Money Matters

Is Buying A New Home An Option For You?

If you’re looking for a house and feeling a little dejected at the sight of the prices in most neighbourhoods, good or bad, then you might be weighing up your options at this point. Is renting more feasible? Perhaps in the short term, yes, but then you have to consider whether you want to own somewhere or continuously pour your money into something with no investment value.

The question of whether buying a new home is right for you is a question only you and your partner, or your family, can answer. Of course, if financial elements are the only thing turning you off from the concept, then there may be ways around that. We can offer you some advice and tips when it comes to the question of affording a new house. Cost is often the biggest worry on the mind of any potential buyer, but there are manageable ways to afford the perfect home whatever your level of income.

 

You’re not excluded from the ‘homebuyers club’ just because of your age or salary.

Homes come in all shapes, sizes and at different costs. On top of that, there are a whole host of companies out there looking to cut different deals for different types of couples, or families, and the baseless suggestions that the newest age of young, potential buyers are unable to afford a new home couldn’t be further from the truth.

 

Renting is because hugely popular in comparison with buying a house amongst younger, simply, because there is a misconception that it’s unaffordable on top of all the student debt they face and the lack of decent entry level positions in their career of choice. Maybe you’re the same and you’ve been swayed against buying a home, because you were told your financial situation wasn’t stable enough to cope with such an investment.

 

Of course, that might not mean you don’t want to own a home; just that you don’t think you can afford it. Well, let’s ask the important criteria for affording a home and see if that’s really true, because there are actually options for the majority of people.

 

If you have a good paying job, you’re already in with a chance.

Despite the damaging effects of the recent recession, things have stabilised to some extent. Job security is a crucial element to consider before buying a home, of course, but if you have a well-paid job, then nothing should be holding you back from taking the next step. Think about it; how did the generation before you afford a mortgage on their home? Even though the housing market situation was much different back then, so was the average wage level.

 

Houses may seem more expensive, but money’s changed; you’re in as good of a position to afford a home as your parents were if you have a steady job and the potential for career progression ahead of you. A Homestead Financial Mortgage could put you in a great position for the future. As long as you ensure that, whatever route you take, it’s within your financial bounds, then you can have the home of your dreams today, if you so wish. It’s not some distant reality just because people tell you it is. There are option for everyone and anyone with a steady income.

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