It’s fair to say that the property ladder is seeming to have less and less onboarding opportunities for younger people or those who would like to own a household. While we are never going to discount those challenges nor suggest you should just prioritize more in order to achieve this outcome, it’s true that there’s more than one way onto it.
While not all advice can be perfectly curated to the needs of those who may wish to live in certain areas or handle varied budgets, you may be surprised that sometimes, making the property ladder work for you, or searching for a different onboarding opportunity could help.
We hope to discuss some opportunities that more and more young people are using below. Perhaps this way, you can more easily secure that loan and mortgage, get out of the rental market (as you may desire to), and begin investing in your owned assets. With that in mind, please consider:
Mobile Homes
Mobile homes are one of those options that don’t always get the spotlight, but they’re worth a closer look, because they can be beautifully designed. Moreover, even new mobile homes tend to cost less upfront, and despite the name many are situated in comfortable areas permanently, or can be moved to a location. For someone open to a non-traditional path, they can be a way to start building equity without the pressure of a massive loan and also giving you somewhere comforting and even eco-friendly to live. Some mobile home communities even offer shared amenities like pools or community gardens, which adds a layer of social connection that’s hard to find in more temporary living situations.
Apartments
Apartments often get dismissed as “just rentals,” but buying one can be a smart move for first-time buyers, especially in cities where standalone homes are priced to an unbelievable degree. A compact apartment might be the only realistic way to own property in these situations and if you’re part of a couple earning a double income with no kids, it’ snot abad start. Maintenance costs are often lower too, since things like landscaping or roof repairs fall to the building’s management. That leaves more room in the budget for personalizing the space or saving for the future.
Fixer-Uppers
These properties often sit on the market longer because they need work, which can mean a lower price tag. For anyone who doesn’t mind getting their hands dirty, or hiring someone who does, they’re a chance to create a home more akin to your taste or to be sold for a profit later on. However, like anything this can be a risk, and having a professional inspection beforehand helps clarify what’s cosmetic and what may cause the property to need a moneysink. Don’t assume this is a quick job either as you might be working on a property for up to two years before you can use it to get another foothold on the property ladder, but it can be a good possibility for an enterprising person.
With this advice, you’ll be sure to implement some of the more feasible methods fo stepping on the property ladder these days.