Making Bank: Saving for the Future
As we move into the selling season for the year, it seems like everyone is looking for their next home, or looking at what they can get from the market. However, if you’ve never owned property before, one of the biggest hurdles you can face is saving up for the deposit. That’s why today we’re looking at how you can make this part just a little bit easier.
What Do You Need?
A deposit is usually between 10-20% of a property’s total sales price, and it shows you’re serious about buying. Though a bank or loan provider can loan you the cost of the deposit as well as the rest of the sale price, there’s usually more steps to have this happen, and it’s generally best to make sure you can make the deposit on your own.
How Do I Get There?
Whether you’re saving up by yourself, or with a partner, it’s a good idea to set up a specific savings account. Look into which account has the best options for you, and commit to making regular payments. Even if you can’t put in a lot each week, you might be surprised by how quickly this can start to grow.
Though it’s not the most fun option, committing to saving is also a good time to look at what you do and don’t need, and to cut out what isn’t necessary. Of course, it’s important to still have fun every now and then, but taking stock of what’s really important, and staying home more often, can help you cut back on the rest and get to your dream home faster.
If you set a goal price, and commit to a saving plan, you might be surprised by what you can afford in the long run. You can also speak with our Home Loans department to see what’s possible for you, so get in touch with us today.