3 Tips to Get You Saving for a Home
Friday, March 24, 2017
The cost of buying your first home nowadays is something to
behold. It’s pretty uncommon to get a 100% mortgage, and you are more likely to
be required to put down a 20% downpayment in order to secure your loan. This can
take an age to save up, especially with the current cost of living, and even more so if you’re using that
money to rent somewhere. However, this doesn’t mean that the end is not in sight
for your renting days - it simply means that you have to consider options that
you hadn’t even thought of.
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Move Back With Parents
Although it may feel like a step in the wrong direction, if you
are able to move back in with parents, or other members of your family or some
good friends, you will be able to save money. Unless they’re charging you the
same amount of rent as you would be paying on wherever you’re currently living,
you could be saving yourself a small fortune. Bills, utilities, insurances etc.
will not have to be paid out by yourself. If you’re really lucky, they won’t
charge you anything; but don’t take advantage of this. Treat it as a short-term
plan and get your saving head on. It’s not an excuse to go out and spend the
extra money on nights out or gadgets that you’ve been coveting for months; keep
on plan and you’ll be at your money goal before you know it.
Don’t Buy A House
Not buying a house when you want to buy a house can seem like a
strange thing to suggest, but you don’t have to go for the traditional bricks
and mortar. For example, you could have a look at mobile
homes that are available in your area, which are traditionally a whole lot
cheaper than a normal house. You could invest in a boat to live on, take out a
tent to camp for a year [which sounds basic, but with all the features that are
available for them now, they’re easily adaptable to your needs], or even live
out of the back of a campervan/trailer. There’s so many options out there that
it can be hard to know where to start. However, if you’ve set your sights on a
house and nothing else, then keep your focus on that.
Move House
If you’re renting, you have the option of moving quite freely
and easily depending on when your contract ends. If you know that you are paying
over the odds for where you’re living, or could fit everything into a smaller
house/space, then take a look around and see what’s available to you for a
cheaper rate than what you’re paying now. Anything that you save should go
straight into a bank account that doesn’t allow frequent withdrawals to allow
you to build it up for a deposit. It’s surprising how quickly you can
actually amass the amount you need when you’re not really noticing it coming out
of your budget - if you’re used to paying that amount for your rent, for
example.
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