If buying a home in the near future is something that’s been on your mind recently while we’ve all been enclosed in the same four walls for almost a year, then why not set yourself that goal for 2021? With a few tips and the right strategy by this time, 12 months on you could be well on your way to moving into the perfect place in the right location and looking forward to your future ahead. So here’s a few tips to get the wheels rolling and start making moves to secure your ideal home.
If there’s one thing you need to do to get yourself onto the property ladder, it is save. And the thing with saving is, well, it’s not always that fun. So anything that can help us along the way to meet our target and get us into the saving habit is always a welcomed piece of advice. Saving apps are a great way to manage your savings and make the most out of it. From tracking where you could save a few pounds to creating a direct debit into a savings account so you can guarantee hitting those targets, Saving Apps can be a life saver. Mozo and Starling are just two examples of ways you can create pots to manage your finances and with the cute icons that allow you to visualise just where your cash goes, you can certainly get yourself on the road to saving for that deposit.
While saving is particularly important to buying your first home the second line on your priority list should definitely be given to the credit score. While it may seem a little daunting once you start to truly understand how your credit score is affected you can easily get a hang of nurturing the numbers and helping it grow. While there are many things that may affect your credit score, having one that qualifies could be the difference between buying a shared ownership Tower Hamlets and having to put up with living with mum and dad for another 6 months. So in the grand scheme of things it really does matter! You can boost your score by using a credit card and paying it off in full each month or ensuring you pay all your loans off on time including phone bills and car finance. Your score naturally decreases as you pay off your loans so keeping track of it is essential. Apps like Credit Karma and Money Supermarket are great for this kind of thing so get yourself clued up when it comes to your credit score and get yourself on the right track to that new home.
Schemes and Deals
If you haven’t looked into the opportunities offered to first time buyers then you may be missing out on a lot of cost cutting hacks. Schemes like Shared Ownership are a great way to get yourself on the property ladder quicker and with less of the stress that often comes with buying a home. Shared Ownership allows you to part-buy, part-rent a property essentially allowing you to apply for a smaller, more manageable mortgage and get hold of houses in some sought after areas at a much more affordable price. With places like The Refinery on the Royal Docks and Properties for Sale Ebbsfleet, there is a great deal of choice and opportunity when it comes to moving to the city.
So however big or small your steps to buying a home may be at this point making your first move is always going to be the most important one. So start today and maybe in a few months time you’ll be surprised at the progress you’ve made down the road to buying your first property.