Clever Tips For Saving Money for Your First Time Home

Many young people dream of owning their own home, but this is sadly become a more and more remote reality thanks to falling interest rates, rising rent prices and higher deposits. Unless you have generous relatives, it’s unlikely that you’ll be able to muster up the deposit required to finally get off the rental market and into your own home. If you’re looking for ways to save money for your first home, it isn’t going to happen overnight, but with some careful planning you could be well on your way to owning your first home.

Keep track of your spending

It’s impossible to know where you can save money if you don’t know where your money is going. Try tracking your spending for one month to learn more about your spending habits. That daily latte from your favourite coffee shop might not seem like much on a day-to-day basis, but cut that out and you could save around £500 a year. Use an app to keep track of your spending and you will soon learn a lot about just how much money you are spending.

Switch up your socializing

The reality is that if you are trying to save money, you’re going to have to cut back on nights out. When you factor in all the money you spend on booze, followed by the kebab, taxi home, and food delivery required to treat your hangover the next day, you could make huge savings just by skipping the occasional night out. Even if you pledge to call it a night in time to take the last bus home, you could save a lot of money towards your first home.

Downsize your living arrangements

If you look for the cheapest possible place you can bare to rent while you are on your saving spree, you will appreciate your beautiful new home all the more when you finally move in. It might not be your dream home, and you may have to do without the spare bedroom, but by downsizing you’ll be able to squirrel away all the extra money you save on rent. If you can’t move, consider letting out your spare room to a lodger, or, if you live in a central part of town, pop it on Airbnb.

Get clued up on the process

Many people get stung during the house buying process because they are caught out with unexpected fees. Get up-to-speed with things like the role of conveyancing solicitors, and don’t be afraid to shop around for surveyors. For example, did you know you don’t have to use the conveyancing solicitors that your estate agent recommends, so don’t be afraid to shop around for quotes.

Go Local

It sounds obvious but it is so commonly missed, going local is the best way to save money. By this we mean that seeking local help from people like estate agents will be key in getting you the best deal possible. People that know the area, know what’s possible and know what’s a good price against a bad one. So if you live in Manchester, go to Manchester solicitors and estate agents don’t be going to London companies or online as they won’t have the knowledge of the area to secure you the best money saving deal.