consider a homeowner who is replacing his 25 This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you How I became a HOMEOWNER at 25, on my own! | A guide for first time buyers with tips | #Storytime. Following along are instructions in the video below:
And working and saving you could be owning that property with no deposit. You heard heard it here first monday welcome to another session with akria dimple. This is getting little bit crazy and crazy every day isnt it i want to talk to you about how i became a homeowner at the age of 25 and still single according to statistics the average age to own a home in the uk is 30 years.
So for me. I feel like ive achieved something in life you know something small. But i saw achieve something because im privileged not because my daddy owns a mansion.
And my daddy bought me a property and my daddy helps me with money. I grew up with a single mother. We lived in a council flat.
I have a very hard working mom shes super woman super woman raising four children working about five jobs at a time thats what you call a role model. My dad wasnt around nowhere to be found for me personally is a privilege. Because it gave me the desire to succeed i had a dream dont let me go martin luther on you but right from a very young age.
I was striving striving to become a homeowner fast track when i came back from university first year. I realized a few things i got a taste of living on my own. I got a taste of being able to sleep naked.
I need my own space. So my mom who had already helped me to apply for council flight at a very young age because we needed a space said call. The council.
See what theyre saying having my own council property is a blessing and it was a curse youre paying your own rights you are paying council tax and lets talk about food food is expensive oh. My goodness theres nothing better than eating a delicious mouth watering meal. You didnt have to pay for tip number one.
If you can live in your parents house for as long as possible do it take advantage eat that food will help you save money in the long run. I believe that we have the free will to be able to steer into our own direction. Dont stare into the cursed lane steer the right way.
And it will be a blessing. I had to always budget and re budget and budget every budget until i knew i had enough being set aside for savings. This whole time.
I was still studying so the only way. I was saving was through having a part time job as well and also student loan student loan has the ultimate ability to get people so excited excited. Theres no.
Even the word over excited over excited is knowing the word. It makes people live dreams makes people think they are bowlers broke bowlers thats what they are because they start buying cars they start buying designer wear they start doing awesome each to their own thats their choice. But my choice was everybody else was balling i sat in lectures calculating my finances.
I mean i remember one lesson. I was sat there with my pen and paper looking like i was listening to that man talking about statistics and research methods.
Oh im back i was busy doing the maths not the kind of psychological maths. But im talking about my financial math. The girl next to me.
If he was a new friend said today. What are you doing told her what i was doing i think. By my calculations.
Im going to be a homeowner right after this four year degree. Were doing her reaction. We shall see thats not possible if you have such devils.
Oh. Sorry. I meant friends in your life.
One word. Bye felicia actually that was two words thats tied by finnish hashtags. I wont work you know what i mean kind of negative energy is going to set you back in life.
I could have ripped up that paper and thought actually maybe. Its not possible. But no im going to aim so high the next time this girl sees me after university shes going to think damn girl youre my inspiration so i began to research.
If youve got a goal without research youre just a win win shopper window shoppers have goals they have stuff that they want to achieve things they want bloody bloody blood. The list is endless. But if you dont have clear steps through research man.
You a window sharper research took me it took me to government schemes. I could stand until you go away and research off you go youtube done. But you know what i like you i like you very much and i think you kind of like me too.
So im gonna give you three of these schemes out there scheme. Number one is one of the help to buy schemes and its the equity loan scheme. It helps first time buyers and existing buyers who want to buy newly built houses you can borrow 20 of the purchase price and the first five years is interest free as long as youve got five percent deposit.
The second one is another type of help to buy scheme called shared ownership and with this scheme. You buy a share of a home from a landlord. It might be a council and then you rent the part that you do not own you need a mortgage to pay for your share.
If you own three quarters of the property. Then one quarter is the part that you rent. And later date.
You can choose to actually own 100 of the property. So it is a step towards home ownership.
If youre a first time buyer. And you dont have a very big deposit down. Only five percent is the requirement and that can help you get on the property ladder.
The third one is the right to buy scheme. The right to buy scheme is when the tenant of a local council has been renting for about three years. Then you can start to acquire the property you live in the three years you need to have been renting from the local council.
Do not have to be consecutive years okay so you could have lived in a council property for one year moved out into maybe private sector and then you came back into a council property. So all those years youve lived in council property. Just need to accumulate and add up to three years minimum to be eligible for the right to buy skin the right to buy skin you get a discount.
So you need to have been paying rent and that accumulates into a discount could be a fat discount. Youve got parents aunties random neighbors who live in a council property and theyve been paying rent for so many years they have the right to buy do your research. Educate your people because they are living in a property.
