5 April 2014

Some Handy Tips .......

......... I Found For Young House Hunting People
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Young people are already aware how hard it is to find that great job after graduating but then there is another hurdle to overcome: getting on the property ladder. Whether you are alone or doing it with a partner or friend, the facts are that the property prices are higher relative to income. There are now more house hunters than ever and the supply is at a six year low.

First Step
In the first instance, before you consider settling into a place with huge costs that it would entail, you could either decide to stay with your parents, that way saving for the deposit, or rent a room in a flat with a few like minded friends, putting aside at least half of your earnings per month which is possible if you know how to save and how to resist spending for a while. You could rent for a year or two then when your job is more stable with a longer contract, then think about a serious buy. Look for a suitable site, like Rentify, where you can rent reasonably with an all inclusive rent. If this is where you want to be heading then the necessary steps and mind set, have to be constructed and dealt with in a mature manner. Buying a property is not for the faint hearted and easing your way in is a terrific training period for when it actually happens. It is a commitment.

During this house free time, start exploring the areas that you are interested in moving to as in the end it comes down to location, location, location. Renting in one place makes perfect sense but buying will mean moving to another area because the worth of the property. Another factor to contend with is the amount of time you plan to stay there which can impact the process too.You cannot generalise about an entire region as each pocket will have its own market value and it is worth doing some research which can be easily done on the internet but planning some visits, will enable you to get the general feel.

Before signing
Every area has a different pricing for council taxes, ground rent, property taxes, utilities, deposit and any other hidden costs that arise through buying property including the solicitors and agents' fees. The more information you have, the better you will feel when asked questions by the professionals and you will not be so easily taken in or intimidated by the jargon that you will be exposed to. 

To qualify for a mortgage you will need to be in a permanent job or one that is bringing in the earnings you need regularly otherwise it will be very difficult. be realistic about what you are able to afford, including all outfoings. An alternative to a flat or house could be a boat which means finding a permanent mooring, a challenge in London.

Failing all of this become a property guardian and save for your own place.
*Image via Google

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