3 Top Tips on Affording Your Dream Home
No matter what constitutes as being your dream home, whether it’s the size, the location, or the neighbors that make it your ideal abode, rest assured, you can move into it. Regardless of who you are, where you live, or what you do in life, there are ways to find the cash you need for a deposit.
It might seem like a far-fetched concept, but it’s true. By dedicating yourself to saving money and making cutbacks, you will no doubt be handed the keys to your dream home sooner rather than later.
To find three top tips on affording your dream home, be sure to read on.
- Save strategically
No matter where you live, saving up a deposit for your dream home is always going to be difficult. More than likely, the goalposts will be moved at some point or another, as well, which will make everything about deposit saving just that much more frustrating.
If you’re to stand a serious chance of saving up enough for the down payment on your home, you’re going to need to resolve to save strategically. One way to do this is to invest your money into a high-interest savings account. By taking this action, you will grow your money a lot quicker than you would if you placed it in a standard saving’s account. What’s more, as high-interest accounts generally require a lot of red tape to be crossed in order to gain access to them, you won’t find yourself dipping in and out of it regularly. This will result in your money remaining untouched as it grows.
When looking for a savings account that is going to get you into your dream home quickly, be sure to venture further than the bank. In this instance, you really should consider putting your money into trust funds and company bonds, too. You never know, broadening your horizons in this instance may just see you stumble across a savings account that gets you the keys to your dream home within the year!
- Cut your current outgoings
If you’re serious about moving into your dream home in the foreseeable future, then you need to get serious about cutting your current outgoings. Making cutbacks (with regards to both the big and little things that you spend on) will stop you from wasting all of the cash that you work so hard to make. Once you are able to consolidate the money that you earn, you’ll find your savings pot-growing quicker than it’s ever grown before.
One significant cutback that you can make is on your rent. Unfortunately, you may not be able to save up the cash that you need for your deposit if you’re continually spending over the odds on rental costs. Of course, you need to live somewhere, so you’re never going to forgo the need to pay for your living arrangements entirely. There are, however, ways to cut into this expenditure right down. The first route that you can potentially take in this instance is to move back in with your parents. It might not be ideal, but once you’re saving on the rent that you would otherwise have been paying, you’ll find yourself hurtling towards the amount you need for a deposit in no time. Remember, taking this route does not constitute as a step backward in life. If anything, it’s a strategic step forward that is going to open up more doors for you in the future.
Not sold on the idea of moving back in with Mom and Dad? Fear not, there are ways to retain your freedom and cut down on your rent at the same time; one way is to simply downsize. Moving into a smaller apartment, flat, or even house will see you reduce your monthly outgoings massively, simply because it will result in your shelling out less on utility bills.
It’s not all about making grand gestures and cutting back on your big monthly outgoings, though. If you truly want to move into your dream home, then you need to resolve to cut back on your smell expenditure, too. It might mean cutting back on your Starbucks addiction, refraining from buying add-ons on your favorite mobile games, and cooking your own meals at home a lot more, but all the little savings that you make will be sure to add up in the long run.
Here are a few specific ways you can make small yet essential cutbacks in life:
- Cut your cable and make use of free viewing options
- Only ever buy groceries that are on your shopping list (and don’t be swayed by discounts and deals unless the item on offer is planted firmly on your list)
- Take a packed lunch to work every day
- Sell your car and replace it with one that is going to be a lot cheaper to run
- Carpool with other people to cut down on fuel costs (and help the environment while you’re at it)
If help is offered, accept it
If somebody or something offers to help you get closer to owning your dream home, accept whatever form of assistance it is that they offer! There’s no use letting your pride get in the way in this instance, as that’ll just unnecessarily delay your dream move.
The help that you accept could come in a multitude of different forms. It could, for example, entail you sleeping on a friend’s sofa for a month while you save the last bit of cash you need to put a deposit down on your home. Or, it could involve you borrowing an amount from one of the best online payday loan companies so that you can cover a payment (before paying the money that you borrowed back in full and on time, of course). The point is, you shouldn’t be averse to the idea of accepting a bit of help whenever it is offered. Doing so could be the difference between you moving into your dream home within five weeks, and you moving into it within five years.
Put the three pieces of advice laid out above into practice, and you’ll be sitting pretty in your dream home in no time.