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How to go about Buying a House Without a Mortgage

Buying a home is never easy. Houses are some of the most expensive properties in the UK. Real estate agents have come up with various methods of getting people to own homes without feeling the financial burden. They have come up with commonhold ownership and leasehold ownership to save people from the financial trouble of acquiring freehold properties. Mortgage lenders have also introduced various loan packages to help people in financing home ownership. These methods, though effective, have proven to be a burden in the long run. Commonhold and Leasehold properties have their disadvantages. Mortgages become a burden of their own in due time. These difficulties have prompted people to look for ways of purchasing properties in cash and enjoy the kind of home ownership that they desire. This is why many people are now paying for homes in cash. Buying a house without a mortgage might not be easy, but it gives you much relief once you are settled in your new home.

Plan early

Housing prices aren’t going down. And if have a plan of buying a house without a mortgage, it will take some planning. Check your finances, cost of living, salaries and other needs you’d like in your new house. Take a general look at the real estate trends in your area. And then find a house that suits you best. You can talk to real estate agents and find out the current housing plans and if there are any changes expected in the future. Once you find a good house, ask its price. Also, see if there are any special payment plans offered. You will be surprised at the number of real estate agents are considerate to prospective buyers in their payment plans.

Your ability to buy a house without a mortgage is largely dependent on your financial status. If you have the money, and you have found a suitable home, then you can initiate conveyance. All you have to do is talk to a solicitor. He will guide you through conveyance. He will tell you the documents that are required and the kind of research needed. The length of time till you purchase the house will vary depending on many factors. Your conveyancer will advise you on this too.

Save with the rising prices in mind

If you do not have enough money to buy a house in one ago, then you might want to start saving early. The sooner you get saving, the higher your chances of buying the house faster. Keep a little money aside from time to time. You may consider calculating the amount of money you save as proportion of the price of the house. This will give you a rough estimate of the time till your savings are enough to buy the house. Take into account possibilities of increase in house prices. You can talk to real estate agents or other experts about any foreseeable increase in house prices.

Payments by Instalments

Some people do not have the discipline to save money for that long. There is always a temptation to withdraw the money and use it for emergencies. If this is your problem, you can get around it by paying for the house in instalments. Some real estate agents accept small payments for a house. Look for them. The money you pay cannot be refunded. This method of payment is a security against any temptation to spend the money that is reserved for the purchase of the house.

Posted by on 19/12/2016 in Mortgages, Property Investment

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