We are in one of the toughest climates that there has been in order to buy our own property. It should not be this way – technically speaking, the millennial generation is earning more money than any other is, and yet it is increasingly harder to get onto the property ladder. There are a lot of things to blame for this; past borrowers for mortgages, inflation, the types of contracts that people are being given for their job (if given one at all), and the rise of self-employment. However, with that aside, what else can you be doing to get yourself on your way to owning your first home?
If you have family living local and they do not mind you living back with them for a short period while you save up some money, consider moving back into the family home. If you are renting, any board that they may charge could be a fraction of the cost – if they decide to charge you anything at all. The quicker you save up your monetary goal, the quicker you are out of there. Offer to do jobs around the home, get the shopping in, and take them out for treats in lieu of them not wanting anything given to them for a form of rent.
If the place that you are living in now has empty rooms and you know that you can get by on something smaller, look to downsizing your property. Smaller houses generally command lower rental prices – just pop into your local real estate office to see what they have to offer you. You will need to look over your contract and see how long you have left on your tenancy before making any bold moves, and ensure that you give enough notice to your current landlord to avoid falling short on the contract.
Put Away Savings
Make sure that you are putting your money away into a bank that offers a good interest to return on any savings. Have a look around for the best banks to go with. There are comparison sites online that are usually quite good at keeping up to date with the fluctuation of the market, and you can get notifications straight to your email of any offers that may crop up in the future, too.
Do you really want a house? You could think about living in a mobile home, on a boat or even in a tent. The nomad life may not be the one for you, but until you try, you never know. Those who live on a boat, for example, tend to be happier than those who live in a house. It is a lot cheaper to do any of these things … at the end of the day, you are paying out for bricks and mortar – a home is what you make it. The cost of living in one of these places rather than a house could get you saving for bigger and better when the time is right for you.