Skip to main content

Get A Rung Up Not Hung Up When Getting On The Property Ladder


Buying a house has historically been a good investment and, despite the much-publicized issues in the US Housing Market, purchasing a property still has many advantages.

Taking out a mortgage to buy your first home can be difficult in the current market due to disproportionately high prices to wages, and of course, mortgage costs fluctuate with interest rates. In general, however, mortgages tend to become more comfortable to pay over time as your life circumstances even out and your income is expected to rise.

If you are considering buying your own home, here are a few tips which may be able to help.

Dazzle With A Deposit
Putting aside money for a deposit must be considered a priority. The more substantial deposit you have to bargain with, the more confidence that lenders will have in you, allowing more flexibility as to what they will offer. The issue is, this may take time. It is worth dedicating yourself to watching your spending, and cutting costs where you can to make it happen sooner. With house prices currently levelling off, this may be a perfect time.

Parent Power
It may be an option for you to borrow the money from your parents but many people are uncomfortable to do so. This is because parents may be in the position to release some equity from their own home to provide you with the deposit and for some, this is the only hope of ever raising enough to make it onto the first rung of the ladder. Many parents are willing to do this to help, understanding how difficult it is in the current climate for their offspring to purchase a home.

Get By With A Little Help From Your Friends
Who said you have to do this alone? For young singles, it is becoming more and more popular to purchase a house with a friend by combining your income. In the case of a mortgage, two wages are better than one as many young people do not have sufficient income to do it alone. You must, however, consider the negatives. You will only own 50% of your home, and if, at any time, you were to fall out with your friend, it may make for an awkward living situation as well as a financial one.

Consider a Work In Progress
Consider buying a fixer-upper home and look at your new pad as more of a project and potentially a lucrative investment. One of the biggest pros of investing in a fixer-upper is the price, which should be substantially below the potential value due to it needing work. Another key advantage is the chance make the place your own from the get-go, a dream for many first time buyers. Add to that, if your DIY skills are up to the job you could save a fortune on contractors, though it’s worth taking advice at the start.

Reduce by Relocating
House prices in some areas are much lower than others. If you are willing to relocate, then you can make buying a house a real possibility. It’s worth remembering that you can make a house your home and it doesn't mean a more desirable area is out of reach forever. Just because the housing is cheaper, it doesn't say you aren't buying good quality. It may only be that the more expensive abodes have a closer proximity to a school or other premium demanding amenities. Do your research and be thorough when checking average house prices in different areas.

Buying a house is a huge commitment, so thorough independent advice should always be sought before taking the plunge.


Popular posts from this blog

Prilosec OTC $25 Rebate plus a $100 AMEX Giveaway

Hey Neighbors! Do you suffer from heartburn? I do sometimes. I personally can not eat really spicy foods. Problem? I LOVE MEXICAN! So does my whole family. My husband enjoys really spicy foods and sometimes suffers from it. Solution? Have you heard about Prilosec OTC? If not perhaps you would like to try it. Prilosec OTC has a special offer going on right now through February 15th. Buy 2 Prilosec OTC and get $25 back. Now, I personally have not tried Prilosec OTC yet. But according to the site: "How and Why Prilosec OTC® Works Prilosec OTC Blocks Heartburn When you eat, millions of tiny pumps in your stomach lining create acid to break down food. Normally your lower esophageal sphincter (LES) works as a door, opening and closing to let food pass from your esophagus HEARTBURN GLOSSARY Esophagus: Tube connecting the mouth to the stomach; a passageway for food; part of the digestive

What To Do About Those Fuzzy Uninvited Guests In The Home

When we talk about pests in the home, the most common that we tend to deal with are the creepy-crawlies that find their way in. Ants, termites, and spiders, for instance. Occasionally though, you have a real chance of getting a much bigger, fuzzier unwanted guest in the home. What do you do about the fact your home is at risk of becoming a wildlife sanctuary for some truly unhealthy and even dangerous beasts? Picture by Alexas_Fotos Know the signs It doesn’t matter if you’re in a suburban home, a country cottage, or a fourth-floor apartment. Some animals can find their way just about anywhere. It’s worth knowing the signs of pest infestation so you can confirm it and act on it immediately. Spotting droppings, keeping an ear out for scratching, and looking for signs of nesting like shredded paper, scrunched leaves, and grass clippings around the home without explanation can help you start fighting back. Picture by wolfgang_vodt Cleanliness is key If there’s

10 Things You Need To Do Before Moving Abroad

From There is nothing more fulfilling than travelling the world and visiting new and exciting places. If you’re a fan of travel , then you might have thought about moving abroad at some point. Unfortunately, there is a lot to do before you can get on the plane, with finding accommodations and a job being the most important. If you’re moving abroad soon, or think that it’s something that you’d like to do in the future, then here are ten things that you need to do before you start your new life. 1. Visit The Country Plenty of people move abroad without visiting the country first. Although this is fine to do, as long as you’ve done plenty of research on the country, it makes much more sense to visit the country first. This way you can get used to the culture, and will know in advance whether or not the country is somewhere that you’d actually like to live. 2. Research The Country You need to do lots of research before you move abroad, especially if you haven’t visited the count