How to Own Your Own Home

Owning a home is a dream for most people. It is security and safety and a roof over your head no matter how bad things get in the world. It is an asset that you can leave to your children and something that you can work on which will appreciate and grow in value over the years. But getting onto that property ladder is not always easy – in fact, it can be very hard. But there are ways to make it easier and to make that first move. If getting a start in property is something that you want to do, then read on!

Investigate building

So often people think that buying a home means finding one that is already made. But this is not always the smartest option. Granted, building a house can be very expensive if you take the wrong options. It can also be very cost-effective. Start by identifying a piece of moderate price, undeveloped land, in a location that works for you. Then investigate kit home prices and look to go that route. It is an option that you could even do yourself if you are that way inclined. But it will probably be easiest to go with an installer who knows the product and the way it all fits together. This way you are getting a solid and reliable product and you are getting it by piecing together the component parts of the whole at a fraction of the price of a ready-made option.
Investigate building

Save

Saving is a very important habit to get into and saving to buy a property is critical. The property comes with a lot of costs attached to it. There are bond registration and transfer duty for starters and then there is the deposit that the bank is likely to expect you to make when you apply for a bond. Most banks will not grant a 100 percent mortgage to a first-time buyer. So, save, and save aggressively. The more cash that you have handy for the deposit the easier it will be to start climbing that ladder.

Do the maths

As much as buying a home is an emotional decision, it is also a financial one. And financial decisions should never be emotional. So do the maths and crunch the numbers. You might discover that in order to make the mortgage repayments that you need to rent out part of the house. Or perhaps you cannot even afford to stay in the home to start and will have to rent it out to a tenant for the first year. Whatever the case, don’t be silly or vain and overextend yourself or create a situation that is ultimately unaffordable.
Do the maths

The neighbourhood is important

Experts in the property will always tell you to buy the worst apartment in a good block. Or the worst home on the best street. That way once you have fixed and repaired the tatty place it will become part of a great block or street and you will benefit from being part of a good set-up. If you are good with your hands and not afraid of getting stuck in with a bit of DIY, then a fixer-upper is the way to go. Just don’t opt for a great place in a bad neighbourhood – unless you are genuinely convinced that the neighbourhood is going to take a turn for the better very soon.

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