Is This The Right Time To Think About A Mortage?

 

mortage

I think you can all agree with me when I say that this has been a crazy year, to say the least! Everyone's priorities changed in the last 12 months, forcing us to rethink what is really important to us and what we want to do in the future. It's been quite a difficult year for most of us, but if there's one market that has seen a significant increase, then that's definitely the housing market.

I am not a homeowner yet but I always keep an eye out at the housing market because it's my biggest dream to own a house someday. But is this the right time to even consider a mortgage? Well, that depends. Everyone admits that the houses prices have gone up significantly these past two years, so it's really up to you if you are determined to make the move and buy a home or wait just in case the houses prices might go lower than they are at the moment.

Today, I'd want to talk about how to begin the process of buying a home and what you should be thinking about even if you have no practical housing knowledge but are beginning to look for houses.

Finances

Do you remember the popular phrase that money makes the world go round? Well, my friend, that is completely true and if you're planning on buying a home you'll need to figure out how much money you'll need to buy the house you desire and how you can get that money. 

When you consider buying a house, the first thing that you have to think of is if you have enough money for the deposit. Of course, there are other costs that need to be taken into consideration before and after applying for a mortgage that you need to be aware of and act accordingly. 

In case you are not quite sure of how much you can afford to spend, you can always do some research and also estimate your mortgage affordability based on your income. If you do have a house in mind and you want to go for it, you can also try to calculate your payments upfront and see if you could really afford the mortgage for it or not. That will save you a lot of time and a trip to the bank

Location

It is very important to consider where you would like to live. For example, if you wish to live in a big city, there's absolutely no point in checking out a little cottage in a rural area but you should also be realistic with your wishes. An easy way to start is by talking to your family and taking this important decision together. See what's best for all of you and then decide accordingly. 

Keep in mind that your budget is the no1 factor to take into consideration because if you and your family wish to live in an area that it's out of that budget, then things won't be easy. 

Dream home 

If you settled your budget, and you've found a location that suits your needs now it's time to think about how your dream home should look like. Yes, I'm saying dream home but I'm also saying that you should keep your expectations realistic and close to your budget. We're living special times at the moment, so is it really ok to splurge on something if you really don't need to? Well, that's totally up to you but I'm just saying.

Is now the right time to think about a mortgage?

Now, you didn't make it this far with planning everything if you were not sure that you want to purchase a home but have you really thought of this through? The reason I am asking this is that there are moments in life when we really want something really bad and we make big compromises in order to get that thing only to regret our decisions afterward. 

Yes, I am guilty of that too but when that something means buying a home, things are more serious. You're probably thinking, what is she talking about? Well, you know when you really want something and in order to get that thing, you make compromises that long term will turn out to be big issues that you can't cope with? Well, that's what I'm talking about.

Everything should be questioned. Make sure you're completely satisfied with your decision. Seek advice from a variety of sources. Inquire about people's perspectives. In this case, knowledge is crucial. You can also get counsel from Citizens Advice, so don't be hesitant to seek assistance if you're unsure about something.

Be ready for disappointments as well. Things happen, and they're entirely normal. From finding your dream home and being outbid, to moving in and discovering your neighbors are rude, these things just happen. When making major life decisions, it's okay to feel your emotions, and it can get very emotional with highs and lows. 

As you can see, deciding to buy a home can be similar to a roller coaster ride, it's fun, intense and it has ups and downs but in the end, if at the end of the day it's what you wish for and it will make you and your family happy that's all that matters. 

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