Getting on the property ladder is no easy feat, it’s something that takes a lot of time, determination and money in order to do so. That being said, it isn’t impossible and there are a few things you can do that can help to speed the process along. More people than ever are renting homes now, particularly those that live in big cities and simply couldn’t afford to live here if they had to pay a mortgage and put down the hefty deposit that it requires. If you are looking to get onto the property ladder, here are some of our top tips to give you a head start.
Get rid of any debt you might have
Many of us have some form of debt or another. It might be that you have a credit card, a finance account for a store, or something else. Debt is fine but it should be well managed and it’s a good idea to pay it off as soon as you can. When you enter a mortgage and look for a new home, lenders don’t like you to have debt so try and get this paid off sooner rather than later. Come up with a manageable payment plan that you can use to pay it off. This will also help your credit score. To find out more about What is a good credit score, look at the many online resources available.
Cut down on unnecessary spending
While we all like to go shopping or out for dinner and drinks, when you want to get onto the property ladder, this isn’t such a good idea. How about instead of going out, you have nights in with drinks and a home cooked meal instead? You could also look at the subscriptions you are paying for each month – you could be surprised by just how much these add up. See which ones you don’t use and get rid.
Decide if you want a home you can do up or that’s ready right away
When it comes to purchasing a house, think about if you want one that you can do up, or if you want one that is ready to move in right away. A house that requires work could be cheaper up front, but it could require you to spend a lot over time to make it how you want it. A positive to this is that you will need less money to start with, however you might not be living somewhere as nice.
These are just a few top tips when it comes to getting onto the property ladder. Owning a house is a fantastic investment that you can reap the benefits from for years to come. The sooner you get onto the property ladder the more you can make the most of these advantages, however you want to ensure you don’t rush and take it at a pace when you’re ready. What do you think of our tips to get onto the property ladder? Let us know in the comments below.