The Ins and Outs of buying your first property


The idea of buying your very first home is a huge deal. That’s been drilled into us since its considered a huge and rather valuable investment. Whilst buying a property may not be something for everyone, nor be achievable for many, it should not be down played as huge accomplishment, especially in this current property climate.


Your hard earned cash is being put into a property that will one day completely be your own. How awesome is that!

Whether the investment becomes your retirement income, or something to leave to your family, its something of a financial safety net as so to speak. 

Whilst the rental market has a ‘black mark’ against it, it’s no surprise many of us consider buying before renting. Buying your very first property is something for a large consideration and whilst I have informed you of the ‘real costs of moving‘, whether from one property to another or your very first, I’ve tailored this post for those looking at their very first property.

Here’s everything you need to know, going alone, with your partner or friend, and the real in’s and out’s of property ownership. 

Knowing What To Expect

Buying a property isn’t as cut and dry as you may think. There is a lot to be said for purchasing a property, whether it be your first or ninth. You will need to be prepared mentally for the challenge. Chances are, it will be a long and possibly overdrawn process, and that’s not even considering the time it takes you to save. Mortgage applications and property purchases can take months to go through, so this is something to consider, and be aware of.

Saving

Next up, you need to start saving. And this can take years! You will often need 5-10 percent of the property value in savings as your deposit. And this can be overwhelming when you’re looking at somewhere that costs £200,000! But if you’re really determined to buy your own place, unfortunately it is the process in order to get you your own home. Consider things like help to buy equity loans and saving help if you are really struggling to find the cash. Be aware, the equity loan however, can only be used on a new build property.

Searching

Now you’ve pooled in the funds, and prepared yourself, you’re going to want to start the property search. And trust me, it’s not as easy as you may think. Whether you are purchasing through help to buy or not, finding a house can be a long process.

Really make sure you leave yourself enough time to find, and don’t put too much pressure on yourself. Purchasing your first home will by no means be your forever property, however, choosing a sensible property now can save you cash in the long run. Consider your future desires and if you can, purchase a property that will give you the scope to live there for a pro-longed  period. 

Extra Costs

I have done a whole post on the real costs of buying and / or moving home so I have all the details in that one. But the long and short of it, there will be extra costs when it comes to property purchases. With property solicitors, surveys, and more, it’s good to have a buffer. It’s a really good idea to have some extra cash, aside from your deposit so you’re not stuck when extra bills and costing arise. 

Renovating

The final consideration is any changes that you want to make to the property you end up buying or considering. If you are buying a new build, then hopefully you won’t have to do any work, just a lick of paint here and there.

However, an older, more tired property will need a little more TLC. It’s a good idea to factor in not only the renovation costs, but the time it takes to do it too. Before putting in an offer, be sure to add the overall costing to your outgoings. Whilst some of the work maybe something that is done later down the line, it’s a cost that will effect how much money you will make on the property in the long run. Consider this also when putting in offers, as money you can save now, will pay off massively when it comes to selling the property later on. 

Hopefully this little post has helped those first time buyers considering their first property. Remember not to rush into anything and always ask questions if terminology or problems arise that you’re not clued up on. Get all in information you need when it comes to mortgages and make sure you are not over committing to something that can potentially apply financial strain.

Property purchases are a ball ache, but they are totally worth the hassle in the end!

Are you purchasing your first property? 

Do you have any advice for First Time Buyers? 

As always, let me know in the comment section below. 

Charlotte x

 

Be a pro packer – Home Edition

Packing. Who likes it? Packing and unpacking food shopping, clothes, suitcases, moving boxes. Whatever it may be it’s a ruddy horrible chore. Yet, with some packing there is an element of excitement. Especially when it comes to packing up your home ready for the next one.

If you’ve been keeping up with my posts, you’ll notice the running theme of buying property, moving and climbing up the property ladder. And to run with the theme, this post is no different. Whilst packing and unpacking is a ball ache, it’s a great opportunity to get rid of clutter, sift through belongings and organise your home.

So sit tight and prepare for the post that will help you pack up your home like a pro and make moving home that little bit easier.

Read :  Why moving out might just be what you need!

Book and organise transport 

First things first, you better organise and book your transport. Make sure you shop around and consider companies like Shiply, who make it easy to find the best competitive price, whatever you may be transporting.

Before packing anything up, make sure you know you can move everything to your new abode.

Grab supplies

Whether it be bubble wrap, boxes, tape or even coffee and biscuits. Make sure you are well prepared, and armed with supplies to start packing. Make sure you have a chunky pen to label boxes, and have sufficient packaging to protect your valuables.

Don’t buy your boxes straight away, hit local stores and supermarkets first, as many will be more than willing to hand over their used boxes for free! Lidl and Aldi are good spots for boxes!

