There are a lot of reasons to buy a property. For starters, it’s a great investment that can help set you up for your and your family’s future. It’s also nice to be able to call somewhere your own and have it exactly as you like it.

But for a lot of people, homeownership can feel like a bit of a distant dream. Property prices are increasing, and you may feel as though your financial position isn’t what lenders are looking for.

Instead of dismissing homeownership altogether, could it be time to do some more detailed research? You could be closer to becoming a homeowner than you thought!

Assess your financial situation

You might think that your financial situation is preventing you from getting your first house, but there’s a chance you could be wrong. Take a look at your income and your outgoings and how much you have in savings, to see if getting a house could be possible. A lot of people spend less on a mortgage than they do on rent, so you could end up being better off by getting your own home.

It doesn’t hurt to take a look at your home affordability to see what could be within your reach.

Talk to an expert

One of the best ways to find out what you can afford to buy is to speak to a mortgage advisor. Getting mortgage quotes will help you see the type of offers that are available, and which ones you’ll be likely to be accepted for. It’s a good idea to take a look at mortgage offers before you start looking at properties to help you see what you can afford for the money you have.

See what help is available to first-time buyers

First-time buyers are in a great position thanks to a lot of different government grants and schemes. If you need some help buying a home, the government has a homeownership voucher program, amongst other initiatives, to help you get on the property ladder.

You could also speak to relatives to see if they’d be willing to help with your down payment – you could be surprised at how willing they are to help

Put a plan in place

If you’re unable to buy a home immediately, it doesn’t mean you won’t be able to get one in the future. Understanding your affordability and the types of prices you’re looking at will give you some targets and something to save for. Many people don’t know what they can afford until they start looking at things properly, and you may find that it takes you no time at all to get the down payment you need to get your own place.  You could even start a side hustle to help you save money faster!

Buying a home is a huge financial commitment and responsibility, and many people are put off exploring homeownership because of what they think a homeowner should look like. By exploring your options and seeing what’s out there, your dream of owning your own home could be closer to reality than you think.

Brian Westley Johnson
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Brian Westley Johnson is the founder and managing editor-in-chief of Soulivity Magazine, which reaches over 850K people monthly across the globe.
For over 25 years, Brian has spent his life traveling the world as a business development professional using his skills and demonstrable expertise in strategy and execution to assist enterprising medium and large organizations in achieving growth targets.  Now, he is dedicated to a new mission – to support everyone in living the best life with purpose, passion, and joy.

Feel free to send Brian an email on how you are enjoying the magazine (include suggestions, too).