Find Properties:

Use my current location
AdvancedBasic search
Draw a search

Tips For Saving For Your First Home

Sun 26 Jun 2022

Tips For Saving For Your First Home One of the toughest challenges we face in our lives is saving a deposit for your first home, which really isn't easy especially in today's economy. One of the barriers to buying your first home is paying rent, which takes a big chunk out of many peoples' salaries. Secondly, not having a solid budget in place for what you want to save and a common factor for a lot of people is having a low disposable income, meaning they are not able to save.

We've compiled a list of some helpful tips that can help you jump on the property ladder just that little bit quicker.

Where to start first?

Find out exactly how much you need to save. Saving to buy your first house can be overwhelming and daunting, but you need to make sure you have a clear and realistic plan that will make it a lot more achievable. One app to use is:
 
Lifetise: Whether your goal is buying a home, having a family, or saving money. Lifetise provides the tools and actions to make it a reality.

Set a budget

Spreadsheets will become your best friend when it comes to budgeting. It’s the perfect way to track your incomings and outgoings, and will give you a clearer and more realistic understanding of how much you can save.

This will provide you with a clearer and more realistic understanding of how much you’re able to save and what price of house you’re able to afford. It’s easier said than done, but setting a budget can help you to develop skills in discipline and become more realistic with your spending.

Check to see if there's any subscriptions you are not using and cancel them and make sure you’re on the best possible broadband and mobile tariffs!

Setup a savings account

Once you’ve identified your goal and worked out how much money you need to save each month, it may seem trivial but opening a savings account and organizing a standing order for a fixed amount will help you to regularly save.

For example, saving £200 a month equates to £2,400 at the end of the year that you didn’t have before…it’s all about small milestones.

SAVE SAVE SAVE!

Some savings accounts can be tax‑free. There are so many to choose from, to see which savings account suits your circumstances, so make sure to set aside some time to research!

Keep an eye on house prices

If demand remains high, house prices will continue to rise, but as there are reports of a recession looming, we can see a decrease in recent months. Check‑in regularly online and with your estate agent to keep an eye on the market and grow your awareness of the best times to invest. Another great tool to check on house prices in your local area is to keep an eye on the government's land registry website.

Buying your first home is exciting, and it should be something you enjoy and appreciate! If you’re looking for your next home and need some property advice, call us on 01788 551111 to speak to our sales team.

News Archive

October 2022

Top Qualities to Look for in an Estate Agency

July 2022

Will house prices keep rising, and is it a good time to move?

June 2022

Tips For Saving For Your First Home

May 2022

Top Tips For Selling Your Home

March 2022

5 Ways To Spruce Your Home For Spring

December 2021

Brown & Cockerill Named Best Agent In The West Midlands Region By Relocation Agent Network

October 2021

Maintaining you rental property this winter

Rents rise at fastest rate for 13 years

Why Autumn is a good time to make the move

A guide for first time tenants

September 2021

Why You Should Rent Through A Reputable Agent

Top tips on being ready to sell your property

August 2021

Lettings market records its strongest month

How has the property market been impacted after the stamp duty changes?

Gardening tips for landlords

July 2021

Common mistakes when selling your home and how to avoid them

Top tips on increasing the rental value of your property

Property price predictions for the rest of 2021

June 2021

Choosing the right lettings agents

A beginner's guide to selling a property

A guide on buy-to-let mortgages

Everything you need to know about the Stamp Duty changes

May 2021

Tips for renting out a property

How to maximise your house value in the current climate

Restaurants to Visit in Rugby, Warwickshire

Rental prices are on the rise

April 2021

Alfresco Dining in Rugby

Five top tips for getting your garden spring-ready ...

What The Government’s 95% Mortgage Scheme Means For Buyers

January 2021

“What should you spend time and money on when improving your property?”

November 2019

National Estate Agent Conference

April 2019

What is the difference between Outline and Full Planning Permission?

February 2019

Best Ways To Increase Your Rental Property's Energy Efficiency

January 2019

Shared Ownership - What is it?

October 2018

Taxes Payable by Landlords & Investors - A Guide

August 2018

We win GOLD for the 3rd year running.

May 2018

The Facts - Energy Performance Certificate (EPC)

February 2018

Relocation Experts Recognised at Brown & Cockerill Estate Agents

November 2017

Chancellor abolishes Stamp Duty for First-Time Buyers in England and Wales in his Budget

The Team Attends National Estate Agency Conference and Exhibition.

September 2017

Brown & Cockerill win Silver at National British Property Awards

It's Official - We are the Best in Rugby!

July 2017

The Pros and Cons of 'Online' Estate Agents

Top tips for reducing condensation

May 2017

The importance of your credit rating when applying for a mortgage

Thinking about selling but worried about the length of your lease?

April 2017

Tenant Referencing - what you need to consider

March 2017

How to Spot and Tackle Japanese Knotweed

February 2017

10 things to do before applying for a mortgage

HOUSING WHITE PAPER: The Key Points

January 2017

Woodworm Treatment - The ins and outs that you need to know

December 2016

Selling Your House? Don't Wait for the New Year!

August 2016

Brown & Cockerill Offer Clients a Relocation Agent Specialist

July 2016

Brown & Cockerill win GOLD for Best Estate Agent in RUGBY!

June 2016

Lettings: A Guide to Deposit Protection Schemes

Property Jargon Buster - a glossary of terms

May 2016

Thinking of Buying a Second Home? a guide to stamp duty changes.

April 2016

Rents Rising Across Most of the UK

March 2016

Keeping a Property Tenanted

Brown & Cockerill Help Home-Movers to Celebrate!

February 2016

FEBRUARY is here which means it is the month of LOVE

This Year We Are Celebrating Our 20th Anniversary !

January 2016

Help to Prevent Damp & Mould

Do your tenants have the Right to Rent?

Proposed New Stamp Duty Rules

December 2015

Buying or selling a property with asbestos?

Gazundering: A guide to what it means and how to avoid it!

November 2015

The Team Attends National Estate Agency Conference