If you have been wondering how young people can afford houses then you’re far from alone. We had a generation who missed the property ladder and are in their thirties with no property in their name because they were born at a time when it just wasn’t possible. However, the millennials and people in their young twenties are starting to turn this around and become property owners, how are they doing it?
Research & Hard Work
One thing that many people are doing is buying a house that needs some work doing to it and committing to doing as much of that work themselves as possible once they own the property. For example, they may search for real estate for sale in Whistler and then look for the properties that cost the least. This doesn’t mean that they are worth the least, but it does often mean that they are a renovation project for someone to undertake. These days there are lots of tutorials online which mean that people can muck in and get jobs done themselves, making any project like this much more affordable. If they’re really savvy they may even do the house up, sell it for a profit and use it to buy another do-up project and repeat the process.
Help From Family
Of course, the older generation (before those in their thirties now) bought houses young and lots of them have plenty of disposable income now! This means that they are in a position to help with things just as guaranteeing a loan or helping out with the deposit. This can be a massive help for young people when it comes to getting on the property ladder and without it, many of them may find that they wouldn’t be able to.
Housing Schemes
Certain areas also operate their own house buying schemes, to help people get on the property ladder and also to help empty homes in their area get sold. These are often sold at a discount, with the understanding that the new owners will do up the property and get it back up to scratch. This works well because a few houses like this sold in an area can really help to transform the place. Plus, it helps those without large budgets get on the property ladder, which is good for the overall economy.
The trick to buying a house is to do your research, no matter how old you are. If you’re looking to buy a house in Whistler, then sign up to all the property mailing lists and websites you can for that area – even if you’re not quite ready to buy yet. Making sure yore in the best possible position means knowing exactly what the local market is doing and where you fit in within that. It’s also worth speaking to a financial advisor about your finances and what you can afford to borrow – and how you can possibly improve your chances of being accepted.
If you’re looking to buy your first house – good luck!
*Collaborative Post
Debz Louise is a plus-size blogger based in Yorkshire. Behind many nationwide campaigns such as #WeaAreTheThey & winner of Best Blogger at the UK Plus Size Awards, she talkas about life as a plus-size 40-something woman in South Yorkshire.
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