Getting yourself onto the property ladder is not as easy and straightforward as it used to be but it is possible. The prices of property seem to be rising year-on-year and it makes it really difficult for first-time buyers to get themselves onto the first rung at least. Banks and building societies are a lot more fussy nowadays when it comes to lending money and many lending institutions want at least 10% of the property’s price before they will even consider giving you a mortgage. You shouldn’t let this put you off because once you get yourself onto the first rung of the property ladder then things seem to get a lot easier from there.
All you need to do now is to find yourself a house for sale in Pattaya that you really like and then start asking questions from the local estate agent as to how much that they want for the property and what are the terms and conditions on getting the lending institution to give you a mortgage. It is fair to say that the lending institution will ask you for lots of paperwork at the application stage, but you need to persevere because it will take time but you should get approval and then you have your very first property.
If this all seems like a lot of hard work and you’re not sure if you want to go ahead and buy a property then the following are just some of the benefits of getting yourself onto the first rung of the property ladder.
- It definitely saves you money – Just think for a moment about the amount of money that you hand over to your landlord every single month and think about what you have to show at the end of every year. Your landlord still owns a property and you own nothing. If you get yourself a mortgage for a new property and get on the property ladder then any money that you put into it will be recouped later if you decide to sell it further down the line. You will also find that your mortgage payment will be lower than your rental payment and so this is a win-win situation.
- It is a real investment in your future – The prices of property have been rising year-on-year, and there is no reason to think that that they will stop any time soon. This means that your property is your single biggest investment and it will continue to grow in value over the next 20 to 25 years and especially if you buy it in a popular tourist destination. This means that when you retire, you will have an exceptional nest egg waiting for you and if you decide to sell it, then it’s very likely that you will double or even treble what you paid for it initially.
It makes sense to get yourself onto the property ladder as soon as you possibly can so that you can enjoy the above benefits and the numerous more that are available. Once you get yourself onto the first rung, it starts to become easier to get yourself onto the second rung and so on. You can buy and sell properties and make yourself a lot of money along the way.
