Can you afford a House? Killer Tips to Help Anyone Get On the Property Ladder

New research has found that fewer people than ever are becoming homeowners. These days, it seems that young people are in no rush to buy a property and get on the ladder. You might think that you have plenty of time to get a mortgage and settle down, but you don’t. If you are over twenty-five, time is running out. You need to get a move on if you hope to have financial security in the future. If you think that you can’t afford a home, think again. Here are some killer tips that will help you get on the property ladder sooner rather than later.

property-ladder

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Start with a Small Property

If you have a little cash in your savings account, you may be able to afford the deposit for a small property. Many people look at houses, which are out of their price range. If you are hoping to get a mansion, you are in for a shock. The reason people refer to it as the property ladder is because you need to climb your way up to the top. That means that you need to start with a tiny house, sell it and move up to your next property. Your first property is an investment in your future. Once you are on the property ladder, it is easy to apply for mortgages and get large houses.

Get a Guarantor Mortgage Package

If you have a low credit score, you might have trouble finding a mortgage broker to give you a loan. You can improve your credit score to make it easy to get a mortgage, but that will take a great deal of time. If you need to buy a home right away, you can get one so long as you have a guarantor. A guarantor is a person who vouches for you to say that you will keep up with your mortgage repayments. If you fail to pay your mortgage, though, your guarantor might have to pay fees or face legal action.

Look for New Development Deals

If you are looking for a real bargain, you should watch out for any new development projects in your area. In fact, some websites, such as mycannonhome.com will allow you to buy a custom-built house. Doing so is a simple way to buy a new property. Because of the recent rise in population, there is now a massive need for more housing solutions than there once was. That means that companies have plans to develop new properties all over the country.

Buy a Property with Friends

If there is no way you can afford to buy a property yourself, you should consider getting one with a group of people. If you are renting a home with a group, it might make sense for you to buy a house together. If you look for a property with some friends, you will find that it is more affordable than it would be if you look alone. That means that you can all get on the property ladder before it is too late. Of course, buying a house with your friends is not as straightforward as it might sound. You may need a solicitor to write an agreement for everyone to sign stating when people can sell their shares in the house.

Always Consider the Property Market

Whenever you buy a house, you have to consider the property market. You can save yourself a load of money if you buy a home at the right time for you. For example, if you read about the market every day, you will notice that there are particular trends in the way it works. Over time, you will see changes in the market, and so you can decide when the best time to buy will be.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.