3 Signs You’re Ready To Settle Down & Join The Property Market
If you have the means to, it’s fair to say that owning a property is much more financially worthwhile than renting. After all, when renting, our money goes to paying off the housing costs of our landlord, including their mortgage, and helping them build equity on the place. While this is the most flexible and often necessary step for young professionals, and some people prepare to stay in similar arrangements for good, investment in property is always worthwhile when most possible.
That “when most possible” is doing a lot of heavy lifting. That’s because even if you’ve saved up a decent deposit and feel as though this process is reasonable and within reach, there are many other variables to consider. Most of this is dependant on timing. The best house purchase for you now might not be the best one five years from now, so considering where you’re at in life and your intended path forward is going to define everything.
If you’re still unsure, let our advice help you take that first tentative step:
Relationship Respect & Financial Trust
If you’re planning to buy with a partner, you need to be completely honest about your financial situation before you start looking at houses for sale. It’s easy to get caught up in the excitement of viewing properties, but you can’t rest this choice on a firm foundation if you’re at all concerned about your money management with this person, even if you love them dearly.
Sit down and go through everything together including your credit scores, any debts you’re carrying, how much you’ve each saved, and especially what your spending habits look like. Ultimately, just make sure you’re both on the same page before committing to probably the biggest financial decision of your lives.
Comfort In The Culture & Lifestyle Of A Given Area
Perhaps you’ve found a gorgeous property at a great price, but if the area doesn’t suit how you live your life, you’re going to end up miserable, so think about what matters to you day to day. Are you someone who needs to be near green spaces, or do you thrive in busier urban settings? Do you need good transport links for work, or are you happy driving everywhere and because of that you can afford to be a little more rural and peaceful?
We’d also suggest you check different times, so go there on a weekday morning, a Saturday afternoon, a weekday evening. Talk to people if you can too, and check out the local shops, cafes, or pubs. See if it feels right.
A Five-Year Property Plan
Where do you see yourself in five years? It sounds like a job interview question, but it matters because after all, those five years are going to come for us whether we like it or not. If you’re planning to start a family soon, then right now, a cute one-bedroom flat might not cut it. If your job might relocate you because the future of the firm looks unsure, buying somewhere now could limit you.
Some people buy a starter home knowing they’ll move on, while others want their forever home from the start. Neither approach is wrong, but you need to know which camp you’re in.
With this advice, we hope you’ll feel more confident about joining the property market on your own terms, and at the most suitable time.
