Millennials are always in the media these days. Most of the time, it’s because they are finding it incredibly difficult to get their foot onto the housing ladder. Is it really that difficult, though? If millennials took the following steps, they might find that buying their first property isn’t quite as out of reach as they think.
Look In Cheap Areas
One thing is for sure. There is just no way a millennial will be able to buy a home in London in the current economic climate. To be able to afford a house, they should be looking elsewhere. The further away from London you go, the cheaper houses get. Just look at Leeds for example. It is often thought of as the capital of the north. There are lots of jobs, and housing isn’t very expensive. You can see the type of prices online at Bridgfords.co.uk/forsaleoffice/leeds/2236/.
Save, Save, Save!
Many millennials don’t have enough saved up for a deposit. You only need a ten-percent deposit for a mortgage on a property. That isn’t that much when you think about it. If you don’t have anywhere close to that amount, you need to start saving right now. Even if you don’t have that much money spare at the end of the month, every little counts. It will probably take a few years to save up a good deposit, but you will get there in the end!
Use Government Schemes
The government knows just how hard it is for millennials to get on the housing ladder. And that is why they have created some schemes to try and make it easier. One of the best is the Help to Buy scheme. People who want to buy their first property can open a Help to Buy ISA to help them save up. The government will give you a bonus on top of your savings. This is to increase the size of the deposit you can use towards a house.
Get Help From Parents
They might not like the idea of this, but sometimes it is the only way they will be able to buy a property. If possible, millennials should ask for financial help from parents or other family members. They might be able to give you something to go towards a deposit. The other way they can help out is by becoming a guarantor for your mortgage. You can find out about guarantor mortgages at http://www.which.co.uk/money/mortgages-and-property/guides/first-time-home-buyers/guarantor-mortgages/
Keep On Looking
Don’t become disheartened and give up looking. You never know when a bargain might come onto the market. And if you take your eyes off the current houses for sale, you might miss out on this fantastic bargain. So keep on looking to make sure you don’t miss out on any fantastic deals on property in your area.
Millennials and property just don’t get on? If they follow this guide, they’ll get on like a house on fire!