Getting on the housing ladder is challenging for young people due to rising house prices and rising interest rates, but while the situation is difficult, it is not impossible; with the right attitude, discipline, and creative approach to saving and earning, young people can buy a forever home.
It’s never too early to start saving for a home, but you need to go about it in the right way. Saving for a home is tough these days because you have to cover your existing rent and still put enough away money to cover the deposit. However, there are ways and means to work it out.
One of the best options is to open a savings account with an excellent interest rate or one that is subsidized by the government. A subsidized savings account can match the savings you have already, allowing you to buy a property without having to move back home with your parents.
It’s easy to get carried away when searching for your first forever home. Chances are you have some ideas about the home in mind when you conduct your research and follow these ideas into a mortgage, but you need to make sure you can afford the payments and maintain your life.
Too often, homeowners choose a property that’s a little out of reach, meaning making their lives a little tougher. Make careful choices and consider your quality of life as well as the quality of the property when searching for a home; find out about Getting A Mortgage with BM Solutions
In the past, sustainability was not a central concern when buying a home. Of course, there was always the question of energy efficiency, and double-glazed windows were advantageous; but now, property with sustainable systems is more sought after and a more expensive investment.
While sustainable homes can be more expensive to buy, they are also cheaper to run in the long term; not only that, these homes contribute to Net Zero efforts which are becoming more of a central concern. There are many alternatives to conventional properties, such as tiny homes.
Again, you will find it hard to save in the short term because you have existing rent to cover, so you have to be creative with how you earn and save. After you work out your annual income and how much you can dedicate to a deposit, you might discover that a side income is needed.
The good news is that side incomes are easy to find nowadays. If you have some writing skills or graphic design skills, you can earn extra money on the weekends through websites like Upwork and other freelance agencies. Any money you earn can go into your housing fund.
It’s important to be aware of all of the costs involved in buying a home; it is not only about the asking price. The best approach is to talk to a mortgage advisor about your options and obtain a full rundown of all the costs you can expect to incur when you attempt to put down your deposit.