There’s nothing quite like finding your own home, and moving from tenant to homeowner is something you never forget.
hen you have decided you want to make moves towards owning your own home, it can be difficult to know where to begin. While it is an exciting time and getting the keys to your new home is incredibly special, it’s just as important to invest time into your research as it is to invest money into your savings.
Plan your approach
This might seem obvious, but it is always worth putting in a lot of time in the early stages simply trying to get a picture of what your home will look like. No detail is too minor to be kept out in this part of the process, from thinking your current spending habits to working out what location you want to go for when it comes down to choosing somewhere to live.
Another good way to hit the ground running is to brush up on everything to do with home buying that you might not be well versed on. From getting down to the nitty gritty of what makes one mortgage provider a better option than another to understanding the ins and outs of conveyancing, arm yourself with the knowledge you need.
Cast a wide net
Another easy pitfall to find yourself in is thinking that once any given development is filled up, your chances of owning a home there are gone. That is not always the case, as keeping yourself on a cancellation list can lead to a home you had previously rule out suddenly becoming a very real possibility.
It’s important to keep your finger on the pulse of the housing market, as new opportunities can arise very quickly. Contact your estate agent, and make sure you are pre-registered.
If you are unsure of where to turn for tips on moving from being a tenant to a homeowner, contact the team at Glenveagh Homes here.
Find out what assistance you can get
Even if you are a solo buyer (in which case, you can find advice here), this is not something you should have to do on your own. There are supports available that are perfect for people looking to swap their rental agreement for the deed to their own home.
One example is Help-to-Buy (HTB), which essentially offers financial support for first-time buyers. Should they meet the requirements, they can receive a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the past four years.
For more information on how HTB works, click here.
Be specific with your budget
It can be easy to fall into the trap of thinking about saving money as a punishment, or something that requires you to cut out all of life’s little joys. Avocado toast and Netflix subscriptions aside, the best way to approach budgeting is to make sure you are being as specific as you possibly can.
Rather than saying, “I need to save as much as I can,” try to come up with an exact figure that you want to have saved by the end of the month/year. Work from there to see what changes you can make to hit that number without making life harder than it has to be, and the savings should come a lot more naturally than if you were to just focus on blindly saving as much as possible.
Talk to people
Buying a home is quite a long process, but it is also one that involves many different moving parts. From solicitors and estate agents to the buyers and sellers themselves, each of them will offer you a different perspective on things.
That perspective is often worth its weight in gold, and one conversation could be of more help to you than all of the solo research in the world. Whether it’s someone in your family who has recently purchased a home or a schoolmate who works with a mortgage provider, it’s always worth looking for someone willing to pop over for a chat about next steps for moving from being a tenant to a homeowner.
To find out more about our work in Glenveagh communities, visit Our Communities.