apartment

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A man travels the world in search of what he needs. He arrives home, and finds it.

George Moore

 

The most important work you and I will ever do will be within the walls of our own home.

Harold B. Lee

 

A good home must be made, not bought.

Joyce Maynard

 

My home is not a place, it is people.

Lois McMaster Bujold

 

Love begins by taking care of the closest ones…. The ones at home.  

Mother Teresa

 

Home is not where you live, but where they understand you.

Christian Morgenstern

 

An Englishman’s home is his castle.

Unknown author

 

There is nothing like staying home for comfort.

Jane Austen

 

Peace – That was the other name for home.

Kathleen Norris

 

A comfortable home is a great source of happiness. It ranks immediately after health and a good conscience.

Sydney Smith

 

Charity begins at home and justice begins next door. 

Charles Dickens

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How close are you to the point of reaching that much dreamed moment of buying your own place? If you’re already at the point of searching for a property, it’s time to wake up!

Source: Wikipedia, labeled for reuse

Deciding that you need a home of your own and getting to the point of eventually searching for the right place for you can be quite a long road to walk. You know exactly how your house looks in your dreams, but finding it on the market is a real challenge.

Not necessarily wanting to shatter your dreams, here are some advice you might want to follow when searching for a property.

Stay on the budget. Assuming you already know your limits – how much a financial institution or the bank of ‘Mum and Dad’ can offer you, it is very important to not cross these limits in any way. The temptation is huge when you see those pictures of the perfect house just a little above your price range, but the extra cost will just lead to new extra costs. Remember that it can be just as frustrating to live in an empty house because you might not be able to buy any furniture for it.

Keep it real. Make a plan of exactly what your needs are. You might want to ask yourself from time to time:

Do I really need that enormous kitchen?

Is an extra bedroom going to be of any other use that to deposit things in it?

Will I really use the two bathrooms in this apartment?

Location, location, location. You might search for places around your working place or near your friends. Keep in mind that jobs change and people move so pick a place that has good connections and nice surroundings. Because that is exactly what you are going to be using/ seeing every day.

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I am 22 years of age and would love to buy my own property. 

copyright: https://upload.wikimedia.org/wikipedia/commons/c/cc/Captain_Bligh_House_London.jpgBeing a first-time buyer usually means forking out rent, saving for a deposit and playing catch-up with ever-rising house prices all at the same time! 

London is the ideal place to buy a house or an apartment for me. It is a great place to live in, but it can be expensive if you are a first time buyer.

Not only are properties expensive to buy (average price in the borough of Redbridge is £446,581) but I will also need at least 20% deposit + stamp duty costs + legal fees on top of that.

Based on my salary, it would be impossible to apply for a mortgage based on the average property prices in London. My own research shows that there are two solutions for purchasing a property.

– Buy a property out of London as it is a lot cheaper, therefore, affordable for me.

– ‘Help to Buy Scheme’ 

The scheme requires a minimum 5% deposit of the property value with the Government offering an interest-free loan of a further 20%. The remaining 75% is covered by a standard mortgage.

As an example, if you want to buy a £200,000 property under the Equity Loan scheme, you would need a minimum deposit of £10,000 and to qualify for a £150,000 mortgage. The Government then provides an equity loan of £40,000.

Another option would be to buy jointly, either with friends or family.  I think this is my preferred option, so far. 🙂

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