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While there are very few ways to cut down on the time it takes from agreeing on a price to being handed the keys to your first home, you can cut the costs. Saving money during the purchase of a new home means taking a more strategic approach while ensuring that you have a very robust understanding of everything that has to happen before you get those keys.
Getting onto the property ladder isn’t always easy, but the more you know, the easier it will be to cut your costs. Take the right steps, and you can avoid many of the obstacles that are traditionally in the way of a property purchase. Here’s how to ensure that you don’t overspend when buying your first home.
Planning ahead
Your first step is to save your deposit. If you’re not quite deposit-ready, make sure that you have a timeline plotted out so that you know roughly when you will have saved enough for your deposit. Use every saving trick in the book to ensure that you get that deposit saved as quickly as you can. Use direct debits into your savings account every month, cut down on your streaming services and stop buying name-brand goods. Anything you can do to save money will speed up the process.
Get help
You might not be aware of this, but the UK government has funding available for those buying their first home. Make sure that you know what a Lifetime ISA is and whether it’s a good choice for you (they tend to be extremely valuable for first-time homebuyers). There’s also the Help to Buy equity loan, which can be used for new builds and provides up to 20% (or 40% in London) of the total property price. Get the help you need, and you can quickly move on to the next stage.
Get a conveyancing solicitor early
If this is your first home, conveyancing might be a bit of a mystery. It’s a c… Read More
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