In today’s economic market it is becoming
near impossible for new buyers to make the first jump onto the property ladder.
As a result, many young adults now have to live at home with their parents
until they are in their late 20’s in order to save money fora deposit on a
property of their own. However, while today’s
young adults are saving the vicious circle continues, with house prices
constantly rising. As a result, many are left wondering if they will ever be
able to afford a place of their own.
Eight tips when looking to get on the property ladder:
· First and foremost: save, save, save! Ask yourself “Do I really need that?” every time you take out your wallet. If the answer is no, put it back or delete it from your online basket
· Live at home with your parents for as long as possible. Almost everybody wants to move out of home ASAP, but by living at home it will keep your living expenses to an absolute minimum
· Taking educated financial risks can be a good idea before you buy as your liabilities will be at their smallest; only ever risk what you can afford to lose though
· Investigate first-time buyer options. For instance, the ‘Help to Buy’ scheme run by the UK government means buyers will now only need a 5% deposit
· You are only young once so have fun but don’t get too carried away! It’s a big commitment, but owning a house for a considerable amount of your life will save you a lot of money in the long term, in comparison to private renting
· Once you have saved up enough money for a deposit make sure you know the market and look around before making an offer on any property
· Keep up to date with news and current affairs in both the property and finance industries
· Be prepared to do some work on your new home after purchasing. Don’t be caught up with looking for the ‘perfect home’. Instead, look for a property with the potential to suit your needs, as these types of properties tend to be cheaper and more negotiable in price
After saving up for a deposit and then paying mortgage repayments, your home not only becomes one of your most prized possessions but the home to your valuables and those items money can’t buy. In order to protect your home and belongings, it is crucial to take the correct precautions.
House fires can be devastating. Fire alarms are essential and must be tested on a regular basis to help keep your home protected. A house fire can start in any room, not just the kitchen. To help avoid an electrical fire, ensure you turn off all electrical appliances after use. This will also save you money on your bills!
As well as installing fire alarms in your home, look at fitting fire doors throughout. In the event of a fire, specialist fire doors will help contain it and prevent it from spreading further. Fire doors should not be propped open, although you can invest in certain devices such as the Dorgard which will automatically close in the event of a fire.
With the extreme weather conditions we experience in the UK, investing in home insurance helps cover the costs of flood or gale damage so you should not be out of pocket. It is definitely worth doing your homework, as shopping around for the best deal could save you money.
It is always a good idea to start a nest egg by putting a little of your disposable income aside each month. None of us know what is around the corner and it could be these savings that save you in hard times.