This is a collaborative post.
Over the past few years, a housing crisis has been raging across the UK and many young people have given up hope of ever buying their own home. That’s because house prices are at an all-time high and many people are struggling to save up for a sizeable deposit. If you’ve given up hope of becoming a homeowner, you might be quite frustrated at this current situation, but in actual fact, it could still be possible for you to get your foot onto the property ladder.
There are lots of ways to get your very first property, but sometimes you just need to think outside the box and not stick to the traditional process of buying a house. Read on if you want to start trying to buy your very own home again. You might be surprised at how simple and achievable the process can be if you use these steps.
First of all, it’s always a good idea to speak to a mortgage advisor. These are the people who know everything there is to know about mortgages and will certainly be able to use their experience and knowledge to help you get one. If you book a consultation with a local mortgage advisor, they will be able to assess your current financial situation and will be able to tell you how likely it is that you will get a mortgage at the minute. If it looks like a decision will go in your favour, they will also be able to give you some useful tips on how to make your finances even stronger. Most people find that getting a mortgage is easier once they have spoken to an advisor.
If you have been looking to get on the property ladder on your own, you will find that it is a lot more difficult than what it would have been if you were looking to buy with a partner. It’s one of the disadvantages of being single, unfortunately! As you only have your own income and your own savings for the deposit, you won’t have as such an attractive financial situation as a couple. After all, they will have double the money that you do in theory. This will greatly reduce the choice of houses you can look at as you will have a smaller budget. There could be one way around this, though – you could always look into buying a house with some of your friends. In fact, more and more people are now doing this. It will be just like sharing a rental property with housemates, except that you all own it. You won’t have to deal with a nightmare landlord and will be able to do any maintenance and decorating that you want on the property!
When we think of getting on the property ladder, we usually think about houses and flats. However, you don’t need to stick to these traditional options. In actual fact, there could be some cheaper accommodation choices. Take condominiums as an example. Many people who buy a condominium usually find that they can get a much better deal than what they would have got on a house or flat. Some people have even saved a lot of money by investing their cash in static caravans that are usually for sale in seaside resorts and coastal towns. If you like the idea of not living in one fixed area, why not buy a canal boat or camper van!?
Every town and city has its most popular neighbourhoods and areas. As they are so popular and the houses are very much in demand, there’s no wonder that these areas are often very expensive. So, if you don’t have a huge budget for your first home on the property ladder, it could be worth looking at other areas that maybe aren’t in as such high demand. The house prices will be a lot more affordable. If you are lucky, you could find a relatively cheap home in an up-and-coming area. After a few years, the neighbourhood could turn into the place to be, which will help your home to increase in value by quite some way.
And if you decide to move onto a quieter place or you are looking to gain an extra income, being a landlord of a property in a desired area can prove to be a great way to make a substantial living. There is plenty of advice on letting a property out there, but getting onto the property ladder is about making sure you have a home first. It’s always a good idea to look to the future, but the buy-to-let setup is worth exploring further down the line.