What steps can you can take to help get on track for home ownership? There are a few! Anything you do to improve your financial situation means you are taking a proactive approach to achieving your goals. Here we have listed a few ways you can begin to take those few steps forward.
Save, save, save.
When it comes to purchasing a home, you can never have enough savings. Every cent counts. Set yourself a budget and begin cutting out unnecessary expenses. For example, try packing a lunch for work as opposed to purchasing one every day.
Take advantage of government initiatives.
Initiatives such as the First Home Owners Grant are great schemes that will get you on the property ladder sooner. Take time looking through your local government website to see what is/could be available to you.
Talk to your parents.
There are many home loan products available that allow parents to help you with obtaining finance. Sit down with your parents to discuss if investigating these options is something they would be open to and if so, what information do they require to move forward.
For example, Bluebay Home Loans provides you access to Parent Assist. This product is an officially managed loan that lets your parents loan you up to 20% of the purchase price and we give you the rest.
Manage your expectations.
It is achievable to become a home owner if you put your mind to it but it is important to consider what type of home you need. If you live alone, you may not require a massive home even if you think it would be nice. Determine what you need from a home, and you will have a better understanding of what your associated costs are.