Thinking Outside The Box When Buying Your First Home

Buying your first home is a challenge for many young adults. Indeed, property prices have been increased gradually over the past few decades, making it more difficult for the Millennial generation to become homeowners. 

However, while property values are going up, it doesn’t mean that the only way to buy a house is to win the lottery! In reality, the property market has evolved dramatically, meaning that the strategy your parents and grandparents used to reach the first step of the property ladder is not relevant anymore. 

Nowadays, homeowners need to embrace their creativity and think outside the box to achieve their objectives. Therefore, the big challenge about homeownership is your ability to find solutions in the least expected places. 

DIY and home ownership

Lesson #1: You need to secure some cash

Let’s focus first on the elephant in the room. A house comes at a high price, meaning that your top priority is to ensure you’ve got enough cash to afford both your down payment and your monthly mortgage. To put it clearly, while the obvious solution is to save money, you need to consider your budget with a pinch of salt. Indeed, there’s only so much you can save. Therefore, if you’re planning to buy your first property in the near future, you might want to check the possibilities to get a promotion at work. Indeed, who says promotion, says pay rise, and that is precisely what you want. If your employer provides no chance of a promotion, it’s time to change jobs and find a business that provides you with better prospects. Securing higher wages can go a long way toward affording your first home. 

Lesson #2: Your banker is not always the best interlocutor

While the majority of homeowners turn to banks when it comes to applying for a mortgage, there are others options that can make it easier for borrowers with an atypical credit history to qualify for a large loan, such as mortgage brokers – check Altrua Financial to find out more about the rates a broker can get you. As a rule of the thumb, brokers have access to a wide variety of loan options. 

Lesson #3: 4 miles, it’s nothing and everything

Real estate agencies compile a selection of criteria to define the value of a property. One of these criteria is the location of the property. Indeed, two houses in the same general condition could show up under different prices as a result of where they are. If you want to land a cheaper property, you might need to be ready to commute. A few miles outside of the premium radius can save you tonnes of money! 

Lesson #4: You can do anything with a hammer and a screwdriver

Ultimately, a house that needs improvement works will come out at a lower price. If you boost your DIY skills, you can actively tackle the most common DIY challenges, from bathroom remodeling to refreshing the wall paint. In the long term, investing in the appropriate tools and skills can give you access to further properties. 

It’s time to revolutionize the way you are approaching the property market. From considering financing options to rethinking your career, you’re in control of your investment.