What can young couples do about soaring houseprices?

Me and my boyfriend really want to move out of our parents houses and get a place of our own.


House prices are massive and we simply cannot afford to get on the property ladder. I've been thinking about loans etc as a last ditch attempt although I'm not too keen on the idea and don't want to be left with loads of debt wellinto my seventies.


What can people like us do?


Why are house prices this high in the first place?What can young couples do about soaring houseprices?
If neither you nor your boyfriend has ever lived on your own (or together!!), i don't reccomend buying a house straight from your parents. You'll be suprirsed how much stuff costs every month- insurance, utilities, etc.





Go get a 6 month lease at an apartment and make sure that you enjoy living together (living together can make or break a relationship) and that you guys have a good grasp on what it costs. If you get a cheap rental, you can save money at the same time.





Don't get extra loans outside your mortgage when you do buy-- get 100% financing (which is posible with even okay credit) andi f you have to, do something creative like an ARM loan or an interest only option- or even a 40 year loan. It will seem hard now, but in 5-10 years you'll be making more money and can pay extra, so you WONT be paying into your 70s.What can young couples do about soaring houseprices?
If you're considering buying a house with cash, then I can't offer much advice. You said you don't want a loan, but most people do just that - they get a mortgage to buy a house. In any case, there are a few options. For first time homebuyers, the government offers many ways you can make that first purchase. One popular one is that you can sometimes get a house with little to no downpayment. The downside is that you will have a heftier monthly payment because you didn't have a strong down payment. However, as these programs are designed for first time homebuyers, the interest rate is usually low and they work with you if your credit history isn't stellar. Another option would be to cash out $10k of your IRA if you have one. Each person is eligible to take a one-time withdrawal of their IRA without incurring a withdrawal penalty - if they use the money to buy a house. Look up first time homebuyer programs in your state and speak to a real estate agent you trust in order to see what your options are. Yes, home prices are ridiculous, but with enough perseverance, you will be able to find something that's right for you. In the meantime, save - save - save, and do your research. Good luck.
Work hard at an extra job if necessary





spend as little money as possible





Save the maximum amount you can per month





Sorry, no quick fix to this one
i dont know what the answer is, but i will say, i feel sorry for the young ones trying to get onto the property ladder now. i sometimes wonder how people can afford to pay the prices for a house or even a flat, especially in the cities//
I agree with Sydney, about the first time buyer loans. I'd rather pay my mortgage than paying somebody rent, which are very high as well. You got to be very rich to buy a house in cash and it is not advisable to put all your savings in one spot. If you had that kind of money, you would need to invest it in many different ways.


Maybe you should attendt one of them financial seminars on how to get the most out of you money and make money.
House prices are high because people are running out and buying houses because they believe that if they don't they will be left behind. My mother bought a house in 1970, for $10,000. She could not afford the house, 5 children and income that sucks. My mother ask my oldest sister to co-sign the loan, my sister did and the home was purchased. Six bed rooms 2 Baths, living room, dining room, large Kitchen.





No: This was not a blessing. In 2000 (thirty years later), my mother who's' health was failing, moved from the house. The original mortgage was long paid, a home improvement loan for $6,419 was outstanding. The real estate values were $80,000 for this house if it was in A-1 shape. NO IT WAS NOT; After a year on the for sale line, the property was sold for $28,000. The real estate speculators bought the house, after $30,000 in repair it sold for $78,000.





The point I am making is that foolishly we run out to buy a property that looks good. If we did our homework we would find property that we can make good. Making property good will allow us to build the assets we need to get what we really want at the time we really need it.
Demand for houses is outstripping supply. I'm in the same boat.
I really feel for you guys doing your best to get on the property ladder. I'm glad i'm not your age these days!! But the way things are going here lately us home owners will be forced to sell up due to inflation %26amp; mortgage rates and poor pay increases!!
Two things.


first in the begging it can be hard, so it is time to learn to save, dream and strive to do better.





Next is to know why the price are so high, Do you know how they made the bubble? I believe this web site tell how is was done and it was not done honestly.


http://www.breakingbubble.com/index.htm


Next is to pass the word so it will change.


Best of luck
if you buy a house that needs a lot of work you can get something cheaper and then put money and labor into it. Or like i am doing buy the land and build the house from scratch.


No one is born knowing how to do things. I learned all on my own to do just about everything. Most info is at library, I just asked everyone I knew if I had a question. Now my neices husband calls with all his home owner questions.
Hi there. It's not easy. We're in our early twenties and are lucky enough to have had family help with deposits for a mortgage otherwise we wouldn't stand a chance! And even then we are stretched with mortgage repayments. The only pieces of advice I can think of is - look into buying at auction which is often cheaper (although research carefully and get surveys and be prepared to do work on the property), the 2nd is to perhaps consider some of the new schemes like buying a property equally between friends - there are safeguards in place in terms of the legalities and it might at least help you get on the property ladder, the 3rd is the possibility for a guarantor on your mortgage as a first time buyer to allow you to borrow more, but make sure you can afford the repayments, or 4th would be to try and get somewhere on a 100% mortgage (but be extremely careful and be certain of the area your buying in) and get in a lodger to subsidise your income and help with the mortgage repayments.





Good luck. It's so hard!!
Not a lot unfortunatelly! prices are rising all the time. There are


buy and rent schemes, also two couples could go it together


and buy between them. But what happens if nyou fall out?


Likewise, if you are not married, there may not be a permanent


relationship, and what if a child comes along?


Do not be in too much of a hurry to leave the nest. Think long


and hard before making a commitment of this magnitude!
Get a long term lease for about 5 years and then, utilize your hard earned money to fine tune your home for your own comfort. Eventually, it is peace, satisfaction and fulfillment we are all looking for in our lives.


You seem to be only a handful out there who are aware of the traps of mortgage loans and the sufferrings that come along with it (specified in the fine print).


Believe me, all your relatives will envy you and you will have the last laugh for not being the 'blind following the blind'.