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Are you trying to get on the property ladder? Then, you'll want to read today's contributed post. Let us know your thoughts in the comments.
Buying your first home is a goal that seems so out of reach for a lot of people at the moment. We’re constantly hearing on the news that house prices are going up, wages are staying the same, and saving for a deposit is basically impossible unless you stick to a strict budget that doesn’t allow for having fun, ever.
While things are pretty tricky for people that are trying to get onto the property ladder, the news does tend to exaggerate it a little bit. Saving up for a house isn’t completely impossible and you can make it a lot easier for yourself by using these simple tricks.
A lot of people don’t like the idea of buying an older house. They think it means lots of work and a higher likelihood of problems that need expensive repairs. The thing is, the quality of workmanship on newer houses is often worse and recently there has been a lot of problems with new builds that have been put up in a hurry.
New builds are also built to a fairly standard formula and they don’t have that much character compared to an older place. Buying an older property means you get something more unique and you don’t need to spend anywhere near as much money on it as long as you’re willing to spend a little time renovating the place.
Living in the city is great, everything’s on your doorstep and there’s always something going on. The thing is, you pay for that privilege. When you’re looking for homes for sale, it’s worth looking at some in more rural areas outside of the city.
You don’t need to go far before the prices start dropping and you’ll still be able to commute into the city for work. It’s a bit of a sacrifice but you’ll get a much nicer house for your money.
When first time buyers see a mortgage provider, they’ll be told how much they can borrow. Most people take as much as they can and get whatever house they can afford with it, but that’s the wrong way to go about it.
Before you see a mortgage provider and find out the numbers, decide how big you need your house to be. Then when you start looking at houses, don’t exceed that size just because you can borrow the money. You’ll just end up buying a big house for the sake of it and putting yourself into more debt than you need to.
This isn’t ideal and some people won’t be in a situation where they can do this but it’s worth asking. The hardest part about getting onto the property ladder is finding the cash for the deposit. If your parents are in a good financial position then it’s worth asking them if they can lend you the money.
Saving for a house is difficult, but it doesn’t have to be impossible, just use these simple tricks.