Friday, 24 July 2015

Guest | Game of Loans

Adulthood is now, whether I like it or not, the path that I must take in life, and what fits hand in hand with adulthood? Buying a home, paying bills - and all that other 'grown up' stuff that honestly, I don't quite understand. But what's a good way to help us young lads and lasses begin to understand that which we fear most aka bills, debts, loans and of course a mortgage (that aren't nice like the student kind)? Put it into context of Game of Thrones of course!

Sound good? Good! - I shall now pass you over to someone much wiser than myself -Trisha from ThatDangVegan is here to help give you guys, and myself in fact, a little advice on how we can manage our pennies and put us on the right path to buying that first house. 

Buying a home is an exciting adventure. Not unlike traversing the great white wild north of Westeros and just as terrifying as the desert wastelands near Pentos. Okay, maybe not that extreme, but you know what I mean. Taking on that amount of debt is seriously intimidating for any middle-income household let alone some broke ass alums fresh out of college. Do you often find yourself wondering, “Would it be easier to fight the mighty dragon Drogon or be approved for a home loan while in crippling debt?” Well, I’m here to tell you that your favorite fictional characters spanning far across the reach have some surprisingly awesome financial lessons to teach you. Listen up, you might learn somethin’.
You may find yourself in a brothel consumed in a wine induced haze from time to time. You may have made some bad choices and spent a little too much money on some cool stuff or elongated vacations. However, there comes a time in a person’s life in which you must become the master of coin and take control of your finances. Tyrion would tell you that a Lannister always pays his debts, and so must you. If you’re drowning in some financial debt and are maybe afraid that you won’t be able to afford a home - don't fret.

The very first step I would take is contacting a mortgage broker. They will do a conclusive scan of where your credit is currently. They can also give you advice on how to get back on track. It really isn’t quite as hard as some would think to get back within a respectable range. Things as simple as paying all your bills on time can make a huge difference. Pull yourself back together, bathe thyself, and maybe get a cup of wine to go because you’re ready for the next step, my friend.

What if you have no money? There are some out there who might go as far to say that you are uptight or frigid in your spending habits. Maybe you have children and don’t have too much wiggle room. We all have little princes and princesses in our lives just waiting to be king and queen. They need a lot of pampering. Sometimes that is utterly exhausting, I getcha! Don’t let yourself turn into the bitter husband/wife. Not unlike Cersei and Robert’s relationship you may find yourself in a bit (or a lot of debt) and just not have too much play as far as finances go. You’re still in luck.

The Iron Bank is always willing to give a loan to those who demonstrate they will return the favor. You may just have to go a bit out of your comfort zone go get those in power into your favor. What I mean is, expand your search for a home. Most young people shoot for the stars and want their first home to be a dream castle. Unfortunately, if you don’t want to spend too much on your mortgage each month you may have to look into underdeveloped areas. This may seem like a fault, but you’d be surprised how many positives there are about owning a home outside of city limits.

You don’t necessarily have to live in the sewers of King’s Landing, but extending your search 20 or 30 miles outside of your normal search radius may result in cheaper and newer homes which mean less on your mortgage each month. Depending on where you live you may actually also be qualified for developing your home in a “rural area” which could mean lower to no down payment. If there are amenities, such as a pool (which is very common), that you just can’t live without don’t fret! You may still be able to make an aqueous improvement to your abode on the cheap. Keep in mind that if you do take the plunge to Flea Bottom it is likely you will see the value of your home increase exponentially faster than in more densely populated areas. 

There are some of us out there that have been overthrown unjustly. Outsiders have used force to take charge of our assets and have seized our lands. The keep of Winterfell may never be the same as it once was. Sometimes this proves an interesting prospect for those in need and/or desperate onlookers. “Taking advantage” of other’s disappointments may seem daunting at first, but this is an interesting angle one can maneuver in order to strike an appropriate deal. Forclosed homes have been taken by the Iron Bank. Because this appears to take more time, money, and effort than it is worth, these homes are sold at a reasonably discounted price.

You may want to budget for improvements, but even so this is a fantastic option when you don’t have too much leeway. Adding a couple coats of paint, fixing doors, and replacing flooring are all easy solutions to an otherwise complicated home purchasing issue. You may also want to think about hiring some extra guards to look after your fortress. You never know when outsiders or even trusted loved ones, from the Iron Isles, might storm your keep and take it right from under you.

Keep these wise words in mind from those from far away Westeros. If you plan ahead with your mortgage broker and make small improvements to your credit score you can undoubtedly afford a new home. Whether you have student loans or just don’t have quite the income to support a mortgage in theory - don’t stress! You may not get into your dream home immediately. However, a “cookie cutter” home won’t always allow you to make the improvements you’d like to since it will most likely be much more costly. View these steps as a smart way to invest long term and hopefully allow yourself a little extra financial freedom when all said and done.
MissIsGoode

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