Housing has always been a huge step for many but especially over these past few years as house pricing continues to increase and mortgages become more difficult for some to access, but that isn’t to say there isn’t a lot of help out there for first time buyers to get on the ladder and experience the freedom they’ve been hoping and looking for – whilst your first house may not be your dream home, becoming a first time buyer does add a lot of experience for later down the line, but what are the best tips given to help get yourself on the ladder?
(Image from foxtons.co.uk)
Make the best use of government schemes – Many countries around the world have started to take steps in order to help first time buyers such as the UKs help to buy scheme, many of these include things like interest free loans over a short period of time or loaning enough to cover a large part of the property value as a whole. Whilst some parts of these schemes are limited time only, they are becoming made more widely available and a little more generous over time particularly as pricing continues to soar. Look in every nook and cranny possible, as you may be able to find some extra little terms that may apply specifically to your own situation and find yourself some bigger savings that what may have otherwise been on offer.
Consider spreading the cost – House sharing isn’t exactly something new, and whilst the idea of having a roommate or multiple may not being something you’re overly interested in particularly as a first-time buyer, splitting the cost with friends or family could certainly be the difference maker. You’ll need a clear set of rules laid out between you and another party to ensure everyone is getting what they want equally but cutting the cost of something like a three-bedroom house in half could be a great way to get at least one foot on the ladder and may help you spread what you can get a little further with a little more buying power. It’s certainly an option to explore if you haven’t done so yet.
Diversifying income and cutting bad habits – Ultimately, even with all the help in the world, the black and white of it comes down to just how much money you can afford to pay, even with rising costs and deposits going up too. Particularly over this past year, many have been exploring opportunities in diversifying income, whether this be through remote working opportunities in digital spaces or less sustainable ways with no guaranteed income have topped the list for some just like the ongoing changes to the stock markets too – but getting a little extra from these sources alongside cutting bad spending habits could help you get that little bit extra to get you past the final hurdle.
