Owning a home is a dream that many people around the world share. A huge problem that pretty much everyone faces is how to afford such a big purchase. In this day and age, the price of living is increasing dramatically, yet wages aren’t allowing us to make ends meet. That’s why many of us are struggling to get by every month, let alone begin to think about buying a home! However, the prospect of becoming a homeowner is never off the table, so take a look at these tips on how you can plant your feet firmly on the property ladder!
Move in with your family
A fast, effective, and logical way of getting your foot on the property ladder is by moving in (or never moving out) with family. Even if you’re required to pay some keep towards food and rent, you’re still going to be able to save much faster than before. We understand that this might not be an option for everyone, but if you do have this available to you, you’ll have the chance to save a significant amount of money; meaning your mortgage repayments will be much lower in the long run.
Buy a council home
Many of us are already living away from home by the time we even consider buying a home to settle down in. A massive help from the UK government is that they offer council run homes for people who can’t afford to buy straight out, or can’t afford to rent privately. Another fantastic opportunity that comes with this, is buying your council home from them. Usually you have to be living there for at least 5 years before you’re given this chance, but the cost will be much cheaper and you don’t even have to move!
Look at help to buy schemes
Another great way of becoming a homeowner is by looking into help to buy schemes. These are homes that are owned by a company or person, and they allow you to buy a percentage at a time to make it more affordable. Once you’ve purchased your first percentage, you can either sell it back or buy another percentage until your home is completely yours. Prospect homes are erecting homes all over the UK, so take a look and see if they are able to give you a hand in becoming a homeowner!
Keep an eye on your credit score
Finally, many people avoid their credit score because they either don’t want to know, can’t afford to check, or simply don’t understand the score they are given. Your credit score greatly affects whether or not you’re accepted by mortgage lenders, so it’s imperative that you keep an eye on it. Clearscore is a completely free app that not only tells you your credit score, but also helps you improve it and prevents you from doing anything that might harm your report. No jargon, no fees, just help for those that want to improve their credit file! Definitely worth a look so that you can achieve your dream of becoming a homeowner!