The Purchase of your first home is perhaps one of the biggest financial steps you will ever make in life. The process of saving for a down payment may seem to be a daunting task, However, it is not an impossible task. These are 4 simple way you could save for a do
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Set aside a small amount of money in your savings account
With some time and planning , setting aside a small amount of money and placing it in a savings account every month can be an amazingly compelling approach to easily get a down payment in future. According to a recent Irish study, it’s the most widely recognized way home buyers put something aside for their down payment.
Without a doubt, using traditional methods to save for your down payment takes a lot of time. If you want to buy a property really fast, long term savings cannot be a viable option. As the markets in Ireland change, the prices of homes can dramatically increase and lead to a rise in minimum down payment. These are some of the ways you can creatively save for your down payment.
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Sell the Property that you don’t want anymore
By selling your old electronics, furniture, and clothes, you can get a lot of money and also create space in your home. Regardless of the item you are selling, there are many different online platforms that may help you find and strike a deal with potential buyers. If you do not like selling things through the internet, you could organize a yard or garage sale.
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Lower your cost of living
Despite the fact that reducing your cost of living can be tough for you, downgrading to a smaller house can reduce your monthly rent payment, and help you save a lot more money for your down payment. If you are able to rent a house instead of an apartment or move from a one-bedroom apartment to a studio, you can save up even faster then you think. Another creative way to reduce your cost of living is getting a roommate since they would contribute half of the rent. Additionally, you can live with a relative, parents, or friends for a few months and save thousands of money.
4. Slightly change your lifestyle
Going to a movie during the weekends or to happy hour after a long day of work are certainly fun activities, however, cutting back on any extra-curricular is the easiest way of saving money. If you get the urge to go out to for a movie, snap back to reality and rent one or watch one which you have already. If you miss the company of friends, invite them over to your house.
