How to Save to Afford a House Deposit
Buying your first home can be a daunting thing, especially if you are trying to save but find that you have been trapped in the circle of renting. There are several things you can do to speed up the process, and here is our guide to stopping renting and getting you on that property ladder!
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Whether you are looking to buy a town-house in the city, a big country escape or a beautiful and luxurious Meriton property, it is quite likely that saving is proving difficult while you are in rented accommodation. If you feel like you can sacrifice your personal space for a while as you save, here are three ways to do so.
Move back in with your parents
However, only do this if they live close by and you get on with them well. If they even further away from your place of work where you do now, the money you will spend on extra travel will likely cancel out any savings you will be making. Be sure to talk to them about how much rent you will pay them, how long you will be staying and what you will do around the house during your stay.
Sub-let your spare room
By sub-letting your house or apartment, you will be greatly subsidizing your living costs, and allow you to gain control of your savings. Before you start your search for a new roomie, call up your landlord and see if they are okay with you doing this. If they are, they will likely give you one of two options:
- Allow you to look for a new housemate to live in your spare bedroom by yourself
- They will do it commercially and offer you a lower rate
Either of these options are good choices, and will allow you to cut costs and begin saving for that all important purchase! The downside to the latter option, of course, is that you may not get the chance to vet your new roommate, and could end up living with someone you don’t get on with very well.
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Look for cheaper accommodation
If neither of the above options are possible for you, then it may be time for you to look for somewhere cheaper to live to enable you to save. Ask around your friends and see if anybody has a spare room that they would be willing to rent out to you – you will be subsidizing their outgoings by doing this too! Remember to be open and honest about how long you will be living there, the rent you will pay and what you can do around the house.
You also have the option of living in a house share too. House shares, although they may make you feel as though you are back in college, can save you heaps of money as you will be splitting the cost of running a house between several people. There are loads of sites out there you can use to look for shared housing, including spareroom.com and gumtree.com.
Once you have saved up and found your dream home, it will then be time to think about packing! Read our guide on how to have a hassle-free move now, to take the stress out of a house move.
