With the economy making a slow recovery first time buyers are on the increase, and to make home ownership more appealing many lenders are now offering loans with only a 10 per cent deposit requirement. This is certainly more attainable for first time buyers than the past requirements of 20 per cent but nonetheless it is still a substantial amount of money.
Saving for your first home can be a challenge for most people, so here are some suggestions to help you achieve a homeowner status.
What property suits you?
In order to ascertain your budget, you will need to determine what sort of property you are looking for and in what area. You can research various property portals online to gain an idea of house prices in that particular area and look into available private house sale options to see if it is a cheaper alternative. Once you obtain an idea of the average price for your suitable property, you can then determine your target figure for your deposit.
Tighten the belt:
If owning your own home is a top priority for you, then cutting out the "extras" shouldn't be too much of a sacrifice. Say a temporary farewell to those weekly takeaways, make your own lunch instead of buying it, and swap meals out for homely dinner parties. You can also take this opportunity to have a good clear out of any unwanted items in your current abode and make some extra cash by selling them on auction websites such as ebay.
Life with little luxuries:
Life can be easily split into two categories; luxuries and necessities. And this should apply when you are trying to save hard. Perhaps you were looking to upgrade your car, but can it wait? Did you really need an extravagant holiday this year? And perhaps you have enough clothes and shoes for now. Such indulgences should be put on the back burner until you have reached your target.
Earn extra money:
If you are really serious about saving and perhaps want to cut the time frame in half, you can consider taking up a small part-time job. Depending on your current employment rota, you can consider working extra on evenings and weekends, and although as daunting as it may seem, remind yourself that it is only temporary and a means to an end.
Investment possibility:
You can ask family or friends if they would like to invest in you - if you don't ask you'll never know. A simple short term plan can be put in place, for example, where a family member can invest a certain amount of money into your property, then you can either pay them back with interest monthly or hand them a lump sum from a remortgage later down the line. In either case, the possibility is there.
Sensible saving: ทาวน์เฮ้าส์มือสอง กรุงเทพ
With so much effort going into saving, it is logical to earn tax-free interest from it until you reach your goal. You can set up an ISA account and transfer a set amount into it each month.
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