Many Americans are still living in apartments and similar shared living spaces instead of having their own homes. According to real estate experts, approximately 15 percent of Americans want to buy a house. However, there are many major hurdles to buying your very first house.
You could have just signed a lengthy lease, or you may have inherited property of your own. But the most prevalent reason people don’t buy homes is because they can’t afford them in the first place. To move out of your apartment and live inside your very own house, you can begin saving up money.
Here are some tips to help you purchase your own house quickly.
- Get a Good Deal
The most important step if you want to buy a house quickly is by making sure you get a great deal. Look for reliable mortgage brokers that present you with home loans and mortgages at reasonable rates. These financial professionals will often give you personalized deals that reflect your ability to pay.
You should also look for a real estate agent who can look for homes in your area that are well within your means. A good agent will be instrumental if you want to secure homes below their introductory prices. Combined, these professionals should work in tandem in making your first home a cost-affordable dream.
- Split the Rent
The largest share of your budget most likely goes to your rent, which can cost anywhere between hundreds or even thousands of dollars, depending on where you live. But you don’t have to pay your rent on your own. Splitting the rent can be perfectly acceptable if you can find someone to share the load with.
If you live in an apartment with more than one bedroom, you can look for a roommate. Make sure this additional occupant can pay for their room. They can also ease paying other bills such as internet bills and utilities. However, you should always make sure that your landlord is alright with you sharing the room or the lease. A roommate or someone to share the rent with can be very helpful to stay afloat when you exhaust your emergency funds as well.
- Stay In More Often
People have been cooped up for the past year because of the pandemic but thanks to rising vaccination rates, more and more places are reopening. You may be very tempted to go on an expensive vacation or even just go outside and shop. But these can be detrimental to your efforts for buying a house.
Instead of going outside, try to enjoy more time indoors. A night out with friends may be invigorating after months in lockdown, but they can be very expensive. Why not have a gathering online? Not only can this be more cost-affordable, but it also exposes you to fewer health risks.
- Cook Your Own Meals
Another large portion of your budget is probably devoted to food and with the pandemic, you might have developed a taste for take out food. Although ordering the occasional meal from a restaurant is okay, you may be spending hundreds of dollars that you could otherwise be putting towards buying your own house.
Instead of buying expensive take-out food, you should start learning to cook your own meals. Buying groceries can cost substantially less money than always calling a restaurant. Cooking your own meals can also give much better control over the quality of the food you eat. This can make you healthier and have more money in your wallet.
- Get a Side Job
Finally, the most common way you can get enough money to buy a house is to earn money on the side. While working a full-time job and getting a side hustle can be hard to manage, you can find ways to make your side hustle easier.
For example, if you have your own car, you can sign up for a ride-sharing app and make plenty of money just by driving around in your spare time. You could also look for ways to monetize your hobbies. If you enjoy knitting, you could sell your own pieces online. If you like baking, you can start a small boutique bakery from your own kitchen. Part-time work can be the primary way you will be able to afford your first home.
Buying your very own house has always been part of the American dream. However, the economy and other factors can prevent you achieving it. Use these tips to make your dream a reality and leave your apartment for a real house.