Moving into your first home is probably one of the most exciting events in your life. However, it can be a long, drawn-out process and quite stressful, especially when it comes to working out how you will finance the move. Here are some top tips for financing the move into your first home.
Write a Budget
Do your research before you buy your first home. Decide where you would like to live and go online or visit real estate agents in your local area, such as a realtor in Las Vegas who will show you different properties and give you an idea of how much they are selling for in your desired location. Once you have done your homework, construct a budget detailing your financial incomings and outgoings and determine how much you will need to save in order to afford the house of your dreams. Set an attainable timeline in which to save at least 5% of the property cost.
Save, Save, Save
Saving as much money as possible will help you raise enough money for a deposit on your first home. Try to pinch the pennies in every aspect of your day-to-day life, such as foregoing expensive meals out, cutting down on luxuries such as new clothes, nights out, and unnecessary cosmetics and toiletries. Take packed lunches to work instead of buying lunch every day. Switch to buying groceries at a discount supermarket and plan your meals for the week so that there is no food wastage and you do not buy excess food.
Shop around for cheaper deals on your cell phone, broadband, landline, and utilities such as gas and electricity. There are always deals to be had, and if you threaten to leave your current providers, they may make you an offer you can’t refuse to make your stay with them. Also, look for savings accounts or ISAs that will offer you a great rate of interest.
Sell, Sell, Sell
Have a clear out of all your unwanted and unused possessions and sell them online on a site such as eBay, or have a yard sale. You will be surprised how much money you can make – one man’s trash is another man’s treasure! If you own an automobile but don’t use it very much, think about selling it and walking, taking public transport or cycling everywhere. You could even ask colleagues to give you a ride to work. If you really need a car, sell your current one for one that is more economical.
If you are spending a lot of money on a rental, consider moving back home with mom and dad or ask to stay in the spare room at a friend’s apartment so that you can save some cash. It can be difficult living back with your parents but just see it as a temporary measure. Your parents may also see how dedicated you are to your plight and offer some financial assistance. They may also pay to get rid of you from under their feet!