OK, so perhaps the title is a little bit of an exaggeration but today I realised that buying your first home is an absolute bloody nightmare.
I’ll start by telling you it’s so expensive! Yes, you need a deposit, and thanks to a new Government scheme you can put down as little as 5%, but there’s also fees. So. Many. Fees. Depending on what you are buying and your circumstances, there’s all sorts of fees to consider like a mortgage advisor fee, solicitor fees, survey fees, mortgage fees… the list continues. If you are lucky to be in the money or a super saver, getting together as much money as possible before looking for your first home is the best idea. For me, with a low deposit and little credit history, the first issue was actually obtaining a mortgage. Lenders won’t lend to people who don’t have credit history, but what does a 21 year old need credit for anyway? I saved hard for everything I own rather than opting for a loan.
You’ll soon realise that houses are expensive and you can’t afford mortgage, bills, and a social life so you better become a recluse now. Adding up all my monthly fees is going to leave me with a grand total of about £20 a month to spend on things I like.. so half an eye shadow palette? I’ve had to move around an hour away from my home town due to affordability but I’ll still be commuting back to work. We’ve managed to get a bargain of a house but when the survey arrived back, it reported that I was apparently buying a death trap. Problems with walls, floors, windows and doors, there isn’t a room that doesn’t require any work.
There’s all sorts of fancy words used when buying a house and jargon that your average first time buyer probably isn’t clued up about. When he asked about life insurance and writing my will, I was a little baffled. The process of house buying involves so many factors and other parties, we opted for getting an adviser to handle everything for us. Yes he was a little costly, but to be honest, I didn’t understand it by myself. But perhaps not the best move, as friendly as my adviser is, he can go a week without any contact and updates and is a little too laid back for my stressed out attitude.
Moving out and buying your own home is a big deal. I’m super excited about buying all the cute accessories and furniture but not so much about the cost of carpets and how to manage damp. Although perhaps a little dump, it’ll be my dump at that. My very own little dump.
So here I am, at 21 years old purchased my own home, you’ll see me in a few weeks on ‘help my house is falling down’.