Buying your first family home is going to feel like a huge accomplishment, but before you can enjoy that, you’re going to need to save up for it. Not just for the cost of the deposit, either, but for everything that comes along with it. You’ll need money for solicitor’s fees, surveys, as well as money for unexpected things just in case anything goes wrong. You don’t want to dwell and expect something to go wrong, but the fact is, many things can and do go wrong for people buying a home.
Here, you’ll find 6 tips and tricks that will help you to save for your first family home, issues and all:
1. Save 25% of The Money You Have After Expenses
Take a look at the money you have leftover after expenses and aim to save 25% of it. You don’t want to have an unrealistic goal of more than 50%, as you will likely find that other things crop up and you become disheartened. You need to be realistic, and that means taking it steady if you have other bills to pay.
2. Open A High Interest Savings Account
A high interest savings account will help you to put even more money towards your first family home. If you haven’t done this yet, make this your next priority. You won’t be able to access the money immediately, and this means you won’t be tempted to dip into the money should you feel the need to buy something else.
Talk with your bank and see what they can do for you. There are many schemes out there that could add a substantial sum to your saved amount.
3. Know What Your Priorities Are
Knowing what your priorities are now will help you to save money faster – you don’t have to save it fast, but that’s why you need to prioritize. If a house is your priority, you’re going to want to put it above everything else and make sacrifices. If you have other things you want to do, such as spend time with friends and travel, then it’ll come fairly low on your list. Be prepared to put less towards your deposit and spend longer saving if you’d rather continue living your life as normal.
4. Work With Experts
When you work with experts you will get the best possible rate. Companies like Altrua Financial can advise you and help to ensure that you’re not overspending on your deposit. Ask for recommendations and look at third party reviews to ensure you make the best choice.
5. Consider Area And Type Of Property
The area and the type of property you buy will of course impact how much you need to save. Bear in mind that 10% deposit is recommended for most properties, but is not essential as long as you don’t mind your premiums going up.
6. Set A Budget And Timeline
Having a solid budget and a timeline in which you want to have completed your goal will be a huge help. Making your monetary goal time efficient and doing the maths will give you peace of mind that you’re on route.
I hope these tips help. Happy house hunting!