Blast the music and keep it fun and you will be packing your home up in no time!

Moving onto the packing, Go room by room

Rule number one when it comes to packing – always pack room by room. Start and finish one and move onto the next. Going from room to room, and starting a new one without finishing the last will only lead to confusion, mess and above all else, stress!

Chuck out

This is the perfect opportunity to sift and sort through any of the accumulated clutter or belongings that have no place in the next property. Think carefully before just chucking anything away, but be ruthless too. Remember, anything you keep will cost you in removal fees.

Consider new storage

Storing bulk items like CD’s and DVD’s before you move will make packing easier, and unpacking seamless. If you are an avid DVD collector, why not ditch the cases and invest in a mass storing system that takes up LESS room. Purchasing and storing products in this way will cut down removal space and make them easier to unpack the other end.

Read : Being ruthless with your clutter.

Make a ‘last box’

And by the last box, I literally mean the last box that will go in the van. It needs to be filled with the ultimate utensils you will need from the minute you walk into your new home. Consider a kettle, tea bags, milk and mugs. Also make PJs, bedding and toiletries readily available encase you have a late night of unpacking.  Last boxes are LIFE savers and means you won’t have to hunt down the kettle just for a warm cuppa.

Use hanging boxes

Brilliant contraptions are these! Hanging boxes are great for storing and transporting your clothes whilst in the moving process. And what’s better, they will keep them crease-free!

Give yourself enough time

Do not underestimate how long it will take you to pack up your home. After all, it’s your life’s worth of belongings. If you intend to de-clutter before the move, take this into account, as it will add time to sift through and chuck the junk. You are better being packed earlier than needed, than stressing on the evening before.

Read : Signs it might be time to move home.

Packing up your entire home can be measly, but hopefully this lil post has helped you. Keep going and you will be under-way in no time! 

Do you have any tops for packing? 

Something I need to add to the list? 

As always, leave your thoughts in the comment section below! 

Charlotte x

Home Owner Diaries | The Basics

I had a little brain wave just the other day when I was contemplating life a lil as a home-owner at 23.

It’s not easy, and sometimes you don’t know what the hell your doing, and sometimes it’s hard to ask for advice.

Parents are bloody great and all, but some times it’s a tad annoying asking them everything, especially when you’re trying to be grown-up. You are a home-owner now after all.

So, since I feel we should look out for each other, and there are some stuff is assumed we ‘should just know’, I thought I’d cover the bits and pieces I’ve either learnt the hard way from, orrrrr I’ve googled because cba asking my mum for more bloody advice!

So let’s start at the basics shall we :

TV Licence 
You need it, on top of you sky, Virgin or BT TV bill. Without a TV licence, legally you cannot watch live TV, nor catch up TV like BBC iPlayer. Beware of this, as you can be fined if caught watching TV without a Licence.

Boilers 
Your boiler should be serviced every year. Without it, you could end up bucking a bigger bill when any on going problems are finally found.  Having it serviced above all else makes sure your boiler is running safely and efficiently. It can even reduce your bills! Don’t take the risk and make sure you get it serviced.

Contents / Building Insurance 
Just like your car, you want to be covered in case anything fundamentally goes wrong to your property, or your possessions within it. Whilst your phone screen cracking or your laptop busting may not be THAT expensive, your roof collapsing due to damage, or kitchen needing replacement due to fire is! Accidents do happen, so be safe and insure your contents and building effectively. If the unfortunate was to happen, it will cover all damages and more, including hotel stays and loss of earnings if damage was severe! Be sure to shop around on price comparison websites to get the best deal!

Life Insurance
Since you now own a home, you do have a lot to pay for even if unfortunately you can’t due to illness, or left the only one to front the bills, if heaven forbid your other half passed away. It’s really important you both get life insurance which will cover any payments you might not be able to make due to illness, redundancy or even death. Be sure to shop around and use price comparison websites to get the best deal.

Wills
This and the point previously is a little doom and gloom and I do apologise, however it necessary. Much like Life Insurance, you do have the responsibility of a property among other possessions, so it is necessary to draft a will for both you and your partner in the event of your deaths. We might all be ripe ages now, but you never know when it may be needed. Cover your back and secure your possessions to love ones in case the unfortunate really does happen.

These are just a selection of bits and bobs you may have missed. I understand buying and moving into a place is stressful, so it’s natural to forget things. But it’s important these are things you try and organise fairly swiftly. Leaving things like TV licence can leave you open to fines and even a court appearance, whilst leaving insurance can result in being stung when something goes wrong!

Are you a home-owner? 

Have I missed something off this list? 

Anything else you would like to know as a home-owner yourself? 

Be sure to let me know in the comment section below!

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