We know buying your first home can seem like a bit of an exciting but overwhelming process… but don’t worry we’ve got you. We’re here to help you navigate your way through the entire process.
How to work out your budget.
Before you start that search for your dream pad it’s worth working out how much you can spend and how much you can afford to borrow.
Don’t forget to include those upfront costs that can include, solicitor's fees, surveys & mortgage arrangement fees. You can be super organised and work out what furniture and appliances you’ll need. Just remember buying a brand-new home is an empty shell, so whether you love a neutral paradise or like to have your walls as colourful as your personality - it’s all yours, decorate it as you please!
How much can you borrow?
Unless you’ve got an extra coupe of 0’s on the end of your bank balance and can buy a home out right you’re going to need to apply for a mortgage. The amount you’ll be able to borrow will depend on your income, credit history, outgoings and whether you’re purchasing solo or with a partner.
Again, this will come down to how much you can afford each month. A good way to work this out is to calculate your monthly income vs outgoings. This will give you a good idea of your monthly affordability, and help you find your perfect home.
Here’s some key points to remember:
- Don't forget those upfront costs
- Mortgage arrangement fees
- Survey fees
- Solicitors' fees
- Your deposit
- Cost of furniture
Know your affordability, consult a financial advisor to help you find the right mortgage for you.
If you need some extra help working out your affordability, get in touch with RM Financial. Don't worry they're actually really friendly and are here to help you find that mortgage and get you your first home.
The best piece of advice we can give you, is enjoy the experience and don't rush. Rome wasn't built in a day, so take your time - you don't need that perfect show home on the day you move in. Make the most out of the experience and make it a memorable one!