Lots of families are stuck in the renting cycle, and this is a very tough thing to get out of. It feels like you are fighting a losing battle, especially when you’ve been renting for so long and the costs of everything have gone up. Therefore, it’s about making sure that you start to alter your strategies. Here are a few things to consider:
This is a collaborative post.
Getting What You Can From the Landlord
It could be easier said than done, definitely, but if you’ve been renting for a long time with one landlord, it’s definitely worth using the fact that you’ve been a reliable tenant and that you are always paying rent on time. Sometimes we can feel that we don’t want to rock the boat, especially if it means they end up kicking us out, and if you are living in a property that’s below par, it’s worth considering if some aspects of the legal route could actually prove financially beneficial for you.
For example, if you are renting, you may be able to get compensation if you are living in a home that is in a state of disrepair. This housing disrepair compensation calculator can be a handy guide to check out. It’s also worth looking at other types of compensation; for example, if you are buying a car that’s on PCP or HP, you may be due some compensation. This is in the early days, but there’s a handy guide on the Martin Lewis website to check out. Ultimately, the more money you can get in your pocket right now, the better it will be.
Expand Your Search Area
Many people haven’t found the perfect home because they are determined to stay within one area. If you expand your search area, you may open up more opportunities for homeownership. It might mean a longer commute, but now is the opportunity to look at affordable places, especially when you start to factor in the costs of driving your children to school.
It can be hard when your kids have settled into school and then you uproot them, but when you expand your search area and you find a cheap enough property, you may still be able to commute and make it within your financial reach.
Get Some Actual Home-Buying Advice
Lots of people think they’re not able to get onto the property ladder because they’ve used some random calculator online. The best thing you can actually do is go to a mortgage broker and specifically go for one that is “whole of market.” They will be able to give you a far better understanding of your finances.
Certainly, these online calculators can help you understand if you’re in the right ballpark, and typically a mortgage is between 4 and 4.5 times your earnings, so you’ve got a good idea as to what you can realistically afford as long as there’s very minimal debt. And this is why in the run-up to buying a house, keeping everything under budget and paying off your debts now should be a major priority. It could very well be that you’re struggling to get out of the renting cycle because of a reliance on debt. Get over this now, and you will see the benefits.
Read more posts in the Home & Garden Category