Although plenty of people start out by renting a home, research has shown that buying a home at a younger age will mean that you are better off than those who wait before stepping onto the property ladder.
According to a report produced by Shelter, a first-time buyer in their twenties will save £146,300 more than someone who buys a house later in life. When compared with a family which remains in rented accommodation, the younger home owner will be £561,200 better off. However, saving up a deposit and buying a home isn’t always as simple as you think, especially as house prices continue to increase. Taking steps to make it easier to buy a home will help you achieve your dream sooner.
Most young home owners continue living at home with their parents, so that they can save a deposit much quicker. If you decide to rent your own place, you will be spending money on rent rather than saving it.
Some buyers are lucky enough to receive financial help from friends and family, but if this isn’t possible, take advantage of the Help to Buy schemes which are available. Shared ownership is also an option. This enables you to buy a part share in a property, while paying rent on the remainder. It is usually possible to buy further shares.
There are many ways to make buying your first home easier, but mortgage advisers can offer insight into the various possibilities, thanks to studying on a CeMAP course.
