It would not be an underestimation to say that it is such a crazy world we live in right now! It seems that for so long we’ve all been on the edge of our seats. Life is, in many ways, slowing down but there are so many other things that have changed that we may never go back to the old ways. But one of the biggest changes for many people is their financial situation. People are struggling to buy a new home. And if you are looking for ways to buy a new property for your family so you can provide some form of security, especially before the potential austerity hits, what can you do?
Move Out Of Your Property
In order to prepare yourself for a new property, you may have to give up the one you already have. If you are renting, it can eat so much into your finances that if you realistically have the option, it may be worth moving into your parents or in-laws. Take the opportunity to put items into one of the many storage units for a couple of months so you can save save save!
Saving Money Quickly
Saving money quickly is not easy, especially in this current climate. But if you are already savvy with your budget it’s time to turn your attention to getting out of debt. There are numerous debt repayment methods out there but it’s about finding the right one for you. If you are able to use something like the debt snowball method to your advantage, you should. Right now because the housing markets are only accepting 10% mortgages but would rather 15% this certainly makes things a little bit more difficult. So one of the best approaches right now is to take advantage of an ISA. Because the government will put in 25% up to £4,000 of whatever money put into an ISA it is free money for nothing, especially if you can put a lot in! So if you put £4,000 in, you would get an extra £1,000 on top of that. And you can do this every tax year.
Preparing For The Markets To Open
But of course, if you are trying to find the perfect home you may have to sit tight. You have to wait for the markets to open. Slowly, life is coming back to normal but you’ve got to prepare for the fact that there could very well be a second wave of the virus. So in order to hit the ground running, you may have to hedge your bets for a while. The best time for estate agents is usually the middle of the summer but also December and the new year. And because of the impact of the virus, this could mean these busy periods may be pushed back by a couple of months. But also, it’s likely there will be some cheaper housing, despite the bigger deposit.
If you’re looking to buy a new home, it is a good idea to keep your eyes out right now but also get into the right frame of mind so you can protect your family.