Mortgage Matters: Can You Really Afford To Buy A House?

Sunday, October 29, 2017

architecture, building, buy

There are a lot of things about renting your home that are really great. You have total freedom to leave and go wherever you want at the end of your contract, you don't have to worry about things like utilities since that's your landlord's job, and you might even be able to find somewhere that's furnished in order to save money on buying furniture. Of course, there are also a lot of frustrating things about it. You can't do things that you want to the house, you're at risk of being kicked out without much notice, and perhaps most importantly, it can feel like you're just throwing your money away. Of course, the alternative can often feel impossible. A lot of young people assume that there's no way for them to be able to buy their own home. Well, in order to help you, here are a few things that you can do to bring that dream a little closer to reality.

Go through a broker

Trying to figure out which lender to go with and who to speak to can be a seriously overwhelming experience. After all, lenders all have different factors that influence both whether or not you'll be able to get a mortgage in the first place and also what kind of repayments you'll be making. However, going through a broker like can simplify the process greatly. You're able to find the best possible deals without having to talk to dozens of different lenders, allowing you to make the most informed decisions possible.   

Consider alternatives

Of course, if buying a house looks like it's going to end up being too expensive then why not think about other options. How about something like a houseboat? A lot of people find themselves being incredibly happy living in something like a boat or a van. Not only is it far less expensive to buy but it gives you the kind of freedom that a lot of properties simply can't. What could be better than deciding that you're bored of whatever town you're living in at that moment, and then just taking your home with you to some new place?

Think long-term

The reality is that buying any kind of property is going to involve a pretty sizable financial commitment. However, that's a commitment that you can make if you're willing to save for it. That being said, saving is something that often takes a lot longer than a lot of people are willing to put up with. As long as you're able to think long-term and start putting money aside for the future now, you're going to be able to put yourself in the kind of position where you can afford a home. Even if it's a process that takes a few years, or even longer, it will almost certainly be worth it in the end.

It can often be frustrating to think about how easy it was for previous generations to buy a house, but it's important to remember that it's not impossible. You just need to be willing to put in some effort and perhaps wait for a little bit longer than you would like.

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