If you’re tired of spending a significant proportion of your income on rent every month, then the prospect of owning your own home will certainly be appealing. Yet it can be hard to take that leap onto the first rung of the property ladder, especially as the current cost of living crisis makes saving for a deposit more difficult than ever. Happily, there are still ways to make your dream of owning your own home a reality.
Trick One: Address Your Finances
If you want to access the best mortgage deals available, then you’ll need to do more than simply have a healthy deposit saved. Make sure that your credit rating is good, too. Check it online with a free tool. If your rating is poor, then now is the time to work on improving it. Options include taking out a credit card and showing that you are paying it off regularly.
Trick Two: Access A Government Scheme
In many areas, it’s not just rental prices that are soaring. If the cost of a house is looking prohibitive, and you are a first-time buyer, don’t give up hope. There are many schemes available that can help. Initiatives such as Help To Buy and Shared Ownership allow people to own part of their home and effectively rent the rest of it, making it more affordable for many.
Trick Three: Buy With Friends
If you have friends who are in a similar situation, then pooling your resources can be a great way to get onto the property ladder. However, if you do decide to buy with someone else, make sure you understand all the legal implications. It makes sense to get expert advice on issues such as severance of joint tenancy, so you may wish to contact Parachute Law for info on severance of joint tenancy and related co-ownership issues. This will protect you should the situation change and one of you needs to sell up or move on.
Trick Four: Shop Around
There are hundreds of mortgage products available, so don’t rush to sign up for the first deal you find. Shopping around will save you a lot of money in the long run, as will doing your research to ensure you choose the right type of product for your needs. Check the reviews, too, before you commit. After all, you could be dealing with your mortgage lender for a great many years to come.
Trick Five: Be Flexible
You may dream of a five bedroomed home with acres of land, but being realistic is essential. Know what basic essentials you need to have in your home, and if possible, be prepared to make adjustments, such as location, to get everything you want whilst staying within budget. Be aware that compromises are a common part of buying a home, so don’t rush into buying the wrong property simply because you’re eager to put down roots.