A lot of young people squash the idea of buying a property. After all, they think that it will be impossible with their current funds. So they continue renting for years, passing on thousands of pounds to landlords. And all the while they are likely to be spending twice as much as their monthly mortgage payment would be! Therefore, it’s so important to try and get on the property ladder when you are young. For one thing, it’s an investment which will pay off in years to come. And with the property prices constantly rising in the UK, you’re bound to make money over time on your humble abode. However, a lot of people don’t know where to start when buying a house. Therefore, here are some house-buying tips for youngsters, so you can take that first step onto the property ladder.


Start up a savings account

Saving is so important if you hope to get your own house. After all, when you go to get a mortgage, they will ask you how much deposit you have to put down. And if you don’t have a significant amount of funds to use, it will mean you have a high amount to pay out for the mortgage every month. And they might not even lend you the amount you need if you have no deposit. Therefore, to ensure your house dreams become a reality, you need to start putting aside at least a couple of hundred quid a month from your pay packet. Pay your rent and bills then move this money into your savings account. Over the year, you will soon have at least a couple of thousand which you can then use for the deposit. And any extra you manage to put away can go towards other moving expenses, such as the conveyancing fees!

Don’t go for a property out of reach

It’s easy to get a bit carried away when you are hunting down a new property. After all, you are bound to see a few online which are a bit out of your budget. But you like the look of it , so you go to see the house and then fall in love. However, you will find that when you go to see it, even if you can get a mortgage, you will fall short. Or have to overstretch your budget to be able to afford the property. And then you will end up struggling every month to be able to afford to live in it. In fact, a lot of people end up in debt and get their home repossessed. Therefore, you need to be realistic when you buy your first home. You want a starter home which is perfect for a first-time buyer. For example, a two bedroom flat or house would be ideal to get you on the property ladder. And something under £150k would be ideal to get you started. Have a quick look online before you go hunting for a house to get an idea of the kind of budget you can afford. That way, you can tell the estate agent exactly what you’re looking for. And then they will only show you houses within this budget! That way, you won’t fall in love with a home which is way out of your financial capabilities.

Ask help from mum and dad

We all try and avoid asking our parents for help financially if we can. After all, they have spent so much over the years that we feel bad asking for more. And we don’t want to be in debt to them for years. However, when it comes to house buying, it’s worth asking if they can help you out. For one thing, they might be able to give you a sum of money which can go towards the deposit. You could then either pay them back monthly or have the money technically out of your inheritance. After all, your parents will be happy to see you making use of the money now. Also, parents can be useful as guarantors to ensure you get a mortgage. They basically say they will help fund the property if you go under financially. And it can make all the difference when it comes to a provider accepting or declining your mortgage. You can read up more online about these guarantor mortgages, so you are clued-up before you ask mum and dad. Just remember that it’s very important to ensure you have funds to pay the mortgage. After all, you will have the added responsibility of keeping your parents out of debt too.

Put money aside for the other costs

A lot of people make the error or thinking it’s just the deposit and the mortgage they will have to pay out for when they buy a home. But there are actually some other costs you need to put money aside for too. For one thing, you will need a solicitor who will deal with the legal side of buying a property. For example, transferring the deeds into your name and sorting out any stamp duty you need to pay. You can look online for conveyancing quotes to ensure you don’t end up paying out too much for this service. And it will give you a good idea of the funds you should put aside for this. Additionally, you will need to get a home buying report before the mortgage will be accepted. After all, they will want to make sure you are buying a property which has value and will make money over time. And don’t forget to put money aside for your home insurance and a good moving company!

And remember if you struggle to find a property in your price range, it can be down to the area. After all, the further south you go, the higher the price will be of the home. Therefore, it might be worth moving to secure a humble abode. And always check what the government might be able to do to get you on the property market. For example, their help to buy scheme will see you owning a proportion of the house. And it can be an excellent way to get a step on the property ladder.