We are living in a rent generation. There are less people who are able to afford their own house, yet these are the same people who can afford to pay more than you would do in monthly mortgage payments to get a home. How does that work out? Well, once you get stuck in the renting cycle, it’s hard to get out. It’s like being on a roundabout that is going so fast that it’s difficult to know where to fling yourself off. Unless, of course, you have the privilege of a safety net of parents or some other family/friends who are willing to lend you the money to get a deposit together for a mortgage, and you have the stability of a good-paying job to get you out of the cycle. Otherwise, it’s going to be a long, hard slog to get to where you want to be. However, this isn’t to say that things can’t be done to get you there just that little bit quicker.
Move Back In With Parents
There are a high number of millennials who are still living with their parents, trying to save up enough so that they are able to put down a deposit for a good mortgage. This isn’t uncommon at all; it’s probably the most foolproof way of gathering your money together, currently. There is little chance that your parents are going to charge you as much as it would cost to live in a house by yourself, so take advantage of this. Of course, offer money and do jobs around the house/contribute to bills — this is only fair — but ensure that you’re putting away a sizeable chunk each month that you can do something with later on.
Get A Low-Cost Loan
Not only are we living in the rent generation, but we also seem to be living in the finance generation too. A lot of deals are available to us on finance, with cars being the main perpetrator. The APR that you are paying back on your car finance could be slashed by looking at the lowest APR loans available to you. This is a good option to save yourself potentially hundreds of pounds — just make sure that you are paying back the loan in frequent instalments to avoid any further charges. Looking into credit cards with a fixed 0% APR rate for a set amount of months can also be an option.
If your company doesn’t offer the chance for you to work overtime, or you’re not in the line of business where it requires it, don’t fret — there are plenty of jobs that you are able to do which can easily be applied for online. If you have good skills as a writer, graphic designer, are a fast typist or can even provide some quick guidance on a subject that you know a lot about, then you have the potential to earn money by searching online. Job sites are always bursting with ads for those who can work from remote locations to add to their new business venture. Just a couple of hours invested into this every night could see you getting your much-desired deposit in no time at all. However, it is best to remember to register yourself as self-employed whilst doing this just in case you get fined later on.
Look For Lodgers
If you know that it’s not feasible for you to move out of where you’re living, either due to work commitments or you’re tied into a contract, it may be worthwhile looking for a lodger. You’ll need to check this through with your landlord and see if you are allowed to sub-let, but in the majority of cases this should be no problem. If you have the space available, i.e., have a lounge but don’t utilise it for its purpose, there should be no harm in it — if so, your landlord may bring down your rent whilst charging somebody for use of the room. It can be an incredibly useful situation to be in, especially if you know that you live in a popular location and it’s convenient for those within the same line of work or mindset as you (for example, professionals living with professionals rather than professionals living with young students — it just doesn’t mix in some situations). Remember to save rather than spend your extra money.