Getting on the property ladder for the first time is harder than ever. House prices are skyrocketing and saving up the money for a deposit is so tough. It will always take time and you just need to be patient. However, there are some simple ways that you can take the pressure off and make things a bit easier for yourself. These are some of the best ways to make your first home more affordable.
Reconsider Your Housing Needs
Rent is very high at the moment, but a lot of people are paying more than they need to because they are simply renting somewhere that is too big. Do you really need to rent a three-bedroom house or could you move into something smaller? If you look for apartments for rent instead of living in a house, you will be able to save a big chunk on your rent each month. You will also save a lot of money on utility bills if you have a smaller space to heat. There is a big trend in smaller homes right now for this exact reason, so consider moving into somewhere smaller.
When it comes time to buy a property, make the same considerations. Change the way you think about your needs and think about whether you can make do with a smaller house.
Consider A Fixer-Upper
When you’re looking for a house, don’t rule out a fixer-upper. Even if the place seems a little bit dated or it needs a new kitchen, that doesn’t mean that you can’t buy it and do those repairs yourself. You can save so much money this way and doing those repairs yourself is very rewarding as well. However, you need to be realistic about what you can actually do to the house. If you buy a property that is riddled with serious problems, you will be forced to call in contractors and that’s when the cost spirals out of control.
Cosmetic changes are fairly easy to make yourself and you will save a lot of money. But if there are big structural problems or giant holes in the roof, steer clear because you will end up sinking huge amounts of money into the repairs.
Shared Ownership With Friends And Family
If you want to buy a house but can’t afford it on your own, consider doing something like shared ownership. A lot of young people are doing this nowadays and it’s a great option if you are itching to get your own place soon. Find a friend or family member that is also looking to buy and then pool your money to get what you need for a deposit. Even though you only own part of the property, the money you pay each month is going towards your own mortgage and helping you build assets, instead of paying rent to cover somebody else’s mortgage. When you decide that it’s time to move on, you’ll get a nice chunk of money from the sale of the house to make a deposit on a place of your own.
Buying your first property is hard, but you can make your first home affordable if you change the way you think about housing.