enough for a deposit
Saving for a deposit is the part of preparing to buy a home that takes the longest. Thanks to the higher cost of living and needing to pay for rent every month, it can be hard to put away the money that you need. If you have finally made it to that stage, though, it makes little sense to keep renting! Remember that a larger deposit is always going to stand you in better stead when applying for a mortgage, so save as much as you possibly can.
You have your heart set on an area
Are you ready to put down roots in an area that you love? Buying a home is a much bigger commitment than signing a rental lease, and if you want to up sticks and move, there will be a lot more time and expense involved. If you are really settled in your current area or you are really sure that another one would suit your needs, then it could be time to buy a home and really settle there for the long term.
You’re tired of not being able to make changes to your home
One of the most frustrating things about renting a home is not being able to change it. When you move into a rented place for the first time, you’re probably not going to be thinking about making any big upgrades to it. As time goes on, though, you might start to notice things that just aren’t right for you. Even the most understanding landlord isn’t going to give you free rein with their property. If you want to customise a home so that it’s perfect for you, it could be time to buy.
How a mortgage broker can help you
If you feel like some or all of the above apply to you, then it’s time to get in touch with a mortgage broker! They’ll take a look at your finances and get your application in the best possible shape, so that your chances of getting a mortgage are much higher. Going from renting to buying is a big step, and having an expert in your corner can remove a lot of the stress associated with it.
Your next steps
Feeling like you are ready to buy a home? Then get in touch with a broker to get the process started today!
