Much has been written about the fact that saving up for a house can be tough. That includes both getting on the first rung of the property ladder and upgrading to new homes in Cheshire.
Even if you do a lot of research about affordable housing in Cheshire, you will need to plan ahead and make sure that you have enough cash to buy your dream property. Especially as the cost of buying a home can include a number of ‘hidden extras’ such as legal fees and charges for moving your worldly goods into your new residence.
So, how can you save up for a Cheshire home?
Be realistic and prioritise
Saving up for a first home or to move to a bigger property should be exciting. However, there are a few hard facts you need to face.
One is that you need to have a clear grip on your financial situation. This is not just in terms of cash to buy a home, but also the amount of money you will need going forward. The joy of having your own place will soon disappear if you have stretched yourself too thin, and you struggle to meet mortgage payments!
Also, set your sights at an achievable level – that five-bedroom luxury home with vast gardens may have to wait!
Once you have a realistic target, be honest about what you need to do to make it happen. This may mean less evenings out and no holidays for a while! Weigh that up against the benefits of living comfortably in a lovely Cheshire home of your own!
Compare investments and loans
Even if you've been with the same bank or building society for some years, it’s wise to compare products and services. That way, you can maximise on any investments you have and find the best lender to help you afford property.
The Help to Buy ISA is no longer available for new accounts, but if you already have one you can continue to invest until 2029. As an alternative, consider Lifetime ISAs, which are a Government supported way to save up for things such as home ownership.
Consider Shared Ownership in Cheshire
One of the best ways to afford to move into your own property is to take advantage of Shared Ownership options.
There are some amazing new build developments in Cheshire that you can choose from, and by opting for Shared Ownership, you'll need a smaller deposit and mortgage! The developer retains part ownership of the property and you pay this off in gradualist amounts. Even when combining rent and mortgage payments, it can be the most affordable way to have your own home.