Self-Employed Workers Can Buy Houses Too

Buying a house is by no means an easy task. There are lots of things you need to take into account when buying your home, and there are lots of factors that are taken into account on your behalf when you go to purchase a house, such as your employment status, your income, your outgoings and incomings. The most challenging area I had to deal with was my employment status. When I went to purchase a house I would like to say the whole process was straight forward but it was anything but. As I am self employed there were lots of hurdles I had to face such as proving and certifying my income. Although not impossible, it is challenging to say the least to purchase a home when you are self employed, as you are seen by lenders to be more of a risky candidate, in that your income may not be fixed.

It took me a few weeks to get my income certified and verified but it was well worth the wait and the extra effort, and although I had a fair bit of paperwork to fill in to state how I would pay my mortgage and bills should I lose my contracts or similar it was all worth it in the end.

From start to finish the whole process was a real ordeal. I did not enjoy any aspect of buying or purchasing my house as I was always feeling like I had to prove something, and that I was still not better than someone who was "employed". These hurdles though were small and with support from family, friends and my partner I was able to secure a home and mortgage that I was more than happy with.

Throughout the process of getting a house while being self employed I have found there are still lots of obstacles to overcome, such as proving and certifying what you earn, as well as proving you are not a risky option to mortgage brokers and companies. I learnt valuable lessons such as the importance of excellent bookkeeping and accounting. Your accounts are essential and valuable for buying a house as they are the golden keys that prove how much you earn and bring into the home each month/week. The experience was something that I would say was draining and exhausting, not so much in terms of finding the house, but more so in terms of getting together all of my paperwork. I would advise and recommend that any self employed person looking to buy a home to be prepared. Plan out your incomings and outgoings and how much you can afford. The more planning you do in advance the easier the whole process will be.

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