It’s a big hurdle, stepping onto the property ladder for the first time.It may even seem at first to be a mission impossible. But there are ways that you be make your first home ownership a reality. With some good sound financial advice and some choices you could be on the path to purchasing your first home.
This is a big one. Actually monitoring your expenditure can help you save faster for your new home. This can actually help you record and monitor what you spend and more importantly where you can save money.
2. Look at your bank accounts
Make sure you are maximizing the saving and capital you have so that your bank account can work harder for you. Could there be a bank account that has a higher interest rate?
3. Renting a smaller place
Ask yourself, whether you could afford to rent a smaller place. Spending less on rent while you are saving for your first home, could lower your rental payments and enable you to accelerate your savings quicker.
4. Look at your bills
By simply paying your bills on time, could save you money on charges and other costs. By paying for them through a debit account rather than by credit card will save you even more. Consider a direct method that doesn’t attract an admin fee.
Are there any grants or other schemes to help home owners? There maybe some schemes in your local area that might help you.
Look at loans, make sure that you are getting the best deal. Simply by getting your interest rate down even a fraction could equate to much lower monthly repayment.
Ask yourself is there any way you could make the tax system work to your advantage. Could you claim some taxes back or pay a lower rate?
By planning your finances better, you could be saving a lot of money in the long run. Perhaps you could set yourself a monthly budget, and then stick to it.
9. Saver Accounts
There are many savings schemes out there that can be your savings work harder. With a variety of savings and investment products you could find a way to boost your savings a little more.
10. Stamp Duty
There maybe an actual saving on stamp duty. This would actually help reduce the actual cost of home ownership.
No matter what your needs are with your new home, with a little bit of financial planning and sound financial advice you can get there. Here at Anne Street partners, we can help you every step of the way – from planning your finances to helping you find investment products to suit you.
Give our team a call today and find out more!