Many artists, creative professionals, and Millennials have resigned themselves to being unable to buy a property. As the industry can be unpredictable, with artists falling in and out of fashion at the drop of a hat, steady income from art can be a struggle. Many artists have given up on the idea of owning their own home or studio and instead live in rented accommodation at the mercy of increasing prices.

If you are an artist who is fed up with moving between rented properties, it could be time to start saving and looking into getting a mortgage. Owning your own property means you have tangible assets and equity that can help you build further wealth in the future. It also gives you the means to access additional credit lines and loans further down the road.

Here are some helpful tips towards helping you get a mortgage as an artist or creative professional.

Start a savings plan and stick to it
If you don’t have savings, or your account has lain dormant for some time, now is the time to get back at it. As an artist, income can vary wildly month to month making it hard to put away a set amount. Instead, what many freelance or non-set income individuals do is commit to putting a percentage of all monthly income into savings. This way, whatever you earn, you ensure you put a portion towards your deposit.

This is a great method of saving and means that, even if you have a bad month, you can still keep saving at a manageable level.

Figure out what you can afford
Do you know what your monthly outgoings are? How much do you spend on rent, utilities, mobile, food, and socializing? If you are planning to buy a home, you need to keep track of what you are spending and why. This will enable you to cut back on things that aren’t necessary, thus increasing your ability to save more, faster. You should also explore ways to reduce your outgoings such as switching energy, internet, or mobile provider, buying from different shops, or stopping splurges on non-essential items.

Once you have worked out what you are spending each month and what you can cut back on, you can get an idea of what you can afford. Minus your scaled back outgoings from your average revenue, factor in a small amount for emergencies, and calculate how much you can save in the next 1/2/5 years. This will help you figure out what your budget will be.

Talk with a broker about options


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There is a wide range of mortgages and mortgage providers on the market. As a first-time buyer, or someone just shopping around it can be quite intimidating knowing where to start. Thankfully you can compare available options on mortgage broker service Trussle, for example. This site presents you with offers from different providers, giving you clear and up-to-date information on the options available. Not every mortgage is one-size-fits-all so be sure to do your research using a broker comparison site, to ensure you are getting the best deal for you.

Preparing to buy a house is no easy feat when you are an artist. But by following these tips and others such as working to improve your credit score, learning to budget, and sticking to a savings regimen, you will find that in time you are in a better position to take the leap!