You’re young and full of optimism. You’re excited to live independently and taste the freedom that is living in your own space, free from the restraint of parental supervision. Free to decorate as you please. Excited to have your own place to call home. But then you turn to the daily newspapers or turn on the local news channel. You’re bombarded with talk of how your generation has been thrown to the dirt by the preceding ones. House prices have rocketed. Rent is unaffordable. You’re never going to be able to afford a house. You might aswell just accept that you’re going to be 40 and sleeping on your parents’ sofa. It’s easy to become disheartened. Many of the younger generation are questioning what the point even is. So stop right there. Things may be tougher for those currently in their twenties. House prices might be high. But there are still ways to get your foot onto the first rung of the property ladder and you shouldn’t let anybody tell you otherwise.
Start Small
Okay, you might not immediately move into the house of your dreams. But you can get there someday. It’s all about taking baby steps and moving higher and higher over time. You might have to settle for a small home in a less than ideal location to start with. You might have to make a longer commute to work. But it’s a start on the journey to better things. Check out homes for sale in your desired area and find something that is affordable, suitable and comfortable, if not perfect.
Don’t Rush Into Anything
You’re going to need to get a deposit together. This is difficult. But it is possible. You might have to live frugally for a while, but it’ll be worth it in the long run. If you’re lucky enough to still have a room at home, don’t be ashamed to still live there while you save. It’s the cheapest way to live and save and you should take full advantage of it. Be grateful and take your time with things. If you don’t have this option, think of ways to save the most money that you can. House share to cut the price of rent and bills. Use public transport rather than driving. You can save a lot of money by selling your car and not having to pay road tax, fuel and insurance. It’s also better for the environment, so you can pat yourself on the back for that too.
Be Realistic
Only sign up for a mortgage that you can definitely afford in the long run. This won’t be a short-term contract and late payments or missed payments can result in your home being repossessed. A good mortgage broker, click here for an example, can guide you through the process of weighing the trade-offs and figuring out how much house you can reasonably afford. It’s better to live in a more affordable property and keep it than to live in the property that dreams are made of, only to have it taken away from you. Be realistic with your options. Don’t aim too high and make sure you have enough cash spare after paying the mortgage for other things. For example, eating, socializing, and having the heating on in winter. Just remember the general rule; a house payment should be no more than 30% of your monthly income.
