How to Become a Homeowner Fast

How do you become a homeowner fast?

  • What you need to do to own your own home
  • Easy ways to save big money for a deposit or down payment

Disclosure: Some of the links in this post or on this website may be affiliate links and if you go through them to make a purchase I will earn a commission. I only link to products or companies I consider to be of quality.

Are you a first time buyer looking to buy your first home?

Does it all seem pretty daunting?

You can become a homeowner fast by making six small but effective sacrifices to put together a house purchase deposit or down payment.   

Here are the six really easy sacrifices you can make:

1. Go back to living with your parents

2. Live with another relative or friend

3. House share

4. Rent somewhere cheaper

5. Sell your car

6. Sell a valuable asset

1. Go back to living with your parents

A great way to add a large sum to your deposit pot is by moving back in with your parents if at all possible.

Say you are renting at £800 per month at the moment. If you move back to your parents for 12 months, that is a saving of £9,600 over a year. You would also save on council tax and other household bills.

You may want to make a contribution to your accommodation costs even though it is your parents – and that would of course marginally reduce the total amount you save.

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2. Live with another relative or friend

An alternative to moving back to your parents is moving in with another relative, perhaps someone requiring assistance with care or domestic matters.

Such an arrangement would be a win-win for both sides.

Moving in with a friend is also a way to reduce your accommodation costs.

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3. House share

House sharing is a great way to reduce the amount you pay in rent.

Think outside the box. Say you are renting a one bedroom flat at £1,000 per month but two bedroom flats are available at £1,200 per month.

You could rent a two bedroom flat with a friend, each of you paying £600 per month – representing a £400 per month saving on your previous rent.

Over a year that is a chunky £4,800.

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4. Rent somewhere cheaper

You don’t have to live in expensive accommodation in the best part of town – especially when you are saving up for a deposit.

Find accommodation costing the lowest rent possible. That could mean renting in a less attractive part of town.

It could also mean opting for smaller accommodation; for instance, you could choose a bedsit rather than a one bedroom flat.

Remember that such “deprivation” would only last while you are saving up for a deposit.

5 must know things about money (five must know money fundamentals)
10 steps to grow your money (the groundwork to deposit raising)
15 money smart tips (must know tips to achieve your financial goal)

 

QUICK HOUSE DEPOSIT:
50 Ways To Put Together A Deposit in 6 Months

5. Sell your car

If you are running a car and doing so is more expensive than using public transport, consider selling it.

You will also get the benefit of the sale proceeds, which can be added as a lump sum to your deposit or down payment. 

You may be able to save more money still by cycling to work and elsewhere instead of using public transport.

Walking may save you even more money. You don’t need to walk everywhere – just journeys where it is easy or convenient to do so.078a93f0ebd880db1cac1612aa33e1ad.jpg

6. Sell a valuable asset

Consider whether you have valuable assets, other than a car, which you can sell to raise a sizeable sum to add to your deposit savings.

That could be something like a luxury watch or jewellery. You may also have investment assets you can cash in – such as premium bonds or shares.

You may not have a single valuable asset but instead you may have several possessions which, if sold, will together net you a sizeable sum. 

Becoming a homeowner fast

To become a homeowner fast you need to focus on raising a deposit or down payment.

Make the simple sacrifices mentioned in this blog to become a homeowner fast. 

Remember that they will be temporary sacrifices and the prize, your own home, is well worth having. 

Comments

Are the sacrifices mentioned in this blog within your reach?  How many of them could you make, and by how much could you potentially grow your deposit in a year?

Disclosure: Some of the links in this post or on this website may be affiliate links and if you go through them to make a purchase I will earn a commission. I only link to products or companies I consider to be of quality.

Dalton Barrett
Rebel Property Coach

About the author

London-based blogger Dalton Barrett has over 30 years experience as a property solicitor, conveyancer, investor and coach. Read about his unconventional worldview of property here

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