Are you hoping to get your foot on the property ladder in 2023? It can seem like an impossible task, especially with the constant media coverage about mortgage offers being retracted, leaving people unable to buy. However, house prices are slowly starting to show signs of decline, and with the correct planning, it is definitely possible to purchase a home in 2023. Here are just some of the things you should do in order to achieve this goal:
Do your research
Buying a house, although achievable, is no mean feat. There is a lot of research and planning that needs to be done before you can get a set of keys, or even attend viewings. This can become very overwhelming, so don’t be afraid to seek professional help along the way.
Firstly, you need to establish how much you can afford to borrow, and the size of the deposit you are going to require in order to purchase a property. A mortgage broker will be able to assist you with this, finding you various mortgage deals and advising you on which provider to go with and how much you can afford to lend.
It may be that you already have your deposit saved, but if this isn’t the case then it is time for you to prepare a budget and savings plan. Take a look at your current outgoings and determine where you can really make some cutbacks in order to save monthly towards your deposit.
Now that you have covered your mortgage and deposit, it is also beneficial to research what different schemes and savings accounts are available to you. These range from shared ownership for new build homes to lifetime ISAs supported by the government. It is wise to know about these before you begin viewing so you can take full advantage of any help that is available.
Set a smart goal
Having the goal of buying a home is all well and good but setting yourself a smart goal will help to ensure the goal is attainable, set clear milestones, and remove any ambiguity from it. Smart stands for specific, measurable, attainable, relevant, and time-bound.
All the research you have done up until this point will feed into your goal. An example could be:
‘To buy a three-bedroom home in Yorkshire in the year 2023’.
Setting a smart goal like this leads nicely to the next piece of advice which is remaining focussed.
Unlike other purchases we make in our lifetime, buying a house can take a considerable amount of time, particularly if you are still in the process of saving your deposit. As a result, it is easy to become disheartened by the pace things are moving. Therefore, it is important to remain focused on your end goal and remind yourself what you’re working towards. This will encourage you to continue contributing to your savings goals and dedicating time to research and viewings. It will all be worth it once you have those keys in your hand!