Buying a home
Help for whatever stage of the ladder you're on
Buying a home is likely to be the biggest single investment you make in your
life, so being prepared and doing some research is time well spent. Whether you're
trying to get on the property ladder for the first time, or thinking about a
buy-to-let investment or holiday home, there's more to buying property than arranging
a mortgage and the cost of the building itself, there's the furnishing, ongoing
maintenance and running costs (including council tax and fuel bills).
Things to consider:
Work out how much you can afford - based on any existing property
you have, your income and any cash you have saved as a deposit. Your mortgage or
financial adviser will be able to help with this.
Remember to add up all the costs - mortgage arrangement fees
(if applicable), surveyors fees, estate agent fees (depending on where you're buying
in some countries, the buyer pays fees as well as the vendor), legal fees, stamp
duty (in the UK) and any immediate expenses you'll need for renovations or improvements.
Saving for a deposit - the earlier you start saving, the better.
If you're thinking more about the medium term, say three years or more, you may want
to think about a regular savings plan with a fixed term. Alternatively, you could try
a combination of a savings-based account and an investment like an ISA, where you can
have a Stocks and Shares based option, a cash savings pot, or a mixture of both. Either
way, setting up a regular standing order will help you get used to putting the money
away and get you closer to achieving your goal.
Think beyond the walls and factor in the cost of buying furniture,
decorating, appliances etc. The cost of furnishing your home and equipping it can add
quite a bit, so be sure you work out how much you'll need for this too. Don't forget to
shop around - look online for cheaper appliances or try bartering with the retailer if
you're buying more than one item in the same shop.