Homeownership is the ultimate American dream, especially among the youth of today but it needn’t be a dream any longer! Many young people find themselves renting properties for years, the money of which could easily be used to support a mortgage instead. So why is it that so many young people spend their money renting instead of buying and what are the reasons why it is so important to get on the property ladder?
Affordable home buyer schemes
No-one said saving was easy, in fact it’s the opposite and requires a great deal of self-control. Many young people are convinced that they need to save a small fortune over a great many years in order to put a deposit down. We have good news as it is possible to buy a Keepmoat Home with assistance from the Help to Buy scheme which is a government bonus that essentially boosts your savings by 25%, thus helping you save a deposit e.g. if you save £200 a month, the government will give you £50!
Finding a mortgage
Finding a mortgage can end up taking quite a while as there are many different mortgage deals to choose from and lots of house-buying jargon to get your head around. We advise you take your time researching and talking to experts to find out which deal will be best for you. Then there’s the application process which again takes time – the earlier you start on this process, the better.
Value of houses
It’s a well-known fact that houses increase in value all the time so the younger you can get on the property ladder, the better! Just think, either you throw money away every month by renting or instead pour it into a worthwhile investment that you can sell and recoup later on. One of the reasons why buying your first home when you’re young is such a good idea is because when you’re ready to buy a bigger home, you can easily sell your first home and have money available for that next venture.
The moral of the story
If you hadn’t figured out the moral of this story yet, it is to make sure you get on the property ladder as soon as possible. If you want advise on how to save or how you can get involved in the government’s Help to Buy Scheme read here – you never know, it may mean that you’re only a few steps away from purchasing your first property. Bring on the parent-free house parties!
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