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From Flatmate To Homeowner – How You Can Afford Your Own Home

15 December 2016 One Comment

If there is one thing that most of us struggle with these days, it is finding the cash to be able to buy our very own home. A few decades ago, buying your own house was very common for most twentysomethings. However, these days, rising property prices and stagnant wages mean that owning a home is becoming an impossibility.

However, all is not lost. There is still the chance to buy a house. You just need to set yourself up so that you are able to put yourself in a better financial position. Wondering how you can do that? Here are our top tips.

Move Back Home

There is only one way you are going to really be able to save up a sizeable amount of money for a deposit in a short length of time. And that is to move back home with your folks. By doing this, you won’t have to pay rent for a few months. Don’t worry, though, just because you move back doesn’t mean you have to stay there for good! You will find that just a few months back at home will do your finances the world of good! More and more young people are taking this path to getting their dream home so it is certainly an option that you should carefully consider.

Shop Around For Mortgages

Many young people struggle to find a bank who will lend them a mortgage. Just because one bank won’t give you the money doesn’t mean you won’t have any luck anywhere else, though. It is important to shop around for the right mortgage for you. Different banks and other lenders will have various criteria that they use to see whether a candidate is suitable for a loan. You just need to keep looking until you find a lender who has criteria that you fit. It could be worth looking online at the various specialist mortgage firms. You can visit CalMtg.com for more details.

Budget

Budgeting is crucial in your quest to save up a deposit for a mortgage. Once you have created a budget, you will be able to see how much you can realistically save up each month. That will help to give you some idea of how long it will take you to find the money for your deposit. Once you have figured out a deposit, it is very important that you stick to it. If not, you are only setting yourself back and will end up taking longer to save the cash for a deposit.

Take In A Lodger

A second income alongside your regular job will help you afford a mortgage. And one of the best ways to get a second income is to take in a lodger. This is one of the best ways to get a steady monthly income, which can go towards your mortgage repayments. Getting creative with your income in this way will really help you afford a house.

Buying a house doesn’t have to be impossible. Hopefully, this blog post has given you useful guidance!

One Comment »

  • Joseph Graventi said:

    Great article! Thanks for the great information. I appreciate that you touched on the idea of moving back home. I think that some people frown upon that, but realistically that's the best way to save up the money for a down payment, and to get your finances in order. Keep up the great article writing.