Buying a home isn’t something you’ll likely be able to do without making a few sacrifices. Saving for a mortgage can be tough – if it wasn’t, then everybody would probably buy instead of rent! Being aware of the sacrifices you’ll likely have to make will give you a better idea on how to construct your plan of action, and what you can do right now to get started. Read on for an idea of some sacrifices to buy a home:
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[ctt template=”4″ link=”9d_7b” via=”yes” ]Saving for a mortgage can be tough – if it wasn’t, then everybody would probably buy instead of rent! Read on for an idea of some sacrifices to buy a home:[/ctt]
Sacrifices To Buy A Home
Many people need to alter their lifestyle before they can realistically buy a house. If you’re used to lots of luxuries, including night’s out and eating out, then you’ll have to cut these down substantially if you want to gather the money together to buy. You won’t have to give up everything you love entirely, but you will need to find some strategic ways to cut down so you can build up your mortgage fund. If you still want to enjoy yourself, rather than night’s out, you could host a night in with friends. There are likely many fun and free things you can get involved in.
Thousands and thousands can be spent on holidays every year, if you’re the kind of person/family who loves to go away. You still need to take a rest from work – who doesn’t? But it’s a good idea if you can look into a few affordable options before you blow your cash on an all inclusive trip to the Caribbean. Nobody is going to suggest camping in your back garden, but maybe you could take a stay cation instead. There are likely many places not too far from where you are now that you could go and explore and take that well earned break.
When you want to save and buy a home, your savings need to become a priority. You certainly can’t treat them as an afterthought as you once did. Paying yourself a small amount to cover everything you need, and then saving the rest is a technique that many people use when they need to get serious about saving. By looking at a mortgage qualifier calculator, you can get a better idea of how much you will need to save. Just remember, you don’t always have to take out the same size mortgage that you qualify for. Taking out a smaller, more affordable mortgage will often be better in the long run.
When it comes to saving for your mortgage, don’t forget the unexpected costs, either. You’ll need money for solicitor/lawyer fees, and any emergencies and unexpected bills that you might run into. You certainly don’t want to end up getting into even more debt because you can’t afford to pay for these things when they crop up. While you want to be putting as much as you can into your mortgage fund, don’t quit saving for other things, either.
Cars can cost a substantial amount of money when you take into account financing, insurance, fuel, tax, and more. Nobody expects you to stop driving, as it’s probably a necessity in your life. However, you should consider whether the car you have now is stopping you from reaching your dreams faster. Maybe you could get by without a car. If you can walk or bike to work, and you don't have children to ferry around, then it could be an option for you. If not, looking into getting something that doesn’t cost nearly as much is a good idea.
If you must keep a car, there are ways you can make money by using it. How about having a company advertise on your car? All you need to do is sign up, be honest about where you drive and the miles you do, and then a company may get in touch with you. They will apply the advertisement and remove it when the campaign is over, and you’ll be paid your fee. Easy money!
Your Spare Time
Your spare time could actually be worth a little money, if you’re willing to sacrifice it to make more to put towards your mortgage fund. You could start a side hustle, such as DIY projects, dog walking, lawn mowing, vlogging, or something else. There are all kinds of options with minimal overheads that you could look into. Just make sure you’re not spending the money you have coming in needlessly, and put it towards your mortgage fund.
Can you think of any sacrifices you’ll have to make to buy a home?
This is a contributed post.
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