Published On Wednesday, August 04, 2010 By
admin. Under:
Featured,
Guide,
Renting.
When it’s your first time at any thing it can be a nervous and difficult situation you find yourself in.
Either first time renting or should you become a first time buyer?
To buy or to rent, that is the question!
Renting has some advantages.
You need not worry about finding a huge deposit and tying yourself into debt for 25 years. You also have the advantage of committing yourself to an area for as long as you need – give or take a few months notice.
First time renting guide
The disadvantages of renting
You will always be at the mercy of your landlord, which may mean very limiting circumstances. You will never find your payments going down over a period of time (apart from a change for some loyalty from your landlord). You wont own any property at the end of the term and therefore your payments are dead money.
First time buying is all the opposites to the above.
For the first time buyer, the task of buying your first home can be exciting, but a very daunting task! Naturally, there’s lots to do for the first time buyer such as choosing the right area, the right property, at the right price, are all very important features when it comes to buying your first home and with any house investment. Then there’s the carpets, curtains, furniture and decor to decide on.
There’s also one other factor for the first time buyer, and it’s very important – your mortgage! A mortgage will more than likely be the largest single transaction you will ever undertake, and it’s very important that you get that right too!
That’s where Rental
property management Mortgages can help you. We’ve a range of advice to assist those buying their home for the first time.
You need to recognise that few first time buyers have the opportunity of saving for a deposit, and so you’ll need them to offer a range of 100% mortgage products, thereby removing the necessity to put cash down!
We feel we have an even greater duty of care if you are a first time buyer, so you’ll need to ask them to carefully explain the home-buying process with you, and the consequences of failure to make your mortgage repayments, the repossession of your home.
You should also carefully consider how would you cope in the event of a sudden drop in your income, although you may be able to protect against incapacity to work as a result of accident, sickness or unemployment with suitable insurance, but you must remember failure to make your mortgage repayments could result in your home being repossessed. This is why you should talk to Rental property management. Our advisers are all professionally qualified, and we’ll make sure your circumstances, aspirations and needs are all fully explored, and we’ll then work with you to provide the most suitable solution for you!
I am a first time buyer. What if I’ve experienced Credit Problems?…
In our experience lots of people have encountered difficulty at one time or another – often through no fault of their own. Redundancy, accident, illness, relationship breakdowns, employment changes can all have a devastating effect and severely disrupt financial planning. That’s why at property management we have a panel of recommended lenders who will consider first time buyers who may have credit problems and arrears.
Related posts:
- Buying To Let Guide
- House Investment Guide
- Identify your market Guide
