Fewer people are buying homes. While wages are on the increase, they have a long way to go until they catch up to house prices, it seems. If you dream of owning a home, whether as your primary residence or as an investment opportunity, the first rung on the property ladder can be the hardest to climb. However, there are a few options out there that can give you a much better chance of reaching it.
Property Ladder
Make mortgages more attainable
A lot of people prefer to stick to what they know when it comes to such a big investment. If you want to go the traditional route of a mortgage, then it’s all about preparing yourself for the best mortgage rates possible. Working on your credit is most important of all. But consider, too, whether it makes sense to pay more up front or to have larger ongoing costs once you’re in the home. Balance out the down payment-to-mortgage payment ratio. It might mean having to budget in the longer term. However, many pay the minimum down payment only to find that living costs soon become unattainable, forcing them to sell up sooner than they want.
Your wish is granted
Don’t be shy of looking for grants in your area, either. There are some like the FHA loan assistance that makes home ownership must easier for first-time buyers. Then there are those that offer grants for the sake of investment, such as those that pay you to make the home more energy efficient.
Get a little help
If you can’t afford the down payment yourself, there are still options. One is the guarantor home loan, which offers you all the money you need to get a house straight up with no need for that initial advance. All you need is a guarantor, usually someone in the family, who is willing to take responsibility for your future payments. This has to be discussed well in advance with the potential guarantor, of course, but if there’s someone close who knows that you are trustworthy with your finances, it could be an option.
Piece by piece
On the other hand, you don’t necessarily have to go through a mortgage at all. Checking out the free rent to own listings in your area could help you spot homes that you can live in as you get closer to ownership. Rent to own homes are just as they sound, with a portion of the rent going towards paying off the house so you end up owning it. It takes longer to own a home this way, but if you need the security of a primary investment, it can be a great way to get it. Another way to own a home when you can’t afford it right now is to get property investment seekers to partially own the home with you. Some will offer the option of selling you their portion of ownership down the line, while others will want to sell it alongside you for a profit later. Just make sure you know the objectives of any investors getting into property with you before you sign anything.
Be open to finding the help available to make a home more affordable. Make sure you’re putting yourself in the best financial position possible to make homeownership attainable. And be willing to look for other ways to buy. If you’re creative and dedicated to your approach, getting your first property can be a lot easier.

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