If you want to buy your own home, you may be able to much sooner than you think. Yes, even though the housing market has reached an all-time high, you’ve still got a chance to get on the property ladder and call yourself a homeowner. Indeed, there are three things you need to do right now: keep an eye on the market, prioritise your savings, and ensure you’ve done all the research you can. As long as you follow these steps, you may have a home of your own sooner rather than later.
Here are some tips to help keep you on track.
Look at Your Credit Score
Your credit score lets a lender know just how much of a risk you are. It’s the number one thing a mortgage advisor will tell you to work on before trying to secure pre-approval. So take a peek right now and see where it’s at.
Because if it’s low, there may be some debt you still need to clear or some small debt you need to incur and then pay off quickly to help boost it a little. Remember: even when you’re trying to buy a house on your own, a good credit score can carry you through!
Widen Your Search
If you can’t afford anything in your own area, don’t sit around and wait. Widen the search and see if there are any lower-value properties nearby. These are more likely to be the ones you can get mortgages for, and once you own one, you can add all kinds of value to it as and when you want to.
Get online, use sites like www.zoomproperty.com, and scope out the entire area rather than just your town or city. To get on your own two feet, you might have to move a little outside of where you want to be, but that doesn’t have to be a bad thing!
Split the Cost with Someone
If you want to live alone, but know realistically that’s going to be hard, it might be time to move in with a partner/get a house with a sibling or friend. If you know someone who’s in the same situation as you, and you know them well enough to live together, splitting the cost by joining forces can secure your housing dreams.
Of course, make sure you think this one through together, as it’s a big undertaking. And in the near future, you may even be able to buy each other out if you change your mind.
Know Your Mortgage Options
Finally, there are multiple lenders out there, and not all of them are going to say no! Indeed, you don’t have to go straight to the bank. If you work with a mortgage broker, they’ll be able to find a lot more options than you will on your own.
Want to buy your own home? Do your research and you’ll soon be able to!
