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Battling the cost of living – Tips to help you buy a home

It can be difficult to make ends meet when the costs associated with various aspects of living seem to be constantly increasing. This may mean that you struggle to get out of rented accommodation and into a home that you own. However, there might be a few ways that you could give yourself a certain advantage, especially if you have always had good savings habits. This could also free up money, especially if your mortgage would be lower than your existing rent, leaving you with more to spend on your family.

Find homes within a set budget

You may find it incredibly demotivating to see all these beautiful homes that are far out of your price range. Being strict with your budget, and only looking for homes within this, could be helpful. Speaking to an experienced and reputable brokerage – check out Compass.com for more information – could also be insightful. 

This could allow you to understand what kind of home might be affordable for someone on your income, or joint income if purchasing with a partner. Real estate brokerages, such as Compass, can help to search for properties for you, meaning you may only be sent listings that match your requirements. This can help to negate some of that disappointment of needing to view listings that don’t cater to your finances.

Reduce your rent

While some lessors may be willing to accept a lower amount of rent, others may not. If this is the case, you might want to consider moving somewhere cheaper so that you can put more money into savings. This could mean that you get that down payment much quicker. When looking for a new rental home, even temporarily, you might want to consider how many bedrooms you realistically need. While it may be nice to have a significant amount of space, this could result in you paying more than you need. Likewise, opting to live away from the hustle and bustle of city life could also bring your monthly payments down considerably.

Don’t buy alone

To help you get a foot on the ladder, you may want to consider buying a home with someone else. Equity sharing with a partner, relative, or friend could allow you both to own a home much sooner than you might have initially thought. In time, you may then be able to buy one another out. As a parent, you may want to be cautious about who you choose to do this with. This is why opting to co-own a home with their other parent, or your long-term partner or spouse may be better suited than someone else.

Buying a home may feel like a goal that is far out of reach, especially when the cost of simply getting by each day seems to be constantly rising. Thinking about some of the ways you can search for affordable homes and apartments, make the most of your connections, and even decrease your current expenses could all help you to make a house your own.

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