11.28.2017

Easy Ways To Get On The Property Ladder

When people talk about buying houses these days it’s all doom and gloom. Prices are going up, we aren’t building houses quick enough and first time buyers are struggling more than ever. The bad news is, that’s all true. But the good news is, people are still getting onto the property ladder for the first time. Even though there are more obstacles in the way, it’s still possible to get the deposit for a house together. It’s just going to take a bit of hard work and creative thinking. These are some of the best ways you can afford a house.


Save Small

Obviously, you should be putting some of your paycheck into a savings account every month. If you haven’t worked that out yet then you’re going to struggle to get a deposit together. Let's assume that you’re already saving every month, but you can boost those savings by quite a bit by making small savings. Collecting coins in a jar is a pretty old fashioned way of saving and most people don’t think it can help you get a deposit together, but you’d be surprised. If you both saved a dollar every day you’d have an extra $730 each year. You usually finish up the day with more than a dollar in your pocket so start putting it in a jar.

You can also cut out loads of the small purchases like coffee and sandwiches when you’re out and about. Trying to save money on your grocery bill by switching out to cheaper alternatives. All of those small changes won’t give you much on their own, but added together you could save a few thousand dollars extra every year.

Buy A Fixer Upper

It’d be nice if you could afford a new build and start from scratch, decorating it and making it yours without anybody else’s input. When prices are going up, new builds are going to be out of your price range. Buying a fixer-upper home and putting some work into it is a much cheaper option. It’ll take you a while to do all of the repairs and decorate the place but it’s worth it in the end. When you’re looking for a home that needs a bit of love, be realistic about your ability to fix the place. If there is any major structural damage, it’ll cost you a lot of money to repair and you’ll lose out on those savings. Only go for a place that needs cosmetic repairs that you can mostly do yourselves on a budget.

Look For Help

While there is a lot of argument about whether the government is doing enough to sort out the housing problem, they have recognised that there is a problem and they are offering some help to first time buyers. Most local authorities run schemes for first time home buyers that offer tax incentives, interest free loans for some or all of the deposit and good advice on how to save. It’s worth looking into it and seeing what you’re entitled to, it can be a huge help.

Even though it might seem like you’ll never be able to afford your first house, there are ways you can do it if you put your mind to it.

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