Why should you start thinking about buying a house in your 20s?

The property ladder is a hot topic in the news at the moment due to the fluctuation of the market and the struggle many people face to become first time buyers.

In an article by Bovis Homes, Nic Chapman, sales and marketing director, states:

“House prices in the UK increased by 13.2 per cent in the year to June, the highest annual growth since 2004. While this is good news for homeowners and a clear sign of the strength of the housing market, it does create challenges for those seeking to get onto the property ladder.”

With house prices skyrocketing, many young people are starting to think buying their own homes is unachievable. Fortunately, we’re here to tell you that it doesn’t need to be that way. Last year, the number of young homeowners increased for the first time in over a decade. Young people are finally getting on the property ladder and accessing some fantastic deals. 

That said, buying a house in your 20s is looking to be more doable. But why else should you be considering it? 

Help to buy schemes

The government is now offering the help-to-buy scheme for first-time buyers. The government lends up to 20% of the property purchase price, and after five years, you will start paying interest. You will pay 5% of the property purchase price and repay the government’s 20%. However, the help to buy scheme is only available on newly built properties. 

Lots of new developments 

As the demand for housing increases, there are far more new developments being built.

You can buy a brand-new build with new furniture, appliances and much more. In some cases, you can see a show home of what your future property will look like when it’s built. You can choose between a few designs for the layout and style of the different rooms. For example, you may opt to have an island in the kitchen and a waterfall shower in the bathroom. New builds are modern, stylish, and perfect for first-time buyers.

As previously mentioned, there are also lots of support and schemes that help first time buyers get into new builds. There are many development firms out there that want to see as many people as possible finding their homes. They’re friendly, reliable, and open to helping people get into their new builds quickly and efficiently.

Help and advice on saving

Saving for a deposit is one of the main worries of young first-time buyers. That said, there are now plenty of articles, books and even advisors to speak to who can help show you little ways to save! From things like cutting down on take-aways, budgeting your income and even utilising government schemes, it’s getting easier for young people to save. You can also look into ways to have lower utility bills. Switching deals and turning the heat down a notch are just a couple of ways you can save money throughout the year.

Easily build your credit score through your lifestyle

Lastly, if you’re a young person thinking about buying your first home, you probably would have started looking at the state of your credit score. When buying a home, your credit score is an important aspect as it tells the bank how well you manage your money and how you’d manage future mortgage repayments.

With this said, your credit score needs to be a good level when it comes to applying for a mortgage, and this can be improved easily by your lifestyle. You can pay for your daily coffee, your brunch or a night on your credit card and just make sure to pay it back monthly. Then, you can easily keep tabs on your score online and make additional plans to improve it over time.

*This is a collaborative post.