Tips to get onto the property ladder

Buying property is the single biggest purchase most people make in their lives so how can you get on the property ladder quickly?

The majority of people aspire to be property owners, in fact even millennials want to own the roof over their head despite it becoming increasingly harder thanks to rising property prices. But how do you get onto the property ladder to starting paying off your home rather than the landlord’s mortgage?

1. Decide the purpose of the investment. 

Is the property for your own use or purely for investment purposes? Do you want to speculate in order to make a quick buck or is this a long term investment strategy? Consider your options to determine exactly what you want to get out of the purchase in order to find a suitable property and consult with experts in the field to work out what is the right property for you.

2. Do the maths.

Calculate how much money you have to invest. Meet with a mortgage advisor or your bank to ascertain how much you can borrow with your income and how much you need to save as a deposit (if required). Consider if the monthly mortgage costs is realistic for you to pay or if the rent will cover it if you are planning on letting out the property. Remember the set aside money to furniture too.

3. Budget.

If you need to save for a deposit or increase your existing deposit, then calculate your monthly expenses to see where you money is going each month. It helps to breakdown your outgoings into regular payments such as rent, utilities, phone bills, travel costs and for other costs such as eating out and entertainment it is worth noting down how much you spend on these areas every day for two weeks to calculate where you can make savings. That THB 100 a coffee each morning quickly tallies up to thousands of baht in a short space of time.

4. Saving schemes.

Set up a bank account just for your savings. Consult your bank to find the right account suited to your needs and one with the highest interest rates to benefit even more from your savings. Consider one that won’t allow you to withdraw cash to stop you dipping in on a rainy day. 

5. Keep motivated.

Set yourself a goal about how much you want to save and revisit your saving strategy to check that it is working. In the meantime continue to speak with real estate agents to monitor the market and see if there are any suitable properties coming onto the market in the future that would suit your needs.