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Should We Wait for Our Dream Home or Get on the Property Ladder Now?

Should We Wait for Our Dream Home or Get on the Property Ladder Now?

This is a collaborative post

A lot of us are in a strange place right now because of the ever-changing financial landscape. For those people who are looking for a home, the market has never been worse. And when people are hanging on in the hopes that their dream house will turn up, but others are recommending that they get onto the property ladder, what is the right answer? Is it important to wait for your dream home or make a start as soon as possible by getting a cheaper property? Here are a few things to consider. 

Are You Waiting for the Right Location? 

We can see that there’s so much land for sale in a location that we might just wait for something to come up in that area, but the fact is that any location can cause a change in house prices. For example, if you have your eye on an area that is up-and-coming, it would be important to get in there as soon as possible, but because of house rates and costs rocketing skyward, it could mean you immediately get priced out. Location isn’t everything, but you need to factor it in with your lifestyle, including where you work, and if you can commute. 

Your Age

More people are buying homes later in life. Once upon a time, they would purchase their home in their twenties, but now it requires a lot more saving and working to improve their credit score. It can take years to get out of debt, and with rising costs of living, it can be a significant challenge. And if someone is in their late thirties or older, they’re going to have a shorter term on their mortgage. Therefore, it might not be sensible to just get a starter home, but rather pick somewhere that they will stay in forever. 

Family Needs

Some people already have families, and others are waiting to move into their homes so they can start a family. In which case, if time is on your side, you can get onto the property ladder, and have enough equity in a property so you can upgrade later on. This is a very common practice for couples who want to have children and then want to expand their family later in life. But this means being aware of the repercussions of remortgaging and moving to a new home with a shorter term. Because if you move into a property, and renovate it so you can sell it on, also known as flipping, are you going to get yourself into debt? Because getting onto the property ladder doesn’t necessarily mean that you are in a stronger position if your credit score is not good. In which case, if you want to do up a property, you may be better off waiting a little bit longer for your dream home so you can save up but also find somewhere that you can renovate. 

It’s not easy especially for people looking to buy a new home but here are a few things that you should bear in mind.

 

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