It’s no secret that getting onto the property ladder is a major challenge, especially for young people. It’s increasingly difficult to save at the same time as renting, and many people struggle to get a mortgage even when they are paying a substantial amount to rent a house or flat each month. If you’re working towards getting your own place, here are some tips to make buying a house achievable.
Start saving now
It’s not easy to save, but the sooner you start, the better. Even if you can only afford to save a small amount each month, your pot will grow. Use a monthly budget to set spending limits for non-essentials and try to transfer money each month on payday to boost your savings balance. Analyse your statements and look for expenses you could reduce or even cut out. If you’ve got a gym membership you never use, or you signed up for a free trial, which is now costing you every month, these are prime examples of costs you can eliminate.
Sharing a flat or a house with others is usually significantly cheaper than renting on your own. If you currently live on your own, explore the possibility of renting a room or seeing if a friend, work colleague or family member would like to find a place to rent with you.
You could also consider sharing a house you buy with another person. If this is an option, you could buy a house or an apartment with a close friend or relative and split the mortgage or cover the cost yourself and rent out a spare room.
See what’s out there
Many people might assume that they can’t buy a house because they don’t have a huge deposit or an above-average salary. In truth, it is more difficult to buy than in decades gone by, but it is possible to get onto the ladder. Contact agencies like HOP Property, which have a good track record for helping buyers, arrange free consultations with mortgage advisers and research house prices to see what you could afford if you were to buy now.
Explore shared ownership and financial assistance programmes
Many people want to buy but they can’t afford to get onto the ladder without a helping hand. The good news is that there are options that make buying more affordable. Shared ownership may be an option if you can’t cover the total cost of a new home. With this system, you own part of the property and you’ll pay rent and your mortgage each month. There are also schemes that provide access to low-deposit mortgages and initiatives that provide access to properties at a reduced rate for first-time buyers. Research online and make sure that you take advantage of programmes that are available to you.
Buying a house is up there on most peoples’ lists of things they want to accomplish in their lives. Most of us grow up with aspirations to be a homeowner. Getting onto the ladder is notoriously difficult at the moment, but there are ways to make buying achievable. Start saving for a deposit as soon as possible, consider adjusting your living arrangements if you are renting, contact local estate agents and mortgage advisers to see what you can afford and research schemes that could help you to buy your first home.