If you pay any attention to the media, then you’ve probably heard something along the lines of how impossible it is for young people today to be able to afford to buy their own homes. This is certainly true, and it is a pretty major issue. The reality is that previous generations could afford property without too much trouble, but the desire to see a house as an investment rather than as a home has driven house prices through the roof, making it much harder for young people these days to get a foot on even the first rung of the property ladder. However, does that mean that buying a house is impossible these days? Well, luckily, the answer is no. Here are a few things that you can do in order to be able to afford your own home.
Go through a broker
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One of the hardest things to do is to figure out which lender to deal with when you’re trying to take out a mortgage. Different lenders are going to offer you different rates and will also incur different fees. Not only that but if you’re rejected by a lender, then that’s going to have a pretty nasty impact on your credit rating. One of the best things that you can do is to go through a mortgage broker like Altrua Financial. They can help to find you the best possible rates and will liaise with lenders to help deal with a lot of complex financial and legal elements of the process.
Start saving now
If you want to make it more likely that you can take out a mortgage and buy a house, then one of the best things to do is to make a larger down payment on the house itself. Of course, the only way to do that is to start saving. Sure, this means that you’re probably going to need to plan for a home in the future, but if you can start saving now and avoid touching your savings, you could end up with a tidy sum that allows you to minimise the amount that you need to borrow.
Try alternative options
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Of course, just because you want to get on the property ladder, doesn’t mean you have to shell out for a house. A lot of people have found that it’s far cheaper to buy something like a houseboat or a van that they can live in. Not only does this save you a lot of money but it can give you a sense of total freedom that a house never could. After all, what’s better than being able to take your home with you wherever you go?
The reality is that buying a home is a huge step in your life and could well end up being the biggest debt that you’re ever saddled with. So you should make sure that you’re completely certain that it’s the right decision for you. Not everyone is at the right stage in their life to buy a house and being able to say that you’re now quite ready is one of the most mature things you can do.
