How to save up for your home deposit

While buying a home is an exciting time, the journey of saving for a house deposit is no-one's idea of fun. Requiring a lot of personal sacrifice and self-restraint, saving up for a house deposit can take a while - especially during a cost-of-living crisis. However, don't lose hope as there are a few ways that you can speed up the process, or buy a home without saving a big deposit! Here are a few ways you can start saving for your home right away:

Remove any outstanding debt 

When it comes to buying your first home, the last thing you need is a tower of debt to trip you up. Having outstanding debt will make it much more difficult for you to get a good mortgage repayment plan, let alone save the money you need to make a deposit. So, if you have a car payment or a credit card loan to sort out, prioritise paying this off as soon as you can! 

Set savings targets

It’s difficult to start saving until you have an idea of how much money you need to save. If you set a savings goal for every month, you’ll have something to keep you in line and prevent you from spending beyond your limits. Thankfully, there are loads of apps that you can use to keep track of how much you are saving, while most banks offer separate accounts for you to stow away your savings. 

Identify any expensive habits

If you are not ready to give up a life of luxury and regular holidays, be warned - buying an apartment often means making small sacrifices to the way you live. From bringing packed lunches to work, to cutting down on takeaways and huge shopping sprees, try and work out where you can cut down on your monthly expenses. Saving for your home is a marathon, not a sprint, so making these small adjustments could make a big impact in the long run!

Think about your living situation

No-one really wants to prolong their stay at their parents’ house but the cost of rent can be a big impediment to saving for your own apartment. If you are lucky enough to have the option, and don’t mind sacrificing some of your own space, living with a parent or friend could get you on the property ladder much faster!

Save time with Shared Ownership

Shared Ownership is the perfect short-cut to the housing ladder. After buying a share of your dream property (which is a fraction of the price you’d normally pay), you pay rent on the remainder of the home that you don’t own. Saving you the time and hassle of saving a huge deposit, you can still enjoy all of the perks of home ownership!

Find out more about how Shared Ownership works here

Start selling unwanted belongings

Selling things you don’t need might not be a significant boost to your house deposit, but it will give you some extra cash to make the saving process a little easier. Whether it’s an antique record player or a disused sound system, you never know how much you’ll make until you try. As well as giving you a small financial boost, it’ll also make it easier when it comes to moving out!

You can avoid the biting cost of buying a home with a Square Roots apartment! With a range of Shared Ownership options to choose from, there’s no better way to find a home that you love at a price that you can afford. 

Want to take advantage of Shared Ownership? Then why not make an enquiry today about our apartments!