Having a deposit is an essential part of buying a house for the first time. For some people this can be daunting because saving a lot of money isn’t easy. Although it’s not something that will happen overnight, it doesn’t have to take years either.
If you’re struggling to bring a house deposit together, you’ve come to the right place. Here are some of the quickest ways to save what you need to buy a house.
Note: Some links in this post are affiliate links, which means I receive a commission if you click a link and then make a purchase.
Reduce Your Rent
It may sound simple but this doesn’t work for everyone. The first option you can try is to talk to your landlord. Some landlords are sympathetic and will give tenants a small reduction in rent costs to allow them to save for a house deposit, especially if they want to buy the house they’re renting.
Alternatively, you could look at renting somewhere cheaper. Downscale for a while so you have the opportunity to save some money and put yourself in a better financial position.
Look At Schemes
If you know that saving a sizable deposit is going to be impossible for you, that doesn’t put you out of the running. In fact, there are many schemes that accept buyers without a deposit just to get more buyers on the property ladder. Look at how to get a VA loan which allows you to purchase without a deposit.
You’ll need to meet all the criteria before you’re accepted for this loan but it’s a great alternative to scrimping and saving for years.
Bank of Parents
No-one wants to be forced to ask their parents for money but it can be a win-win for everyone. Your parents are far more likely to be able to gain access to sizable sums of money than you are. Let’s say they give you 10% of the property’s asking price as a downpayment.
This should be an investment on their part. When you sell the property in the future, your parents get 10% back. This way, they’re likely to get a return on their investment. Alternatively, you can pay them back the original 10% in installments.
Sell An Heirloom
If you’re lucky enough to have this option, use it. Valuable heirlooms could help you get on the property ladder within weeks. There’s no point having a valuable heirloom lying around if you can’t afford to purchase your own house.
Although many heirlooms have sentimental value, they’re also constantly at risk. If an heirloom is broken or lost, it isn’t useful to anyone. Sell the heirloom, take the money, and create a life for yourself.
Team Effort
If you’re buying a property with a partner, it should be a team effort when it comes to saving the deposit. Set a financial goal together and do what you can to reach it together. It usually happens quicker when two people are discouraging any unnecessary spending.
Saving a deposit for a house is one of the most challenging financial goals anyone can set for themselves but it’s not impossible.
This is a contributed post.
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