Are you sick of renting? Unfortunately, many people find themselves trapped in the renting cycle by being unable to save enough money to buy due to high rent prices. This can be both frustrating and disheartening, so what can you do about this situation? While it will always be tough, there are a few steps that you can take that will hopefully help you to escape the renting trap and get your foot on the property ladder in the near future. So, if you want to own your own home and not have to worry about landlords and rising rental prices, then read on for a few suggestions.
Get Serious About Saving
First, you need to get serious about saving money. You need to consider every expense you have in your life and find ways to make savings, and then keep this money somewhere that it can grow over the next few years. Unfortunately, this often means renting for a while longer,and often the best way to save is to rent in a house share. Alternatively, you may have parents, relatives, or friends that you could stay with to save some money before buying. Of course, you should put down as much as you can as a deposit, but it is possible with 5%.
Consider Affordable Housing
If you want to get a foot on the property ladder, you need to think about what your options are. Keep in mind that some places to live are much more affordable than others, so you may need to move to a different area if you are serious about buying. Additionally, you may need to buy somewhere small to start – this can be a steppingstone to somewhere bigger in the future.
Look Into Available Schemes
You should know that there are also a number of schemes that can help people to get on the property ladder. First, you should speak to expert mortgage brokers like themoneyhub.co.uk, that will be able to advise you based on your situation and find the best solution. For example, those who rent council properties could purchase this property even with a low credit rating with a right to buy a mortgage.
Buy With Others
If you can, buying with other people is a highly effective way to escape renting and get your foot on the property ladder. Of course, it will always be a major financial decision and one that you need to be careful with, but buying with a partner, friend, or family member could help you to escape the renting trap and become a homeowner. This could then act as a springboard to buy your own place down the line if you wish.
Hopefully, this post will give you a few ideas and help you to feel more positive about getting a foot on the property ladder. It might seem impossible when so much of your take-home pay goes straight to the landlord and on bills, but there are always options and ways for you to buy.