Paying rent. Where that property could be theirs. And that rent could be going towards ownership of that property.
The council is not going to wake up one day and be like look maggie you need to apply because you are eligible. Theyre not gonna do that the system is not set up for us to succeed there are things there there arent the small prints so baby girl do your research baby boy do your research. Because you could be a home owner.
And you dont know it. Yet your mom could be a homeowner she doesnt know it yet. Im not some financial expert.
But i did my research to know all of this so im telling you there are eligibility criteria for every single one of these schemes. But find out which one suits you best in my situation. The right to buy skin was the best option for me.
Because when i saw it something went the right to buy skin is there for you honey my eyebrow just went. I dont know if my eyebrows raised there. But you know what i mean when life gives you lemon you gotta make some lemonade life gave me.
A council property. So i went into home ownership look at that but being me i wanted more discount. I did some reading and with the right to buy scheme.
The longer you have lived in a property and paid rent the more discount you are entitled to so whilst. I was still a student. I thought you know what im not going to buy that property straight away.
Im going to wait for more years. So i can have more discounts and a larger fat sum of money from the council and i had time to save more not just a funny girl.
I got brains fire strike units. Done. I was guaranteed a career job really quickly after uni if you want to know more about that maybe comment comment.
I got my property evaluated. This was a property in inner london. And was evaluated at 250 000.
Pounds. The council came to survey the property and they told me i was eligible to how much discount 100 000. Pounds.
Did you hear that 100 000. Pounds. Do i need to come.
Closer 100 000. Pounds. Yes.
That means. That 250 000. Pounds property.
Was being sold to me for 150 000. Pounds. I had saved 13 of the asking price a create me the girl born in ghana.
And bonnie coforidge. I preferred your flowers hey call me call me me for those of you who dont know the math and some people you are so nosy you want to know that 13. I have seen 30 percent of 150 pounds thats 20 000.
Pounds. Thats all i had to say because i knew i had more years to go. I used my money for a couple of things along the way i cant say ive always been sensible you know but i was cautious i bought a course then i bought mini convertible because i liked your show sometimes so sure you have to do guys you know you have enough about buying cars.
If you want to know my taste in cars. Maybe. Thats another video for you just let me know if you are that interested and you like kokonsa back to the root of home ownership after i started processing through a mortgage broker usually helps you find a mortgage lender.
Which is usually the bank. What i found out was that with the right to buy scheme in some cases. You dont even need a deposit all these years of me.
Working and working and working and working and saving and working and working and saving. When you apply on paper.
It says. The house is 250 000. Pounds.
But you only need a mortgage of lets say 130 pounds in my case. So that means that hundred thousand pounds discounts. The council gave me is a bit of a deposit because you are not borrowing the full amount of the property.
Do your research. You heard it here first because you could be earning that property with no deposit you really like that subscribe. However in my case.
I still went ahead and added a deposit. The more deposit you put down it means you borrow less from your mortgage lender. Which means your monthly payments could be less in normal english.
I was paying less money every month. But i own the property than i was paying when i was renting from the council. Its a win win situation owning a property requires a lot more than a deposit stamp duty.
This is the government tax on the property you will need to pay legal fees. So you need a solicitor to represent you unfortunately not all of us are lawyers here. Its your network and im not saying three network and ee nets work and voter for a network.
No no no no no sister yeah. Let me tell you it means that friend next to you right now could be a lawyer. One day and you will need their services for free.
Me. I know i like a freebie let me know if you want to know more about that mortgage process as well because i can do another video for you if i may as long as you subscribe all that in place just remember all those years. I made sure i had a good credit score your credit is so important if your credit is poor.
If you want a video on how to build your credit score. Thats another situation for another lets move on i officially became a homeowner at the age of 25. Because the process takes quite some time its not just overnight you apply and you get it it takes a while but at the age of 25.
I had the keys in my hand to my own property if i wanted to remortgage that hundred thousand pounds. The council gave me before is now mine. Guess what i can just take that money out of the property and go use it for deposit somewhere else or a business or something the world is my oyster.
So when you have a property it can only generate you more money because money makes you money. I like that it can only get better one of my mottos is that i always aspire to inspire because at the end of the day when im at the top. I want to look to my left and i want to see you okay so dont be down.
There let me see you to the left or to the right who knows i might be see you up there and i might do my thing to get to you before you go dont forget add me on instagram at epidem those in my comment section. I see you too kiss from this informed kiss from this simple ecreative pose is signing out .
Thank you for watching all the articles on the topic How I became a HOMEOWNER at 25, on my own! | A guide for first time buyers with tips | #Storytime. All shares of star-trek-voyager.net are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.