We all have dreams of a perfect house we’d like to live in. But how many of us actually follow these dreams through? A home is a big purchase – and it’s likely your dream house won’t be cheap – but by planning early you can save up the means to get there.
Start investing now
Many people hope to retire to their dream home, but don’t make steps to find the funds for that home until they’re actually retired. It could be worth saving a little bit of money each week towards your retirement that could help pay towards your dream home. Many financial advisory services can be of help and may be able to find you ways of earning more now through grants, benefits, groups that you could be joining and lifestyle changes that you could me making to help you save up the money you need.
Learn to flip
One way to get your dream property is to keep climbing the ladder, but this may take a long time if you’re settling into each home for a long period. Flipping property is a way of buying property low and selling it high in a short period of time. This can allow you to rise up the property ladder at a faster rate. Of course, this is no easy skill to obtain and may involve doing your research on upcoming areas, as well as ways in which you can renovate homes to make the biggest property. Not being able to settle down may also not suit the lifestyles of many people.
Downsize in order to upsize
An alternative to climbing the ladder is to temporarily downsize in order to then save up enough money to then rustle up a deposit on a much bigger place. By moving from a house to a flat, you’ll be left with a huge sum of money that you can then invest whilst also saving up money in other areas. A few years of cosy living in a small home may be required, which of course may not be possible if you have kids (although many parents choose to do this after their children have moved out in the years building up to retirement).
Consider a self-build
A self-build can allow to build a home exactly to the specs that you want. It can also work out surprisingly cheap compared to buying a property (and you can further save costs through the materials you use). The hardest part is finding the land to build on. The cost of this land is likely to be more than the construction of the property, but together it may still work out much cheaper than buying a home.
Aim to cut your bills and debts
Bills and debts will get in the way of your dreams. Invest in solutions such as solar panels that will prevent you having to pay electricity bills in the future, as well as lowering gas bills by installing insulation. Take measures to lower insurance rates and try not to take out too many extra loans that could have you paying interest for years to come.