The property ladder is the only place to start if you dream of renovating your own home one day. So how can you start at the bottom when the ladder seems high to climb.
Home renovation is a dream for many budding property owners. It gives them the opportunity to buy cheaply and increase the value of their property.
The property ladder is the start for those dreaming about their dream renovations. However, the biggest barrier to the property ladder for many prospective homeowners is how they save for their deposit.
Start Early On The Property Ladder
Speak to anyone who is saving for their deposit. The one thing that they’d likely all do differently is to start saving much sooner.
Most people don’t even think about saving for their deposit until they seriously start thinking about getting on the property ladder. However, by this point they’ve left themselves very little time to get the money they need.
The longer you can save for your deposit, the easier it will be.
Cut Back On Unnecessary Outgoings
Perhaps you happen to be earning significantly more than you are able to spend a month. However, most people need to assess their monthly budget in order to find areas in which they can make savings cutbacks.
Sit down with your bank statements and try to find the places where you spend your spare money. This could be eating out, shopping, fuel, etc. Just highlight what it is and work out if you can afford to cut it back in order to put that money aside for your deposit.
This may mean living more frugally for a few months or years but it will be worth it to own your own home.
Save Your Rent
Rent is often one of the biggest expenses that people need to cover each month. However, if you can somehow get rid of it, you can save that money instead.
Many budding homeowners choose to move back in with their parents or other family members when saving for a deposit. This allows them to save up the money they need more quickly.
Alternatively, if that’s not an option then try to cut down on the cost of your rent by downsizing or sharing with more people. Put the money you’ve saved aside for your future home
Consider No Deposit Options
Buying a home with a no or low deposit option has made getting on the property ladder easier for first-time buyers and it isn’t a deal that’s too good to be true.
Do some research online to find no or low deposit lenders near you and submit your details to see if you’ll be excepted. Check out the No1 Property Guide’s website for more information about their no deposit options.
Borrow From Family
If your family can afford to help you out, then a family loan is often the quickest and easiest way for you to get on the property ladder.
Family loans are great options as you won’t be charged hefty interest fees. You can repay the money back in your own time as agreed with whomever loans you the money.