One of the things so many youngsters are overlooking these days is the importance of having a home. Owning your own property is one of the most important responsibilities of adulthood and something that should be looked forward to. The trouble is, this is never an easy thing to accomplish, and these days it seems to be getting harder and harder to actually acquire your own home.
Suggesting that you could (possibly even should) be in a position to own your own home by the age of 31 may sound pie in the sky. But, it is actually more achievable than you would think provided you are diligent, disciplined, and determined. If you follow these stunning life hacks we’re going to share with you, there’s no reason you can’t be in this position yourself.
Only put down 10%
There are different percentages you can put down for your deposit when you want to get a mortgage, but we reckon 10% should be just about perfect for you. The accepted school of thought is that you should put down 20%, but this is becoming less realistic with every passing year and would take far too long to save. 10% is a much more affordable amount to help you get your foot in the door, both metaphorically and physically.
There are plenty of first-time buyer assistance programs out there, and we suggest you make use of them as much as possible through this process. They might offer help in the form of loans, grants, mortgage credit certificates, and plenty more. So many people don’t think to use these programs, often because they don’t even know they exist. These vary from state to state, so have a check at what yours is, and do as much as you can to use it.
Rent out rooms
A great way of helping with your mortgage when you first move into a new home is to rent out the rooms you aren’t using. This is perfect if you are a young, single buyer with lots of space, and it’s a great way of getting some cash flow. It might be more tricky if you are a couple, or you have a family, but it still may be a possibility. You can do these via short-term leases, Airbnb, or a longer-term lease, for around a year.
Start saving more
Okay, it might seem obvious, but it’s also actually the most difficult part of the whole process. It’s easy to say, and hard to do, but saving is so crucial, and you’re not going to get very far if you can’t save. Make sure you do as much as possible to save money here, there, and everywhere. Cut expenditure, work overtime, and trim costs any place you can; it’s so important that you come up with ways of saving money that will help you be able to afford your home.
Getting your first property is a pretty darn scary experience, we’re not going to lie. But it’s also one of the best and most rewarding things you can possibly do. You have to understand that getting on the property ladder is incredibly difficult these days, but you shouldn’t let that put you off. If you can follow our advice on here, you will be perfectly placed to have your own home at an early age as well.