Buying your first home

It comes a point in almost every adult’s life where they buy their first home. Luckily for me mine has come this year, but jeez has it been stressful, let’s go to the beginning.

WANTING TO BUY A HOUSE

I hadn’t considered buying a house until my dad approached me about buying the family home due to him moving out for health reasons (he has bad knees and stairs will not be his friend in so many years).

So then I had to figure out everything that comes with buying a house. I was thrown into the world of mortgages, conveyancer fee’s, ISA’s, home and life insurance and rates etc. Trying to figure out the process of what to expect. My parents bought the house over 30 years ago, so his advice would be helpful, but possibly not up to date.

Buying a home was always something I wanted to do, but I had thought it would be years down the line and would be a new build or a random home and secretly a home I had designed myself.

So although this was thrown onto me, I was happy. I wanted the security of owning a house and I love my family home, although small, it is what I know and it is what I need at this time. There are no sudden plans for a family just yet. That is a few years down the line *looks to Victoria to double check this*. So this little terrace house in Belfast, only 30 minutes walk from the city centre and an hour walk from work is ideal.

An added advantage to buying this house is also that I know the area. One of the things first-time and any buyers have to do is research the area. I know this area. I am near everything I need. As mentioned I am a decent distance from town. But also, I live near supermarkets, a cinema, parks, churches if that’s your thing, even takeaways if I want a cheat day. I am also near a good primary school and not too far from loads of Secondary schools.

I had always wanted to buy a house further up a road near me. They are big houses with great gardens etc. But for now I will take this house and as my dad said. This will be a great first home for me.

BUYING FROM FAMILY

I will throw my hands up and admit that I am lucky that I am buying my house from my dad. I know the stress of trying to find the perfect house and then trying to negotiate and get a good price etc. My dad told me the price and I knew there and then I had to save for a deposit to reach that 10%.

I know with the next home, that I am going to be stressed to high heaven in trying to figure it all out. But this time I am sorted and thank goodness for it!

Though the issue I now have found from buying from family or even someone you know is that obviously that person wants to sell the house to you, but they also want it sorted as quickly as possible and I will not lie, my relationship with my dad became a little strained. I had some issues with first getting the mortgage and in fact moved banks to correct this, as I was being misled. He couldn’t understand what was taking so long and wanted to join in the meetings with my advisor to find it out and I wanted to do this on my own. He obviously wanted it done sooner and thought that maybe if I was buying it, then I would get there. But I had no savings at the time and had come from spending my money for a month in Italy, so I was pretty broke!

But we kept with it and here we are, but how do you start saving for such a thing!?

HELP TO BUY ISA

After doing some research, I found the best thing to do was to get an ISA and in the UK, there was a Government supported ISA for first-time buyers. This involved the saver, putting down up to £1000 deposit for the ISA and after that putting in £200 a month for, however, they need to save. Then when you get to your number, you process the application and the Government will give you 25% of what you saved to go towards the house. Which helps you knock that total down!

I am so happy I found this and it has helped a lot for me and was a good way to keep consistent with my savings as it also showed the bank that I can save and live within my means at the same time.

SAVING

With that said, I am paying rent (although a low amount) I have to pay my own bills etc. So this meant I couldn’t treat myself as much and this affected me in a number of ways. It meant for two summers that I couldn’t go on a holiday. I was too transfixed into getting to my deposit number that I knew right away that a holiday was gone. It was disheartening as I had just got into going on holidays on my own and exploring the world. But I could live with that as I knew 2018 would be holiday filled!

I couldn’t pay for as many races as I wanted to as I some were abroad and the overall cost was high, but yet again. 2018 will be my year to enjoy things a bit more and taking Victoria away for little weekends away are on our horizon.

Also and something I was surprised at, it also stopped me a little from buying new clothes. I would be looking for the sales to find a new shirt etc, so you know after I start gaining a bit more money into the bank post-purchase that new clothes are a comin’!

THE APPLICATION

Then after all the saving and stress, it came to the day. I had no idea what to expect from what we would be going through. I had done the pre-application thing and it was all grand and I was a little relaxed, the bank seemed happy enough to meet with me at least!

I meet with my advisor Gary and he was everything I needed, he guided me through everything and seemed so happy that it was a private purchase and that I had my ducks in order. We go through everything and he tells me about conveyancer fee’s being around £1000 (mine was £1001) but then lets me know that because I am joining with the bank at a specific time that I am getting a £750 cashback for choosing them. So I could use that towards the fee’s and then because of my ISA, I can use some of that too, so I am not having to worry about these fee’s at all. Like I said, I struck lucky with all of this!

He does the final credit check and I am sweating as it is the last stage before he can agree. Then he says we are good to go and I am relieved! I now have to wait for the surveyor to check the house and then the conveyancers to process things on that said. But it is happening, really happening and thank goodness!

STRESS

As I mentioned, this all caused me to be stupidly stressed, I know this is the cause of my weight gain and my loss in motivation from running and exercising. To the point that since I have had the application accepted, I have felt less want or need to eat poorly, more want to go out and exercise and run. I just got stressed from it all and it was horrible, it felt like I was depressed and I was almost always anxious. I may not have let others know about it, but I was.

When the application got accepted, I felt that the stress just shed off me. Almost like a new person, the smile could not be removed from my face. But, then I got ill, not serious, but enough to be annoyed. It was figured out that it was just from being on high alert and stressed at all times that when it was all finally sorted, my body just chilled and for some reason, I got a little sick. I am feeling okay now though!

I will update when I get the house fully sorted and it will be a glorious day! Until next time.

If you want to chat more about any of my posts, please follow me on TwitterInstagram and  Facebook also to receive updates, Until next time, thanks for reading and I hope to see you again soon!

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