There is really no way around it, if you are planning to buy a home you will need to have enough for a 10% deposit.
The way things go, you will need to save at least 20k to 30k before you can dream of getting a place you can call your own.
Now the tricky part, unless you have a good “parents bank” to back you up, this sum may take years and years to put together.
In the meantime, you need to live somewhere and as we all know, rents can be quite hefty.
Maths done, the solution can be quite simple, moving back with your parents.
It´s not the end of the world. In fact it can be a very positive experience, and may give you the security you need before you embark on what will probably be the biggest journey of your live – buying a home.
And moving back with your parents is not necessarily a sign of failure. Often one needs to give a step back to move forward…and by the way you wouldn’t be the only one.
Research shows that more than 20% of 20 to 35 year olds are doing exactly this.
Soaring property prices and stagnant wages mean that less people will ever afford to buy their own home or that they will have to do some serious sparing for a long time.
Of course, moving back with the parents will not always be an option or not the right one.
You may end up spending more money commuting between your work and your parents home than you would by renting a place closer to work.
There are several other options to help you get on the property ladder without having to wait for years.
There are a few government schemes available, for example “Help to buy loan”, “Starter homes” or “Shared ownership”.
You can also consider join forces with a friend or two to buy a property together. Or you could go for a cheap renovation project and do it up.
If you wouldn´t mind getting your hands dirty, here is where you can find lots of great renovation projects for 20k or less.
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