One of the biggest achievements in life is to own your own home. Being able to hold the keys to a house that you are the master of is something that most people aspire to. The thing is, buying a house costs an awful lot of money, and trying to get that sort of money together is not easy, especially when you haven’t got the best credit history.
The costs of renting are often the same as mortgage payments, if not more and it’s a constant battle for those who are renting to manage to save anything outside their costs for a home of their own. There are many things you can do to ensure that you have the deposit and costs ready to buy your own home, but you have to be open to making changes in your current budget and lifestyle. It isn’t easy to avoid falling into the rent trap, but it can be done with an open mind!
The first step to getting out of the rental market and into a home of your own is to get your personal credit and debts sorted. Places like creditrepair.company can give you some solid advice of how to repair a damaged credit rating, but the best thing you can do is get a copy of your credit report and work your way through it, making payments until every debt is cleared off. After six months, take credit somewhere new and begin to rebuild your credit until it is at an optimal level.
Next, stop renting. It may feel like taking a massive step backwards, but moving back into the family home with your parents can make a huge difference to your expenses. Renting your own home can leave you very little spare at the end of the month, but moving home to the parents can save you a huge amount of money. Sure, you may still have to pay your way but you won’t have to spend out as much on household expenses. If you don’t want to move home and have the space, why not advertise the spare room you have for a lodger? Always check with your landlord that they are happy for you to do that, as subletting illegally can cause big problems! If you can’t move out and can’t get a lodger in, downsize!
Move into a smaller place – even a couple of hundred a month savings in rent adds a couple of hundred to your deposit kitty. It’s never easy to squeeze the family into a smaller home, but it’s a better option if you can’t move back in with parents.
Lastly, ask the bank of mum and dad! If they are able and willing, you could always borrow the money from parents and arrange to pay them back for your deposit. This is far easier than saving the whole deposit by yourselves and if the money is there, there’s no harm in asking. Trying to get a deposit together for a first home is difficult, so make life easier on yourself!
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