From saving up for a deposit, to picking up the keys after completion, you’ll find all the stages of buying a home in this straightforward house-buying guide.
1. Decide if buying a home is right for you
There are a number of things to consider before embarking on the search for a new home – not least whether you can actually afford it. Although many people aspire to owning their home, it’s important to understand the positives and potential difficulties first.
Owning your own home can give you a greater sense of security compared with renting. It’s good to know that you have a long-term place to live, and as long as you keep up with mortgage repayments, you won’t be evicted at short notice.
When interest rates are low, home ownership can be significantly cheaper than renting. According to a 2018 report by Santander, the average monthly rent in the UK is currently £912 per household, compared to monthly mortgage payments of £723. A property is also seen by many as a long-term investment, and in a rising market you could get a large return if you decide to sell down the line.
With your own home, you can invest in the furniture you want and decorate it to your personal taste, without having to ask permission from a landlord first.
Buying a home is a big financial commitment and monthly repayments can prove difficult if your circumstances change, which is why prior financial planning is very important.
There are lots of additional costs attached to owning a home, including things like insurance and maintenance. If the boiler breaks, you’ll have to cover it.
Some people aren’t ready to commit to owning a home. If you don’t think you’re ready or if your job situation isn’t stable, buying a property might not be the right decision at this time.