Never has it been more difficult to get onto the property ladder. Since the financial crash in 2008, young people have found getting onto that first step of the property ladder a lot more difficult than their parents’ generation. Saving up a deposit for the property is essential when it comes to getting a mortgage but saving up the large amount that lenders are now asking for is something that many people struggle with. For many, the only option is to live with parents in order to save up, or in some cases for ‘the bank of mum and dad’ to lend money to kids for a deposit on a property.
As well as the cost of the deposit, it is also necessary to make sure that when you are in a position to buy that you also have the money saved up for the other costs associated with purchasing a property of your own.
Some mortgage companies will charge a valuation fee – this is usually based on the value of the property, however some mortgage lenders do not charge this, so this is something worth looking into. Generally, the more you have saved for a deposit, the larger range of mortgages and generally better deals will be available to you.
As well as considering the right mortgage for you, you will also need to think about the other things that need to be paid for when you have decided to go ahead with purchasing a property. Solicitors are something that you will definitely need to deal with the legal documents and to ensure that everything is done correctly.
As well as the solicitor’s paperwork, you will also need to get a survey done. There are many levels of survey which vary in detail – the older the property then the more that may potentially be problematic with it – you will need to find a local company like this building survey Birmingham company Sam Con.
Once you have paid for this to be done and it is nearing the big day when you finally get the keys to the property, there are still costs to factor in. For moving day, you may want to hire a removal service, and then there are also the ongoing costs to consider once you are in.
Find out what council tax band the property is in so that you will be able to work put how much you will have to pay for this. You also need to have a look into the costs of utility bills – you could shop around for this as the prices vary so you could save a fortune!
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