Getting on the property ladder is no longer as easy as it used to be. Thankfully, there are more solutions and workaround than a lot of homebuyers are aware of for property ladder obstacles. Let’s go over a few common problems and solutions.
- The rent trap. It can be hard to save for a home when you are stuck spending money on rent every month. Since you are not earning equity by paying rent, that is money you will never see again. One possible solution may be to move to a cheaper apartment or even rent a room in a house for a while. If you have a lot of stuff, you can rent a storage unit; even tacking on that extra cost, you may still be able to save more money.
- Housing costs going up. The costs of housing have been skyrocketing of late. The only way to deal with that is to find a way to increase your income, decrease your expenses, or both. Now is a good time to assess if there are any opportunities you are not leveraging.
- Down payment difficulties. Many homebuyers have a hard time coming up with a large down payment. You can look into mortgage products like FHA, VA and USDA loans, which feature a low down payment or no down payment. You can also apply for down payment assistance programs.
- Moving costs. Another upfront cost that goes with buying a home is the expense of moving. Like the down payment, this can act as a roadblock for would-be homebuyers. Planning ahead and moving into a home locally can help you find ways to cut back on moving expenses. Even something as simple as shopping around for the most cost-effective moving services or truck rentals can make a surprising difference in your costs. So can handling as much of the moving process on your own as possible.
- Navigating the home purchase process. Finally, some people hold off buying a home because they do not know how to navigate the process of shopping for a home and choosing a mortgage.
Contact Your Professional Mortgage Broker Today!
First Residential Mortgage has walked numerous homebuyers through the process step-by-step. We can make it smooth and easy for you. To schedule your consult, please call (540) 838-5868. We can help you buy a home in Blacksburg or anywhere in VA.