SOLD! SAVING TO BUY YOUR FIRST HOME
Buying your first home can often feel like a dream for a long time renter. After all, with the rising costs of houses, it can feel unachievable to get your own property anytime soon. But if you do take steps to put money aside for the move, it doesn’t have to be an unrealistic possibility. Therefore, here are some tips you need when saving to buy your first house.
Make a realistic goal for the savings
The first thing you should do is make a goal of how much you want to manage to put away towards the property. It might be that you look at the next 12 or even 24 months, and how much you could save monthly. But you need to be realistic with the payments. After all, while we all would love to put hundreds away, it might not be possible with rent and bills. Therefore, you should make sure it’s a viable amount that will be possible with your current in and outgoings. And like we said previously, if you start with a small amount, it will soon grow into a large amount of savings. Therefore, make sure you do make an effort to put away at least something every month. In fact, make sure you set up a direct debit for the cash. That way, you won’t forget to move something over every single month towards your new property!
Put money aside for additional house buying costs
A lot of people just concentrate on saving for the mortgage itself when they want to buy their first home. After all, you need to put down a substantial deposit to get the mortgage. But there are other payments you will need to put money aside for if you want to buy your first home. For one thing, you will have to pay for residential conveyancing solicitors to deal with the legal side of the move. And while you can hunt down a cost-effective service, it still can be several hundred that you will need to put money aside for. Also, it’s likely you will need to pay for a surveyor to inspect the property. After all, they can hunt for problems that might stop you making an error with the house. Therefore, money needs to be set aside for this too!
Talk to mortgage providers about the deposit
It’s also important to find out where you stand on the deposit for your first house. After all, you might be clueless how much you need to buy your first home. And you can’t start saving till you know how much you need to put aside. Therefore, it’s important to talk to different mortgage providers to see how much you would need to put down to get a mortgage for a humble abode. It’s worth having an idea of a property price in your mind so they can take this into consideration. And then work out the deposit that would be needed to move forward. Once you know this essential information, you can start saving for the humble abode.
And remember to check out a help to buy ISA. With one of these, every £200 you save, you will receive £50 from the gov. And it can help you to reach your goal even quicker!
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