Let’s face it; getting on the property ladder is a life goal shared by millions. For many, it can feel as though the prospect of buying a house is little more than a pipe dream. However, you can turn that dream into reality – as long as you have the right plan of action.
Here are three simple ways to get on the ladder in 2020, even when you aren’t mega-wealthy*.
Compromise Your Vision
You may have a clear vision of the dream home. However, you might not be in a position to make it happen. Or at least not yet. Your first home won’t necessarily be the permanent place of residence. As long as it’s capable of satisfying your short and mid-term goals, you can be happy with the purchase.
With this in mind, you can cut the costs by moving to a more affordable district of the city. Alternatively, buying a property that requires some upgrade work can save you a lot of money. Moreover, the fact you can complete the projects on your own timeframes can work wonders for your ongoing cash flow.
Buying a maisonette rather than a house can reduce the cost of the property too. Create a prioritised list of what you expect from the property, including the immediate requirement. Focus on finding a property that ticks those boxes, and you won’t go far wrong.
Know Your Financial Options
Difficulties getting on the property market caused a lot of problems for millennials. Governments and the housing market have responded by making it a little easier. This is despite the fact that property prices continue to rise. So, while you may have been unable to make a move 10 years ago, nothing should stop you now.
Saving for a deposit is often seen as the hardest challenge, but help-to-buy ISAs can make it easier to build a good amount. Alternatively, you can look to no deposit rent to own homes, which can be very good for those with poor credit scores. Speaking to an agent will provide the insight needed to make a smarter decision.
Essentially, though, the marketplace has become more flexible. As such, the days of being forced to spend several years saving before buying your property can become a thing of the past.
Build An Efficient Upgrading Plan
Buying the property is only one part of the process. There’s little point in moving into a home if you are unable to enjoy it due to financial shortfalls. The first year or two of homeownership will inevitably bring some financial hardships, but you must not let it stop your progress. Or else your love of the home will soon fade.
Stamping your personality on the property is an essential part of the process. Finding budget-friendly ways to add luxury will support your finances while enhancing your love of the home. Ultimately, then, this is the goal shared by all prospective homeowners. Knowing that you can make it happen will ensure you feel ready.
It is also worth focusing on the upgrades that bring positive ROIs as they enhance the situation even more. The journey ahead will still encounter some ups and downs. Still, when you can get into the new house and turn it into a home, success is assured.
No comments