How To Get On To The Residential Property Ladder
When we’re kids, we dream of many things but one of the most common and widespread dreams is that of owning our own house. Even today, in an era of such vast accomplishments, it’s still considered a major win to be able to buy your own home and own it. However owning your own home is becoming less realistic every year due to the fact that house prices don’t seem to be going down. This makes things incredibly difficult for people that just want to own their own house and stop renting apartments, studios or whatnot.
In times when buying your own home looks more like a dream than a realistic prospect, it’s hard to find ways to actually make it happen. However, we have a few solutions for you, so keep reading to see how you can fulfill your dream of owning a house eve if you have little to no savings and don’t drown in income.
Owning a house outright might be too ambitious right now, but you can go for shared ownership. In this type of deal, you share ownership of the house with the housing association. You buy only a portion of the house, meaning that you own that percentage, and then you pay a sort of rent to the housing association, calculated based on their owned percentage. You get away with paying a lot less than a regular mortgage, and you’re free to do what you like with the place, and live in it for as long as you like. The most exciting thing here is that you can buy a larger percentage of the house later on.
First time buyer’s advantages
There are many programs that cater to people looking to buy their very first house. Both bank issued and governmental programs can allow you to buy a house with a significantly lower deposit requirement for instance, making it a lot easier to access the house market. These types of programs are everywhere but you won’t know if they’re available for you unless you ask around. So make sure you research available opportunities in your area to see if local authorities offer such aid for people looking to become home owners for the first time.
Make sure to get help
While it’s not impossible to do everything by yourself, you should be prepared for everything. Buying a home is not just a financial hassle, but also a legal horror. There are many aspects of legality that come into play and before you know it, you are completely lost due to all the things you need to pay attention to. Getting legal counseling like Woodgrange Solicitors LLP can help you bypass the stress of the legal aspect and focus on what you need to do in order to buy a house.
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