How to save for your first home30th June 2021
Buying your first home is nothing short of exciting but knowing how to plan, save and organise is by far the most important aspect to getting you from the scrolling on keaze.com to getting the actual keys. Whether you’re looking to buy a home through shared ownership Cheshire or you’ve got your eye on a swanky city apartment in London, planning your next move and the one after that and the one after that is essential. So here’s a few tips to get you started and get the ball rolling for your new dream home.
Track your spending
Are you getting to the end of the month and wondering how 300 has mysteriously evaporated from your bank account or you find yourself transferring your savings back into your current account to hold you over to payday? Well it sounds like it’s time to track your spending and maybe cut down on the takeaways. Apps like Starling and Monzo are great for giving you a visual representation of just how much money you are spending and where you might be going wrong. Saving is the most important part of getting your hands on a house so you want to be an expert in this before you start browsing shared ownership East Sussex.
Know your schemes
As a first time buyer, you may think you’ve got it rough but not to worry, there are plenty of schemes out there to help you get on the property ladder and buy the home of your dreams without saving for the rest of your natural life. Shared ownership homes are a great way to get on the property ladder by buying a share in the home and paying a small rental fee on the rest. You can also buy more of your home over time but the best bit is you only have to pay a deposit on the share you want to buy so this can be as little as 2% of the total value of the property. This scheme is particularly popular in London and surrounding areas with Shared Ownership Bedfordshire and Surrey proving a sell out amongst first time buyers.
Help to Buy
If you do indeed need help to buy your home then this scheme is a great way around the obstacles of buying your first home. Help to Buy allows you to put down just a 5% deposit and acquire a 20% equity loan from the government that carries zero interest for the first 5 years. And what’s even better is if you’re planning on living in London this equity loan is 40% meaning you only have to find a mortgage worth 55% of the home. This can be a real help if obtaining a mortgage is a bit of a hurdle and what’s not to love about a 5% deposit deal? If you do not plan to go down the mortgage route, you can always opt to look for a cash offer (this link might be able to help you out) on your house.
Having a little something on the side
While your saving goals may just be the sum of the deposit, you might want to consider a bit of cash to put away for any renovations that need doing. With older homes you may find yourself having to replace old wiring or beams that could cost you if you don’t have a pot at the ready should anything not go to plan. Fortunately with shared ownership and help to buy, homes are brand new so you won’t have to worry about renovations but for homes with a little more history to them it’s not a bad idea to save a little on the side.
So whatever home you’re looking to buy, start planning now and you could well be on your way to owning your own property in no time.
After reading the articles on my website, you would be quite likely thinking about the brain behind this information. It will be better to inform that one person could never create, update and maintain such a big website. Although people like to call me as the owner of this information portal, I would like to describe myself as a geek trying to help others.