How To Save For Your First Home
Christmas is just around the corner and consequently we usually feel compelled to ‘make a change’ or big decisions as the new year rolls in. Whether that be getting more exercise, thinking positive thoughts or managing our finances better in 2017.
In the same vain, we think about new beginnings in line with the new year; that includes a new home. Now, like most of us, you go through a stage of renting before settling down into your first home and committing to a 25 year mortgage. But there comes a time when you feel you need to settle down.
Moving house is believed to be one of the most stressful life situations to find yourself in. Since you’re getting stressed out the last thing you want to do is spend more money than you really have to! There are a number of ways that you could help yourself out financially when you’re trying to get a mortgage and your first home.
Find Somewhere to Stay
Now that you’ve made the decision to start the mortgage and house buying process, you’ll have to think about saving money on your current rented accommodation. This starts with finding somewhere to stay (ideally for free) or for much less money. Your first port of call would naturally be to turn to your parents and go back to your childhood home – providing they’d let you come back!
De-clutter and Pack Up
You’ve got your free accommodation until you secure your mortgage, so now you need to get your belongings packed up and shipped in. Let’s remember that you can’t move all of your worldly goods, unless your parents live in a mansion – which would be lovely of course.
Now whilst you’d like to be ruthless and throw out everything you’ve not used for years, we understand that sometimes you just can’t part with it. That’s where putting your sentimental or particularly large items, like your couch and bed, into storage comes in handy. Not only does this free up space in your parent’s home, it always makes you assess what you really do need and what you can afford to bin.
One of our medium storage units would be suitable for you if you’ve been living on your own and are moving back home. It can hold the contents of a one bedroom house, so it’s perfect for what you’ll need.
Speak to your Adviser
The person you really need to help you out now is your trusty mortgage adviser; they’re the ones who can make it all happen after all! Your mortgage adviser will guide you through the whole process from the very start to the moment you get your keys. It’s worth taking the time to really understand what they’re explaining to you, if you’re unsure. You’re investing your trust and money in them, so make sure you’re confident in the decisions they’re making on your behalf.
Happy mortgage hunting and make sure you take the time to research into all aspects of the process thoroughly. There’s money to be saved at every stage, so make the most of it, safe in the knowledge that when you step over the threshold you’ve done it as thriftily as possible!