For just about anyone who is used to the idea of a modern property, it is easy to believe that renting is the only option. If you intend to build a future for yourself, though, paying sky-high rent to a landlord does you no good. Buying a property in the post-COVID world sounds like a bit of a nightmare for many. Incomes are down, opportunities have dried up, and savings have likely been eaten into (if you have any). Yet, does that stop you from being able to own a home? No.
If you want to own a property, there is nothing stopping you – the challenge is having a clear plan of action. If you just keep hoping that you can save away a few bucks per month, then you are likely to get nowhere. Instead, you need to know more about having a clear and actionable plan. If you want to be free from the cost of rent and the fact that it never gets you anything permanent, you should discover more about how you can build towards owning your own property.
Often, the steps that you need to take are going to involve some form of sacrifice. You will need to give up time or give up something that you enjoy. However, saving up per month to build towards having your own home is not an impossible dream. In the current financial climate, many lenders are desperate to get people in the door who have some form of employment.
If you can show that you have been working for a period of time and that you are working towards savings, lenders are happier than at most times in recent history to give you a shot. So, you don’t need to save up every penny yourself – as good as that would be, it’s not feasible.
Buying your own home takes a commitment – you need to suck it up and accept it
One of the biggest problems with buying a home is that, for many of us, it means cutting into our personal enjoyment. It means cutting out things like regular nights out, regular takeout food, buying things that we like. And while essentially condemning yourself to a breadline style quality of life while you save sounds like a hassle, it’s the only way that normal people can work towards saving up for a property.
If you want to own – truly own – a property, you need to be willing to meet a long-term commitment. If you wanted to build physical strength, you would need to commit to a long-term fitness plan without compromise. Well, buying a home is not much different.
It requires you to be ready to commit, to be prepared to sacrifice, and to work for the betterment of yourself. Sure, you might miss those beers when watching your favourite sports team – but in a few years, you will be in a much better position. You will have enough savings in a few short years – if you commit to cutting out the expensive excess many of us use to kill time – to buy a property at affordable rates.
Stop putting money in the pocket of someone else without knowing you get something back in the long-term. The property industry is wretched, yet you can make it work for you simply by making the right investment decision. And that decision should be, for the most part, to commit in full to saving.
It might suck for now – but if you want to be in charge of your own destiny, you cannot keep paying rent. Suck it up, take the rough with the smooth, and watch your bank balance grow. In a few year’s time, you can make up for those missed events or evenings – in your own home, which you actually own.
