Financial Preparations For Next Year’s Property Purchase

With 2018 fast approaching, many people from first-time buyers to families are thinking about buying a property next year. And if those visions of a new home are genuine, it’s imperative that you start taking positive steps immediately. Not least on a financial standing.   

Property purchases are the biggest financial commitments you’ll ever make. Therefore, it’s imperative that you build the largest possible deposit. If you are a first-time buyer, you’ll have hopefully utilised a suitable Help-To-Buy savings account. Even if this isn’t the case, it’s never too late to gain a small level of support through this scheme.   

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Aside from building a bigger deposit, you’ll want to ensure that you get the best possible mortgage rate is offered. Doing your research with online mortgage calculators and comparison websites is vital. However, you should look to take this even further by boosting your credit score over the coming months.

Buying a property isn’t cheap, not least when you take other matters into consideration. Agent fees and other costs are a necessary evil while there are additional tasks that will put you in a far more powerful position. Building surveys by experts like Allcott Associates can make you aware of damage and other concerns. Whether this prevents you from buying the wrong home or simply allows you to negotiate the price doesn’t matter. For the sake of your sanity as well as your pocket, getting this right is key.

Those additional costs and services will shock you, though. If you’ve failed to take the right precautions, there’s a very good chance that you’ll be left struggling to meet those demands. Therefore, saving a little extra money, separately from your deposit money is advised. If nothing else, it will remove a great deal of stress.

Moving into a new home is the perfect opportunity for a fresh start. Therefore, it may be worth selling unwanted goods to raise some extra funds. In the meantime, avoiding the temptation to overspend at Christmas can make a noticeable difference. It might seem a little cold, but asking friends and family to give you money rather than presents will boost your funds.

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Even when you make the right efforts, buying a home is never easy. Property prices have increased at a rapid rate over the past 20 years, making it very difficult for first-time buyers to get on the ladder. If traditional purchases aren’t possible, you may need to consider alternative action.

Many homebuyers think about fixer-uppers, especially as they offer a chance to make money. However, it’s also worth thinking about co-ownership opportunities. After all, these may offer the best chance to live in a home that suits your needs while still moving away from renting. Financial expert Esther Shaw’s advice on this solution is essential reading. Even if you decide against it, this knowledge is power.   

In truth, most people that are considering a house purchase in 2018 have probably started their preparations a long time ago. However, this is the time to take those plans to the next level. Make sure you do, and next year can be the year where dreams come true.

 

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