With house prices rising every year, it has become much harder to take your first step onto the property ladder. In fact, people are waiting until their 30’s or even 40’s before buying their first home. But as you might know, renting can mean you are splashing out money on something which isn’t your house. And at the end of the contract, you have nothing to show for it as the funds have just gone straight into the landlord’s pocket. And a lot of the time, you are paying nearly double what you would be paying for your mortgage. Therefore, if you can, it’s worth looking into buying now. However, if you are a small family like us, it can be challenging to get on the housing market. Therefore, here are some things you can do to stop renting and take your first steps onto the property ladder.

Move back in with family while you save

Nobody really wants to move back in with their parents when they are in their 20’s or 30’s. And especially if they have their own family of their own. But it can be a step in the right direction for your house move. After all, if you are currently renting a property, you might be spending hundreds of pounds every month. And this cost, alongside bills, can often mean you have nothing to put aside at the end of the month. And your dreams of moving home can feel like they are far away in the distance! Therefore, to stop the cost of renting, you should consider moving back in with your family for a short period. Even if it’s for a few months, it could help you to put money aside which would have been going on rent. And while you will have to give your parents some money for board and bills, it’s likely to be a lot less than what you would be giving to the landlord every month! Therefore, speak to your parents or your partner’s folks to see if it’s a possibility.

Speak with your landlord about buying the property

It can be challenging when you love the property you are currently living in. After all, it might be the only home your little ones have had. And even though you are only renting, it can feel like home. Therefore, you might not want to move from the humble abode. However, you begrudge wasting so much money on renting every month. After all, time might be passing, and you have nothing to show for those thousands you have spent on the property so far. Therefore, you might want to speak to the landlord about the possibility of them selling anytime soon. Of course, it might be a good investment for them that gives them some extra cash every month. But if you offer them a good price, they might be willing to part with the property. And as you are first time buyers, they will be able to have the funds sooner rather than later. So they will be able to hunt down another investment property which is right up their street. And it might help you get a mortgage if you already live in the home. After all, you can prove you currently pay out for the bills. So you know how much living costs are, and can afford them every month! And remember if you rent from the council, they often encourage people to buy the property from them. Therefore, speak with your local council office to find out if it’s possible!

Talk to a mortgage provider about your options

A lot of people that are renting actually don’t realise that they do have the funds to be entitled to a mortgage. And it means they are potentially missing out on an excellent opportunity to own a property. Therefore, even if you think it’s not possible, it’s worth arranging a meeting with a couple of mortgage providers. They can talk you through your options when it comes to buying a humble abode. In fact, they will look at things like your income and your outgoings to see if they think you could afford a mortgage. They will also go through additional costs like the average solicitors fees for buying a house, plus house insurance and surveyors to see if it’s within your budget. Also, it’s worth talking to your bank too for their deals. After all, if you currently bank with them, it will be more likely that you will be entitled to a mortgage with them. And they will have all your accounts and savings in front of them so they can see how much you have. Who knows, you might come away from one of these meetings with a provisional offer to get a mortgage!

Consider going down the shared ownership route

It might feel impossible to move out of your rented property and into the world of property. After all, you might not have the funds to buy a home right now. But even if you can’t afford a full property, we are lucky to have some schemes in this country which can enable us to buy a proportion of a property. In fact, the shared ownership scheme can see you buy a percentage such as 30% of the home, with the government owning the rest. You can then pay the mortgage plus rent to enable you to own more of the property over time. And while it might feel like you are still paying rent, at least your funds will be going towards something substantial in the long-run. In fact, a lot of the schemes work, so you will own the property fully by five or ten years time! And it’s often new builds which enable you to do shared ownership. So you can get a brand-new house without out shedding out loads for a full mortgage!

And remember to look at the house prices in the local area. After all, it can help you make your mind up when deciding whether or not you could afford to buy your own place! And remember to check if they are currently growing in value. After all, you want something which will earn you a good amount of money over time!

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