The First Rung Is The Hardest!

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We all dream of owning our homes, don’t we?. It doesn’t get much better than having a space you can call yours. For many of us, it feels as though we haven’t managed to make our mark on the world until we have that space. And yet, with ever increasing house prices and wages that don’t do the same, it’s becoming impossible. For our generation, it can often feel as though the only way to get a house is if our parents are lucky enough to help us out. The days of 0% mortgages seem like some kind of myth. The good news is that getting your own home may not be as far from your reach as it seems. There’s no denying that it isn’t easy. But, if you make a plan and stick with it, you might just be able to achieve that elusive mortgage. The main thing to remember is that this isn’t going to happen overnight. With the market the way it is, only the patient are rewarded. So, do you think you have the patience to achieve your dreams? If yes, read on to find out what you need to do to get you closer to the goal.

KNOW WHAT YOU NEED TO DO

You have no chance of making it if you don’t know what steps you need to take. Do a little research to find out deposit prices, and how to get a mortgage. It’s not an easy world to understand, especially when you’re doing it for the first time. But, there is help out there. If any of your friends have a home of their own, speak to them and find out how they did it. Nothing helps so much as hearing it from someone who’s been in your position. It might also help to book an appointment with a mortgage advisor. That’s not to say that you need to commit to anything there and then. Make it clear when you book the appointment that you’re just after some more information. The advisor will be able to give you an estimate of what type of mortgage you expect on your wages. They’ll also be able to tell you that all important information about how large a deposit you need to save. And, of course, there’s plenty of information online, too. Get stuck in and see what you find. It may be that you discover a help-to-buy scheme that works for you. These are often the best way forward because they need much smaller deposits. As you’re researching, start forming a plan. Knowing what you need to do is only half the battle. You need to start doing it, too!

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WATCH THE MARKET

Buying a house may be in your distant future at the moment, but it’s worth watching the market anyway. Once you have an idea of what size mortgage you can expect, you can start looking at properties in your price range. This will give you a boost if you’re struggling to keep focused. It will also give you a realistic idea of what you can expect for your money. Bear in mind, though, that the housing market is changing all the time. For the most part, it doesn’t change for the better, either. Keep an eye on any rises or drops in prices, too. It may be that a sudden drop gives you more options than you had before. Sign up for alerts from companies like Primelocation. As well as sending alerts about houses, they’ll send newsletters about those help-to-buy schemes. It’s also worth watching home buying programmes, like Location, Location, Location. These are often aimed at people with a lot of money to play with. But, they sometimes have first time buyers on them. They’re also a fantastic way of seeing how the house buying process works. Bear in mind, though, that they don’t look at the mortgage aspect of things. You’ll need to take care of that first!

FREE UP YOUR MONEY

Once you know how much you need to save, you’ll need to take steps to free up your money. One thing’s sure; you’re going to need a hefty amount of savings behind you for a home buy to be possible. In fact, the more money you manage to save, the better position you’ll be in. Getting a grip on deposit amounts isn’t easy, but a 20% is your best bet. The larger the deposit, the less your mortgage repayments will be. If you have money tied up elsewhere, it’ll be extremely hard for you to save up the required amount. If you have debts, for example, it’s important you pay them off as soon as possible. How can you start saving otherwise? Turn to a company like Money Expert here. They’ll be able to help you develop a pay back scheme that clears your debt in the fastest time possible.

And, it’s not just debts that are a drain on finances. Think, too, about any direct debits you have. Do you pay for a subscription service on television? Are you subscribed to any magazines? Cutting out small monthly costs like this will make more of a difference than you think. Of course, small costs aren’t the only thing you need to worry about. Significant costs, such as rent and bills, can make it impossible to save enough money. Though it may not be an idea you love, it’s worth moving back to your family home if at all possible. That way, you can put that money into savings and achieve your deposit in half the time. If it helps, plan how long you'll need to save before you have enough. That way, you can stick to the plan and be out of there as soon as possible. If this option isn’t possible, you’ll have to think a little harder. It might be that you have to reduce your living space to free up a little extra money. These aren’t things any of us would do, given a choice. But, they’ll be well worth it in the long run.

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REMAIN REALISTIC

Where dreams are concerned, it can be hard to remain realistic. But, it’s important you do. Your new house is unlikely to be the home you’ve always dreamt of. There’s no denying that you may strike lucky. More often than not, though, compromises have to be made when getting yourself on the ladder. You may have to opt for a house that’s smaller than you plan. You may even end with a fixer-upper, instead of a finished product. That’s okay! Remember how much of an achievement it is to get on the ladder at all. If you’ve bought a house that needs work, buy it and embrace its potential for making you money. Few people end in their forever home straight off. The property ladder is called that for a reason - it’s a ladder we all have to climb.

Your research should already have helped you form a realistic idea of size and condition. Get into the habit of reconsidering houses you would usually dismiss. Even if you’re in an imperfect home for two years, it’s a crucial step that you need to take. Home buying is all about compromise. Decide from the off what you’re willing to compromise, or have no choice but to compromise. From location, to outside space; something will have to give. Getting into this headspace before you start is the best chance you have of making your dreams come true.

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