For many of us, the idea of joining the property ladder can seem too distant to dream about. With housing rates constantly fluctuating, you can never be sure when the right time will be to buy a house when the costs are slightly lower.
It can be easily discouraging when looking for houses that are simply out of our budget, but not all hope is lost, there are various ways for you to climb the property ladder and finally get the home you were looking for.
Shared Ownership – You may have come across this when viewing houses online but weren’t too sure about what it entails, it’s a lot simpler than you may think. Owning just a part of a property can be a money-saving move and will avoid the need of having to pay such a hefty mortgage.
Essentially, you will only be paying for a share of the property ranging from 25% – 75% ownership of it as well as paying a monthly rent of an agreed amount to a housing association which will be for the part you don’t own. This could be a decision to consider if you’re struggling to find the funds to pay that large deposit for your mortgage.
Help to Buy – Help to buy schemes are probably one of the more popular options for first time buyers, although they aren’t limited to as they are also great for those that are receiving a low income. Similar to shared ownership, help to buy schemes are designed to help you buy a property without paying the large deposit with the help of the government.
A smaller property – When buying a home, bigger isn’t always better, especially when you’re first getting started on the property ladder. A smaller home comes with its benefits, but one of them being a major save in funds, plus you’ll have less furniture to buy as you’ll be dealing with a smaller space so this too can cut some of the costs down. Less is more, so don’t cancel out the idea straight away.
Having years of experience in the conveyancing industry, PDR Property Lawyers can help you to get on the property ladder with ease.
If you would also like further information regarding the help to buy scheme, our services can provide you with expert help. Get in touch with us today.