If you’re a fan of home decor and interior design (and you just love beautiful houses in general), you probably have an image in your mind of your dream home; a building that you just have to own. You’d put every dollar you have into making this dream a reality, because nothing could beat waking up every day to everything you’ve ever dreamed of; that freestanding bath, the lovely views of nature, and a big kitchen where all of your family can come together in the heart of your home. However, funding this dream can be complex, so we’ve broken down some ways that you can do it.
Savings
Ok, houses are pretty expensive, and there aren’t many people out there who have enough money in their savings accounts to flat-out buy the home that they’ve always wanted to live in. You’ll probably still need to take a trip to a mortgage broker, but if you have a good deal of savings and you think that your nest egg is enough to get you a good head start on that dream home, then why not pay off as much of your mortgage as you can? It will cut the time of your mortgage considerably, so using your savings is a good idea if you’ve been thrifty enough to save the money to do this (although we understand that not everybody is in this position).
Mortgage broker
If you don’t have a great deal of savings and you’d prefer to do things the traditional way, then visiting a mortgage broker is probably the best idea. Check out the rates available for the property that you want to buy, and see what you can do given your deposit, budget, and your income. It can be daunting to work things out for yourself, and you may be confused by all of the costs involved, but speaking directly to a mortgage broker like Altrua Financial will clear things up for you. Make sure that you get the best rates possible, as this is a large and very important investment that you need to get right, and excessive rates could haunt you for a long time.
Renting
Whilst you won’t be able to officially say that you own your home, you have to ask yourself: does it really matter? There are many upsides of renting, such as having the flexibility to move to a different location and a bigger or smaller house depending upon your income. This is a better idea if you’re not quite ready to commit to the ‘forever home’, and you can imagine your needs (and wants) changing too much to get on board with a mortgage broker just yet. Whilst this works for some, it can be annoying for others if you know that this is where you really want to live, as you’re paying out and getting little back in the long-run for your money.
Budget properly
One way to fund the home of your dreams (and get your mortgage paid off quickly) is to try and budget, and get your outgoings down. Rather than always splashing out on things during the month, why not save a little more and pay off a bit more of your mortgage? Being more money-savvy and sticking to essentials will cut your mortgage time considerably, so talk to your mortgage broker about this if you’re interested. Not only this, but if you have any unexpected bonuses at work, putting them towards your mortgage will also help to reduce the timescale of it. Look into different ways of helping you budget if you want to fund your perfect home!
So…
If you want to fund the home you’ve always dreamed of, it may not be as difficult as you think. Whilst you may be wondering how you can ever afford it, there are options out there, and one of these is getting your foot on the housing ladder with your own savings. Whilst you probably won’t be able to pay off the whole cost, it is certainly a good start; don’t worry if you can’t do this, however! Getting in touch with a mortgage broker is a good idea if you want to see what you can afford without loads of savings, and how long your mortgage will take you to pay off. You can also rent if you’re not ready for the big commitment, and if you budget properly, you can pay off the mortgage on your dream home a lot quicker than you imagined.
Good luck finding (and funding) the home you’ve always wanted!
