While many young people throughout the UK choose to rent a flat rather than purchase a home, there’s much to be said about the perks of owning a home, no matter how old you may be. After all, you never have to worry about rent increases, what you can and cannot do to the property, and being forced to move because the landlord decided to get new tenants. Over time, it’s far cheaper to buy a home, and even if you think you’re too young, you may want to consider this big step in life.
One in Five
A recent study found just one in five twenty-five-year-olds own a property in the UK. Nearly half of all twenty-five-year-olds, though, owned one just two decades ago. Why the switch? Many believe the high cost of homeownership may not be worth it anymore. Moreover, the price of homes has soared throughout the UK over those two decades, and that leads many to believe they simply cannot afford it. Nothing, though, could be further from the truth.
Many young people who have decided to make that big leap forward cite budgeting and saving as the answer. It may take two or three years to lay the deposit in, but some homes can be bought for as little as five percent down, especially with Help to Buy and other schemes. The key is that no matter what you make, sit down and see how much you can afford to save. Only then can you begin to make a commitment to finding a home that fits your needs.
The average UK homebuyer is 30 years old, but that doesn’t mean that someone who is 21 or 22 is too young to make the decision to become a homeowner. If you’re ready to shop for a home that meets your needs, we’ll be here to help.