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Signs that show you are ready to buy your first home

Jul 31, 2019
Signs that show you are ready to buy your first home

If you’re not yet on the property ladder, the idea of buying a home can understandably be a little daunting.

If you’re feeling unsure about whether or not to take the plunge, here are some of the key signs that show you’re ready to buy.

You have a steady income

You’ll need to have a steady income before a bank will consider lending you a mortgage.

If you’re self-employed it can be harder to find a willing mortgage lender, but it’s certainly not impossible. You’ll just need to do a little more research to find a deal that’s right for you.

You have a deposit

Next, you’ll need a deposit. Generally speaking, the more you’ve saved, the better your mortgage rate will be. If you’re struggling to save a large lump sum, don’t worry, there is plenty of help out there. One option is a Help to Buy, a scheme where the Government lends you up to 20% (and up to 40% in London) of the cost of a newly built home. This means that you'll only require a 5% deposit and a 75% mortgage. This is an attractive option for first-time buyers as there are no additional fees on the 20% loan for the first five years.

You've found an area you love

One of the greatest advantages of renting is flexibility, especially when you’re unsure where you’d like to settle longer term.

But, if the area you’re currently living in ticks all the boxes - whether that’s a strong sense of community, good transport links or top-rated schools - you can go ahead and buy your first home with confidence.

Don't be disheartened if you can't find the right home in the area you currently live in. There are many different places that can be more affordable and within your reach. You may even discover somewhere that is better suited to your needs.

You want to start a family

If you’re thinking about starting a family, buying your first home gives you the added stability and certainty you need.

From painting the nursery to baby-proofing the kitchen, nothing beats being in charge of your own home, without the hassle of running everything by your landlord.

You want to invest in your future

Renting means that your hard-earned money lines another person’s pockets each month. If you’re feeling frustrated and ready to get some assets under your belt, a home of your own is a great way to invest in your future.

Most mortgages are 25 years long, so the younger you are when you buy your first home, the quicker you can build up equity. By the time you retire, you may be entirely mortgage free, giving you some well-earned financial freedom and security.

You've had a chance to talk through your options

Buying your first home is a big decision, so make sure you chat through your options with close friends and family - especially if they are already homeowners themselves.

Weigh up the pros and cons, research your options fully, and most importantly allow yourself to enjoy the home buying process. After all, you only buy your first home once.

With David Wilson Homes and Help to Buy, you could own your dream first home with just a 5% deposit. Click here to discover a development near you.