The journey to buying a property on your own isn’t one to take lightly, however, once everything is done, the sense of accomplishment is truly out of this world. Therefore we truly believe buying a property on your own is something everyone can do.
Sure it has its ups and downs, but to avoid these, we’ve compiled a list to help you make the best choices and prepare you for your journey ahead.
The first thing on our list is something we sure came to your mind instantly. The biggest downside to buying a property solo is not having the budget of two people. When buying a property with a partner, the bank evaluates both pays and gives an estimate on how much the bank can loan you. The plus side to buying alone is the bank has only your financial behaviours to look at and it will not be affected by someone else’s bad spending habits! The approved loan will obviously depend on your pay, however, the case might be that you might get a lower loan when buying alone. Don’t let this discourage you! Once you know how much the bank is willing to offer, you can then have a look at properties in that range.
Think about what you’re looking for in a property.
We have great news! When buying alone, you don’t have to debate with anyone else regarding what you favour in terms of property and design. However, you do need to be honest with yourself regarding your needs and wants. What are the features in a property you truly want and what are those that you could live without. Things might look great on Pinterest, but you need to make sure you’ll be able to afford them. Remember, any costs will be yours and yours only.
Make use of schemes!
As a general rule, we love telling people to make sure to check if they are eligible for any government schemes. You might be surprised at what you’ll find! The most obvious one would be the first time buyer scheme, however, if you aren’t eligible for that, there are a variety of different schemes such as the restoration scheme. You can have a look at the available schemes here
As we mentioned above, we understand that buying a property on your own is not the easiest thing, however, we know a lot of people who have not only succeeded but thrived knowing they accomplished buying and designing a property on their own. Remember the most important tool you can have is knowledge and a belief in yourself!
Would you like to see some properties for sale? Check our website here.