Make Buying a House Affordable

single family home

Nowadays, many of us feel that home ownership is out of our reach. Countless people are stuck in the rental market - having to pay rent to their landlord and consequently being unable to save up a deposit for a property of their own. Unless you genuinely want the flexibility to move frequently, as and when you please, which is feasible with renting, buying a property is much more beneficial. After all, you’ll be paying monthly instalments to something you’ll eventually own, rather than paying a landlord’s mortgage on their behalf or providing them with a passive income. But with stagnant wages and the rental trap, how can you make home ownership more affordable and more feasible? Here are a few suggestions that could help!

Save a Larger Deposit
Now, this may sound odd. Chances are that by the time you’ve saved a sufficient deposit for a mortgage, you’re going to want to take a mortgage out as soon as possible. But the bigger your mortgage deposit is, the smaller your monthly payments will be when it comes to paying the mortgage back. Sometimes, saving for a bit longer can make all the difference to your monthly finances, providing you with more disposable income each month and ensuring you can lead a better quality of life around paying your mortgage.

Consider Property and Land Packages
The majority of us buy “ready to buy” properties. Put simple, the property already exists, we view it and we may then buy it. Perhaps the property is brand new. Perhaps it’s had others living in it who will move out when you buy it. Either way, it’s already there. An alternative, however, is to buy a property and land package from a reliable provider like Bellriver Homes. When you get a home and land package, you’ll invest in a property that doesn't yet exist. You’ll purchase the land, then decide on the property that is built there. This may sound more expensive, but it’s often much more affordable to have the property built exactly as you like it from the get go, than to invest in a property that already exists and then have renovations carried out on it.

Settle Outside the City
Sure, city living may be convenient. It may be desirable. But it’s a good idea to settle outside of the city centre if you’re planning on buying. Why? Well, property prices skyrocket in cities. People want to be close to amenities, transport and other benefits that city centre living provides. If you can get by on the outskirts, this will significantly reduce the cost of any properties you look at.

Of course, buying a property of your own is always going to be pricey. It’s the biggest investment that most people make during their lifetimes! But all in all, it’s worth the investment and there are plenty of ways to make the process more affordable. Hopefully, some of the above advice will help you along the way!

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