Amid the current climate and the reopening of the property market, buying a new house may be on your agenda. While we’ve all been spending quite a considerable amount of time inside our homes it may have got you thinking, you’d really like to buy one of your own. Being a first-time buyer can be a little daunting especially in an economy where everything is a little uncertain right now but with the right guidance and the perfect home you can make an investment for life and have a place to call your own.
Ease in with Shared Ownership
If the prospect of putting down a hefty deposit and saving well over £25,000 for a 3 bedroom has you feeling a little faint, well shared ownership could really help. So what is Shared Ownership? Well, this government scheme allows you to buy a share in a property while renting the rest. This means you end up paying a much smaller deposit as it’s only put down on the value of the share you wish to buy. Shares can be between 25% and 75% of the total value of the property and the best part is, you can buy more shares as you save more. A bit like remortgaging your house every few years, you can increase the amount you own and therefore the portion of profit you make when you wish to sell. It’s an easy way of easing onto the property ladder and with shared ownership in Lewisham, Brighton and Manchester, you can move to just about anywhere with shared ownership.
Laidback in London Boroughs
If you’re looking to live in the city but can’t hack the London price tag then you might want to look a little further out. Many London boroughs are having quite the pot of money thrown at them at the minute to build a haven for commuters and young professionals and this makes the properties a real steal. Areas such as Ebbsfleet with all its transport connections and leisure facilities including artisan coffee shops and quirky new bars, makes living here a great investment and a cracking opportunity. And what’s even better is you can get shared ownership in Ebbsfleet and plenty other boroughs too!
Routine and saving habits
If you’re not as far along on your journey to buying a home as you’d quite like to be then the key really is saving. Saving isn’t always easy but there are plenty of ways to make it easier. Many banking apps offer saving pots that help you save for multiple things a month and you can track and control your spending and work out where its disappearing to a lot of the time! Monzo and Starling are great apps for helping you work out where your money is going and where you can cut it down. As well as this, many banks now offer a ‘lifetime ISA’ or help to buy account that allows you to boost your savings on a home by 25%. For every £4 you put in the government tops this up by £1. This can be real help to getting you onto the property ladder and getting those wheels turning when it comes to planning your future.