Renting and Buying

If you are thinking of leaving home, you may well want to start off by renting a room or a flat. The first move from home is a big step so here are some tips to help you along the way

• Best places to look for accommodation are local papers, estate agents and online. If you are moving to a different area of the country try the internet which is a great way of getting a variety of property searches
• What can you afford? If you are moving to start employment, work out what your wage will be and an average monthly spend on bills and living expenses
• Do you know exactly what you need to know? Work out a list of questions to ask when viewing flats to ensure you get as much information as possible. These could include – What deposit would need to be paid and is it refundable? What is the tenancy agreement and lease? Check that the flat or room is in order – eg – water, electric, heating etc. Check that you have insurance, check that the property has smoke detectors. Make sure that you have contact details for the owner of the property
• Check out transport links and local amenities. Also check security and street lighting
• It may take a while to find the right property but it is important to take your time to ensure that you get the right property. You will have to live there after all.

Buying
You may have decided that you have had enough of living at home or you may have been renting for a while and want to invest your money more wisely. Here are a few ideas about taking the first few steps on the property ladder:

• The first thing you have to think about is can you afford to buy a property. It may be a good idea to get in touch with a financial advisor, They will help you work out exactly what you can afford and where best to invest
• What size mortgage can you afford? A mortgage is a loan secured on your property usually paid back over a 25 year term. The amount you are able to borrow depends on your annual income, usually a mortgage is 3 times your annual salary or 2.5 times your joint salary if you are buying a property with a partner
• Work out how much of your monthly income you can commit to a mortgage, you may be able to get a 100% mortgage but most first time buyers will have to put down a 5% deposit. Don’t forget that there will be additional costs such as solicitor’s fees, builders insurance and stamp costs
• House prices have risen significantly over the past few years so actually being able to afford a place on your own can be quite difficult. One option might be to contact a local housing association, they may be able to offer a joint ownership scheme, this means that the housing association owns half of the property and you buy a quarter and rent a quarter and pay them back over a period of time

Go to the links page for further information on buying and renting.