IF you are looking to get yourself onto the housing ladder for the first time, it can be difficult. As much as you may be able to afford monthly payments for the mortgage on your properties for sale of choice, the costly deposit can be a hurdle that many potential buyers struggle to climb over.
In the past few years, the cost of deposits has got higher and higher, and buyers now typically need between 15 and 25 per cent of the house's value in order to secure a mortgage. This means saving is vital, but how will you manage to put money away?
Live at home
Perhaps one of the least popular options, but undoubtedly the best and most effective, is to live with your parents a while longer. With rental costs very low and the chance to save high, this might be the quickest way to save for your deposit.
Gat a roommate
If you cannot stomach a few more years with your parents, why not turn towards a friend to live with?
Splitting the cost of rent, utility bills and other expenditures between two people can be a great way to halve your outgoings, and you will have far more money to put into the bank to get that elusive mortgage.
Take on a second job
Okay, no one wants to be working more than they already do, but a second job on a part-time basis can really speed up the process. Imagine, all your money from the new job will be able to go straight towards your deposit.
It might be hard work, but you'll be in your new home before you know it as a first-time property buyer.
Sell stuff
If you have possessions you no longer use or need – and we all do – why not use the easy selling channels to offload some and make yourself a bit of cash?
Whether it's that guitar you never quite got around to learning how to play or the DVDs you never look at anymore, using eBay or Gumtree to off-load them is a great way to earn some money. As long as you are strict and put it straight into your savings, it's also a fantastic way to get yourself a mortgage.
Doing just one of these will start to help you build up that all important deposit, so don't waste time and consider which one of these approaches best suits you.
