When is the best time to buy a house? It’s right now!
To have a property is not only a way to shelter your family but is also a way to invest and protect your future. That’s why after getting a job, many people aim to purchase a property.
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Buying a new home can be one of the best things that you can do in your life – but it can also be one of the most nerve wracking. This is particularly true if you are trying to get approved for a mortgage and you have never bought a home before. Now, this can be even scarier now that financial futures are unsure and banks are more reluctant than ever to lend money.
It is often a daunting task to buy a home, especially when you are attempting it for the very first time. There are some complexities although the process seems exciting. Homebuyers also find it tough to make an efficient purchase decision as they are not quite prepared to make a substantial financial transaction.
Most of us have ambitions to own a home one day. There’s absolutely nothing wrong with renting, but for many of us, it’s a dream to be able to call a house your home. If you’re thinking about stepping onto the property ladder, here are some budgeting tips to help you afford a new home.
Saving for a deposit
These days, you’ll need to put down a deposit to buy a new home. Even if you only have a relatively small lump to put towards the purchase, this can make a massive difference to the range of homes available to you. If you’re thinking about buying a house, it’s best to start saving as soon as possible.
What’s the most difficult part of buying a house? If you ask most people, probably the deposit. The deposit is the big chunk of cash that you have to save up to convince the bank that you’re really serious about buying a house and that you’re willing to risk your own money in the process.
The good news is that the housing market has rebounded sharply in the last few years, thanks to the improving job situation as well as the growth in the global economy. But for people wanting to buy a house, this has meant rising deposits. Currently, the average home price is standing at around $200,000, perhaps a touch over. With most mortgage brokers asking for a 5 percent deposit, that means that families have to pay out around $10,000 to secure their new house and a mortgage. For many families, that’s a lot of money to have to save up, especially those on modest incomes.