HOW TO BUDGET FOR REAL SAVINGS
Saving for your first deposit can be tricky, especially with the cost of living being what it is! But know that a tight squeeze now will all be worth it down the track when you have your first property in the bag.
Whether or not you're looking at investing in property again later on down the track, usually time + other factors will help you in the long run with the deposit on your second home, third and so forth.
It’s just getting in there initially that’s the real hurdle because you’re literally Saving Against the Clock!
So our top tips for getting your first deposit together:
Go to extreme measures to cut down your living costs – get a room mate or 5, live with your parents, whatever it takes.
Cut out the expensive habits – for the time being or for good! Smoking, gambling and excessive drinking are a given, but also relying on take-away when you could just open a tin of beans!
Compulsive shopping has got to go! Buy now/pay later, Amazon ordering and FOMO are all Consumerism related disasters waiting in the wings to sabotage your savings. This isn’t part of the “avocado toast” debate - this is just cutting out things that aren’t giving you real pleasure. Mindful shopping is a good, solid life-long habit that you will probably continue with long after you’ve moved into your new pad.
Ultra boring but super crucial - start keeping track of your spending. Once you’ve got an iron grip on what you’re actually spending, you will have a good idea of what you should be spending, what you could be saving and even better, a goal date in the future when it should all happen for you!
You’re going to have to get a little crazy to get a decent deposit together! But it’s worth it!
On top of the above, you should also be doing some serious research and thinking outside the box:
Check your borrowing capacity with a broker so you know your real deposit target
Ask your conveyancer about rebates, concessions & first home buyer schemes
Team up with a friend or relative if it makes sense - you can easily buy a property jointly by putting both names on the title it automatically splits the property 50/50.
Ask you parents if they are open to going guarantor on your loan.
No stone unturned. No opportunity missed. That’s how you get it done.
If you need budgeting tools, have a look through our resources, there is a format there that we think does the trick - and that you can modify for your own purposes!
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