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It’s no secret that the idea of owning property is a distant dream for many millennials. They have grown up in a time where they can barely afford to rent, let alone own, which is why there are so many millennials still living with their parents.
However, just because it is challenging to buy a house does not mean it’s impossible. If you’ve woken up to the idea that renting is unsustainable in the long run, you need to know how it might be possible for you to purchase a house, get on the property ladder, and look forward to the life you were promised while growing up.
Make the Most of Assistance
Looking at house prices in your area will make you think that you could save your entire life and still not end up with enough money to purchase a house, but this isn’t the case. In many cases, all you need is the bare minimum to help you purchase a property, and many places will do everything they can to help you get onto the ladder.
Government grants and assistance are crucial for buying a house. Countries thrive on people owning a house. It signifies stability and means you are here for the long haul. Because of this, they will do all they can to help you. While it won’t pay for your whole house outright, it should soften the blow putting down a deposit will.
Have a Savings Plan
It should be no surprise that you need to save, save, and save some more if you want to buy a house. But how much do you need to save to make sure you can comfortably get the property you’ve always wanted?
First, you need to establish your deposit and how long you will need to save to make this money. Once you have figured this out, you will create a savings plan and develop a strategy to help you save. If you’re planning on buying with a partner, this should make it easier, and you can expect to cut your savings time in half, assuming you both make around the same amount of money.
Ask For Advice
If you’re not the first of your friends to buy a house, then you’re one of the lucky ones (in theory). Your friends and relatives of a similar age have already gone through the rigamarole of saving, searching for, and buying a house, so they can provide a wealth of advice that will help you avoid the mistakes that they made.
Did they invest in a new build that came with heaps of hidden issues? If so, they can warn you away from it. Did they forget some essential things they needed when buying a house? If so, they can tell you what you need to look out for. This information could be vital for ensuring you pick the best house for you without getting ripped off.
View The House In Person
While it’s fun to spend hours scrolling through house images on property sale websites, these do not tell the full story. Just like you wouldn’t put your worst photos on your dating profile, the same goes for the house.
Any picture can make a property look like Buckingham Palace, but you might not see what is on the other side of the camera. For peace of mind and to save yourself any nasty surprises when you finally move it, it’s essential that you view the property when you can, and perhaps make several visits to get a good idea of how it looks at different times of the day.
Get The Property Inspected
Property inspections are a standard practice when it comes to buying a new home. These give a second opinion on the house, and, as they are independent, there is no bias associated with it.
During these inspections, the agent will make sure that everything is up to standard. Their experience helps them recognize things that you wouldn’t. They may even follow procedures to confirm any suspicions, including using blue dye tablets to identify leaks, plug in devices to test the electricity, and look at structural issues that could impact the house’s integrity.
This may be your first house, but it does not mean it is the last one in your life. Still, this is a significant step in the right direction to set you up for a more comfortable and stable life. While there will still be costs from every angle, you can rest easy knowing that you have a property to call your own.