This is a collaborative post.
Things are tough for a lot of people now, and there are so many individuals and families in the country who feel like they have been priced out of being able to afford their own homes, many of whom may feel like home ownership is something that they are never going to be able to achieve. However, for many of these people, home ownership could actually be more affordable than they think. Here’s how:
10 Ways To Make Home Ownership More Affordable Right Now
1. Prefab Homes: The Cool Kid on the Block
First of all, let’s take some time to chat about the advantages of prefab houses. Imagine a giant jigsaw puzzle that turns into a house – that’s basically what a prefab home is. They’re quicker to build than your average weekend binge-watching session (well that might be a slight exaggeration) and as a result, they are a lot less costly to build and own too, which is why we are seeing an increasing number of people turn to them in this country. If you’re looking to buy an affordable home that meets all of your needs, then you really could do a lot worse.
2. Sharing is Caring (and Cost-Saving)
Ever heard of shared ownership? It’s like splitting a giant cookie with a friend. You buy part of a house and rent the rest. Over time, you can buy more until the whole cookie – I mean house – is yours. It’s a nifty way to ease into ownership without breaking the bank.
3. The Fixer-Upper Adventure
Got a flair for DIY? Grab a fixer-upper and you’ll be surprised at how much you can save compared to other homes in the same area! These homes need a bit of love, but they’re usually cheaper so it’s a good trade-off if you know you are pretty handy and have the time and motivation to do them up. It’s kinda like adopting a scrappy puppy and watching it transform into a show dog. Plus, you get to make it your own, which is pretty awesome.
4. Family to the Financial Rescue
Now, don’t forget about your dear ol’ family. If you’ve got relatives ready to lend a hand (or some cash), that can be a huge help. It’s like having a fairy godmother or godfather to help you out.
5. The Government’s Helping Hand
The government’s got a few tricks up its sleeve too. Look into things like the Help to Buy scheme, which can be surprisingly useful to first time buyers who are looking to find their first-ever home but who may not have a huge amount of money to spare for their depository, for example. Remember, new schemes are being introduced all the time, so it’s always a good idea to keep checking what is available before you buy.
6. The Great Mortgage Hunt
Mortgage hunting can be as exciting as a treasure hunt if you have the right attitude. Sniff around for a great deal with low-interest rates, even if it takes you longer than watching every season of Supernatural. It’s a bit like finding that golden ticket in a chocolate bar – totally worth the hunt in the end!
7. Renting a Room = Smart Money
Think about buying a place where you can rent out a room to someone else if you can. That way, you’ll have someone who chips in for the pizza and Netflix subscription. Oh, and extra cash to help with the mortgage? Yes, please! This is a great way of getting through the cost of living crisis and buying the home you so desire.
8. Location Scouting
Sometimes, it’s not about the perfect house, but where it’s at. Looking a bit off the beaten path can find you some hidden gems that won’t make your wallet cry. It’s like finding that cool, quiet spot at a crowded festival.
9. Small Home, Big Dreams
Ever thought about going small? A minimalist, cosy home can save you heaps. It’s all about finding joy in a snug space that’s just right for you and your wallet.
10. Play the Long Game
And remember, it’s all about the long game. Saving up a bigger deposit can be a game-changer for your mortgage. It’s like training for a marathon – tough at first, but totally worth it in the end.
As you can see, although, for many people, it is still going to be a struggle, there are a number of things a lot of us can do to make home ownership more affordable right now, so who knows, this time next year, you could be on the property ladder after all!