words Alexa Wang
Buying your first property can be one of the most stressful moments in life. The Holmes and Rahe Stress Scale rates taking on a mortgage as 31 on a scale that goes up to 100. This means that it is just behind events such as gaining a new family member or undergoing a major change at work.
What, then, should you bear in mind to stop this from being more of an anxiety-filled time than it should be whilst still ensuring you make the best decision possible for you and your family?
Choose the Right Moment
The first solid piece of advice is to wait for the right moment before thinking about making your first property investment. When should you look to do this? The English Housing Survey for 2017-18 revealed that the age of the average first-time buyer increased from 31 to 33 over the previous decade.
There is no “right” or “wrong” age to do this at, though. Each person needs to look at their personal life, their finances and their employment to make a good decision on this matter. So it’s all about your right moment. Can you afford to do it now, and does it suit your lifestyle?
In the 1960s, the average age for first-time buyers was just 23, and they paid an average deposit of £595, according to a study carried out by Keepmoat Homes. A 2018 study in the US found that most Americans believe that 28 is the best age to buy your first home. No matter your age, however, don’t feel rushed into buying a house if you aren’t ready for it.
Sort Out the Mortgage in Advance
One of the major issues that can arise is the period between when you agree to buy a house and getting the mortgage fully sorted out. This can lead to a lot of scrambling about as you try to get the paperwork sorted out in time.
A far smarter idea is to arrange as much of your mortgage possible online and well in advance. Part of this process can be completed on a site like Trussle that lets you compare mortgage deals online from 90 UK lenders, using detailed breakdowns and advice. In this way, you can hope to save as much as £300 per month.
Once you know exactly how much you can borrow, you can go ahead and look for properties that fit into your budget. This will make it a lot easier for you to narrow down your search, as well as helping you to avoid trying to rush through the home loan process.
Keep an Open Mind
Another very important issue you’ll face when looking for your first home is that you will want to find something that is absolutely perfect. Yet, this can mean you get stressed out due to the difficulty that it causes you.
No matter where you live, there probably aren’t going to be many houses that fit your exact requirements if you are very strict about them. However, if you broaden your scope a little, you should find far more options that are worth investigating.
By looking a bit further afield or considering other types of property you can probably take your pick from a much bigger selection. You might even find that something you would never have considered initially turns out to be ideal. Depending on your personality, there might not be such a thing as the ‘perfect’ home for you, but there will be several very good choices nevertheless.
Don’t let the home purchase process cause you undue anxiety. By going about it in the right way you can make a great choice while feeling relaxed about the whole thing.