If you have been dreaming about owning your own home, your greatest challenge might be coming up with enough money for your deposit. While - if you are a first time buyer - you can take advantage of some of the government incentives, and you can buy a home with only 5 percent put down, your repayments will be higher. Not to mention that the longer you leave getting on the property ladder the harder it will become.
Set Saving Goals
It is important that you take saving up for your deposit seriously. If you would like to be able to afford your dream home, you will need a detailed and actionable plan. Determine how long it will take you to save up enough money to get the house you always wanted. Once you have the deposit, you can start looking around, checking the market trends, and identify areas you can afford and are comfortable living at.
Make Your Money Grow
It is also crucial that you increase your knowledge about money and learn how to make smart investments. Look into high interest savings and CMC Markets so you can find out what you can do to speed up the process of growing your savings without risking too much. Instead of just jumping on a scheme, do your research and learn as much as possible about how different financial accounts work.
There’s no gain without pain, and this is true when it comes to getting your first house. You will certainly need to make sacrifices; limit your luxury shopping and reduce the number of times you go out. You will also be able to learn new skills to budget better, to cook from scratch, and to get better deals on your car insurance, your subscriptions, and other services.
Look for Investment Properties
If you simply have no hope to buy a house that is ready to move in and is perfect for your lifestyle, you might want to search for investment opportunities. You can do the house up in your own time, and put up with the disorganisation or dated decor for a while. You will, however, need to make sure that the property is in an acceptable condition, or your mortgage company might refuse to lend you money to buy it.
Set Up a Side Gig
When your current income from work is hardly enough to live on, not to mention to save up for your deposit, you might want to think about putting your skills to good use and starting a few side gigs to increase your income. It can be as simple as looking after other people’s animals while they are on holiday, or creating videos for companies. No matter what your skillset is, there is a market out there.
If you can’t wait to get your own place and do it up according to your needs and personality, you will need to make some lifestyle changes. Use the above tips to create a long term plan to build up savings for your deposit.