When you start a family, one of the most important priorities for you to focus on is securing a stable home with enough space for everyone. Of course, that doesn’t mean you have to become a homeowner during the course of your pregnancy, nor does it mean renting a property in any way makes your home situation “lesser.” You have everything you need as long as you feel safe within four stable walls in a clean environment and practical utilities.
That said, it can be nice to start thinking about settling down now your family is present and has the chance to grow. You may wonder if there’s an easier way onto the property ladder than many people take – perhaps through house flipping apartments or moving overseas to become an owner and evade the high domestic prices.
With that in mind, we hope to give you a few tips you can use to find an easier way onto the family property ladder:
Find A Suitable Mortgage/Home Loan Broker
Depending on your financial status and possible investment opportunities, you might find that you have room to use a broker to secure the best deal for you. Look at the different options and make sure you research which company will suit you best. For instance, 1st UK is a secured loan broker with no fees which can be great if you have a smaller deposit and don’t want to spend more of it on fees, whilst other brokers could cost more but have different benefits. A mortgage broker will typically be able to find better deals based on your career status – for example; some teachers are given more favourable mortgages given the stability and necessity of their jobs. It might also be that you purchase a house in need of renovations and use a home loan broker to give you the means of renovation – charting your potential move-in date a year from now instead of right this moment. Easing into the house could be ideal, depending on your needs.
Consider Financing Or Joint Ownership
Financing the house with your family members can be helpful if you have relatives willing to help you, and you can come to a smart repayment arrangement with them on fixed terms so you can find stability now and progress with the payments later. Joint ownership is also healthy to consider, as this can potentially help you leverage the payments to a source that may be more lenient. In other words, you can limit your mortgage contribution, and then once that is paid, you can continue to pay the trusted joint owner to claim full ownership.
Keep It Simple
It’s healthy to keep things simple when searching for your first house on the property ladder. Where you live now may not be the house you live in five or ten years from now. As such, you don’t always need a storybook location to feel comfortable and live with all the amenities you need. It might be that you first start with owning an apartment in a serviced building, as having enough space to hold all of you can be a good way to come into ownership and move on from there.
With this advice, we hope you can get the ball rolling more easily and find your way onto the family property ladder anew. With a smart approach, the possibilities are endless.