The housing market has become more competitive than ever. Now, house prices are rising across the country, making it difficult for prospective buyers to close a deal. At times, it may feel like the prospect of buying a home is out of reach.
Luckily, there are some steps you can follow to help. This helpful guide will discuss five top tips to help you afford and secure your dream home in 2022.
Talk To Multiple Estate Agents
The market is overcrowded with buyers. Therefore, you need to make valuable contacts to help you gain insight into viewings before properties hit the market. Take time to visit all the estate agents in your local area and sign up to be on their books. They will ask for details such as how many bedrooms you require, the location and any other essentials you need from a property.
Making the right contacts can help you secure viewings, sometimes, before the property is displayed online. This gives you an advantage over others. Don’t hesitate to regularly check in with estate agents to see if any properties have come up. It helps keep you at the forefront of their minds which can work in your favour further down the line. Take a look at some estate agent tips online to help you.
Use A TDSR Calculator
Housing regulations can be confusing at the best of times. Often, it can be difficult to gain a clear understanding of what you can afford. Luckily, there is an online tool that can help. Take a look at this TDSR calculator from Property Guru. The total debt servicing ratio (TDSR) calculator requires details such as your gross income and debt obligations. With this information, the TDSR calculator identifies how much of your gross income you can put towards a mortgage.
A tool like this gives you valuable information that helps you set clear expectations in place of what you can afford. This allows you to narrow down your house search so you can stop wasting your time looking at properties that are out of your budget. It can also motivate you to start saving if you require more money to achieve your dream property.
Prioritise Budgeting
A house is one of the most significant financial investments you will make in your lifetime. Therefore, if you are in the habit of spending money on unnecessary items, you need to prioritise your budget. Not only do you need enough money for the mortgage, but you also need to account for additional expenses like council tax, bills, insurance and maintenance issues.
If budgeting is something you struggle with, try to become more organised by using a budget planner. You can easily find one of these online. You can use the planner to input your income alongside your monthly outgoings. This will help you see your finances clearly, and you can identify areas where you are overspending.
Pay Off Any Outstanding Debts
A property is a big financial commitment. To put you in the best financial position possible when applying for a mortgage, you should aim to pay off any outstanding debt that you may have. Debt can add a lot of pressure to someone’s life, and it can certainly make the prospect of buying a home a lot more stressful.
For some, paying off debt is a lot easier said than done. Luckily, there is plenty of advice out there that can help you. Start by listing your debts in order of priority. Try to pay off the smallest ones first, as this will help you reduce the number of obligations you have. You can seek support from money-saving websites to help you pay off your debts and better your financial position moving forward.
Look At Multiple Locations
Does your dream home feel out of reach? Consider looking at multiple locations. Most home buyers refrain from looking outside of their desired location. However, they could be getting a lot more for their money by looking at Houses for sale St Helens. Avoid choosing a location that you know you will be unhappy in as this could backfire further down the line and you may not feel settled in your future property.
To help you find some of the most affordable housing areas in the UK, it is recommended that you conduct some online research. The difference in price across areas can vary dramatically. Therefore, it is also beneficial to look further afield to see what you can get for your money.
Summary
Being able to afford a property may feel unrealistic. However, you can make it possible with the right attitude towards saving and dedication to researching the market. Don’t hesitate to make contacts with relevant people in the industry. This will put you one step ahead of your competitors, helping you to secure viewings before they hit the online market. With the help of these top tips above, you will be one step closer to affording your dream property in 2022.
