Being in a position where you can get yourself a house is a big deal for most people. It’s one of the many things in life that people put on their bucket lists: grow up, have a family, buy a house, etc. The problem with buying a house is that a house isn’t cheap. You could spend years renting a property and when it comes to getting your own place, you find out that your rental history isn’t a way to prove you can afford a mortgage!
Four Ways to Save For Your House Deposit
So, you need a way to free up money for a deposit, and you need to talk to a mortgage broker about your options and what you can afford. The good news is that there are a good few ways that you can save money for your house deposit. It doesn’t have to break you to afford a house, and you can take your time and go slowly with it. So, how can you save money for your new house? Let’s take a look!
- Move In With Friends. If you want to save money on a property, invest with friends. You can choose to invest and then be joint landlords, or you could choose to move in together and share the costs of the deposit and mortgage. Moving in with friends is a good plan, but if you are looking to buy alone, why not do a flatshare and rent together so you can save more money? You can give up paying full rent and share the cost, freeing up more of your income. This also gives you a chance to downsize your property and spend less money all round. It’s a good way to get cash together quickly or buy a property.
- Ask Family For Help. Many out there often turn to family to help, but it doesn’t have to be financially for the deposit itself. Sure, some families are able to pitch in and offer cash for a deposit, but others dont have those resources. So, you could ask to move home again, or you could ask for a helping hand with the bills. For example, asking for your yearly council tax bill to be covered by a family member if they want to offer a gift for Christmas or your birthday can make a big difference.
- Look Into Grants. Did you know that the government could give you a grant toward the cost of your deposit? These grants are dependent on a variety of factors, but there are Help to Buy loan schemes, schemes for key workers and even grants for those who want to build a house rather than buy one. These helping hands can make a huge difference to the way that you save and how much you manage!
- Save Hard. Lastly, start saving hard for your deposit. Put away at least 10% of your salary every time you get paid and you can watch that money grow! You can create a huge account for savings when you do this and it can all go toward buying your dream home.