3 Hot Tips For Saving For Your New Home

Posted on Jun 23 2015 - 7:55pm by Editorial Staff


So you’re going to buy a new home. Well done, but there’s still so much work ahead of you. You might think you’ve got it all planned out, but if you don’t have the finances you’re never going to get it. You need to be smart with your money if you want to buy a home. It’s hardly pocket change you’re going to be spending.

If you want to buy a home, you have to do it properly. That means money management, day in and day out. Don’t worry if you’re a little lost. Everybody is at first. Just see what we have to say and maybe that’ll assist you.

Check Your Outgoings

This is vitally important. It doesn’t matter how much you earn if you’re not saving any of it. Even if you are saving some percentage of your earnings, are you saving enough? There’s a good chance you aren’t.

Print out a few monthly bank statements and go through them with a fine tooth comb. You might be surprised how many frivolities you are spending your money on. Do you really have to go to an expensive coffee place every morning? Did you see how much you’re spending on clothes? How about dry cleaning services?

At some point you need to start cutting away at these. They may not be huge amounts of money individually, but total them up over the month and see how much you could save if you avoided them.

Look For Help

You need to find a home retailer like Linden Homes that offers part exchange and Help To Buy Schemes. These open a whole lot of doors to the home buying experience, whether you’re a first time buyer or already currently a home owner.

Looking for help like this is part of buying a home for most people. Don’t think that you’re cheating or taking the easy way if you do this. Don’t think you’re putting yourself at a disadvantage either. It just reduces the entry barrier for getting your new home, nothing else. It won’t drastically affect your mortgage arrangement or place you under some draconian contract about the conditions of the part exchange.

Sell What You Can

Don’t sell what you need though. Essential items and utilities are not something you’re going to want to get rid of just to afford the home sooner. It’s good to assess what you do and don’t need though.

There’s possibly a good few things around your home that you don’t really need at all. Maybe you have a collection of vintage vinyl that you’re not too attached to anymore. Maybe you have a few items of clothing that you don’t wear but could still go for a decent price. How about the fancy office chair in your study room?

Be creative, but don’t sell anything you don’t want to. No matter how eager you are to move into your new home.

Follow these tips are you should be well on your way to affording your new home. Just keep up the pace of saving and you’ll be there in no time at all.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.