Now is Always the Right Time to Get Onto the Property Ladder

There’s a Reason Why It’s Called a Ladder


To climb the property ladder, you’ve got to step boldly onto the first rung. But do get professional advice to avoid a misstep that could turn a rung into a wrong. 


Why Buy Now?


Consider two stark realities. Firstly, it’s not a waiting game; time is not your ally. And secondly, the perfect time will never arrive. If anything, experience tells me that the rungs on the property ladder grow farther apart every year.  


Rents Aren’t Going Down


Therefore, if you are determined to make renting a thing of the past, it’s never too soon to put your best foot forward. Instead of saving and saving for your dream home as the months and years tick by, I suggest considering your first property purchase as a strategic mechanism for making the next purchase.


No One Has a Crystal Ball  


It’s logical to wonder: Are home prices about to fall? Have they plateaued? Or, are they about to rise due to lack of inventory? Frankly, nobody knows. The only thing that can be predicted without fail is that first-time buyers waiting for the bottom of a residential property price cycle are just as likely to miss it as to hit it.  


Related: When Your Dream Home Isn’t Your Forever Home


Focus on Your Credit Rating


The most important thing you absolutely can control straight away is your credit rating. A compromised credit score can tip the balance against your loan application, so find out where you stand. Something as small as a missed mobile phone payment or an overlooked utility bill can make a significant difference. Settle any issues at least six months before taking a home loan application forward and avoid looking for a loan for any other purpose during this period. 


Be Realistic About Location


Get as much intel as possible. Talk to people you trust, consider public transportation options, look at property tax rates and study the map. You could potentially save tens of thousands by being flexible about location. Catch an up-and-coming area and ride a gentrification wave. If you’re lucky enough to work remotely or to be self-employed, consider moving to a less costly city, suburb or even a new state.


Go on Property Viewings


When homes go up for sale, open houses are regular occurrences. They’re free to attend, most require no appointment and they are frequently held on a weekend. If you need to learn more about home values and what to expect for the money, take advantage of property viewings to ask questions and learn from the real estate agent who will be present.  


Related: Should I Put Down 20% When I Buy in SF? Do I Have To? 


Avoid Guesswork 


Don’t wait to speak to a trusted, reputable mortgage advisor as you work out your home purchasing budget. As an experienced professional who understands the ins and outs of the industry, I will take a holistic look at your income, debts, monthly commitments and cash on hand for a deposit to make an assessment about your borrowing power. With the benefit of this information, your home search will be a realistic one, saving time and potential frustration. Besides, when qualifying as an aspiring serious buyer, your consultation won’t attract a cost. 

Taking That First Step: Thinking of stepping onto the property ladder? Why not contact me to find out how we can help you get settled into your first home, a critically important investment that can set you up to climb higher still. 

Arjun Dhingra