At Kearney & Co., we have fabulous houses for sale across Wexford County. Take your pick from Wexford town, Whiterock Hill, Castlebridge, Cleariestown, Crossabeg, Murrintown, Blackwater, Enniscorthy, Rosslare, Kilmore, Kilmuckridge, Oilgate. . . we could go on!
But now that you’ve decided you want to buy, how do you save your deposit? These tips will help you get your deposit together.
- Know Exactly How Much You Need
Central bank deposit rules are that if you are a first time buyer, you must have a 10% deposit up to a purchase price of €220,000 and 20% on the excess over €220,000. A 20% deposit is required for second time buyers. Having an exact figure as your goal will give you more focus.
- Know Exactly Your Current Financial Situation
Before making any decisions, analyse your current incomings and outgoings. Have you other loans, credit card bills? What are your monthly expenses? Its only when you have this information are you fully equipped to make a decision.
- Be Smart With Your Money
Rather than trying to go for the cheaper option on everything, only go for cheaper brands on items that don’t really matter to you. If you’re sacrificing your favourite brand for a cheaper one that you don’t like, this will end up in the bin and so is more wasteful!
- Set Up A Standing Order From Your Salary
If you set up a standing order to save a certain amount every month, you won’t miss the money as much as you never had it in the first place! Trying to save what’s left over at the end of the week/month doesn’t work.
- Consider How Much You Are Spending on Where You Currently Live
If the goal is a particular home in a particular area, you will get there all the quicker if you try to reduce the cost of your current rent/mortgage. Could you rent out a room or move in with family temporarily?
- Have You Anything Worth Selling Online?
Really consider this. We may think we’ve nothing worth selling but “One man’s junk is another man’s treasure”! There are many websites that make it easy and cost effective to sell what we don’t need.
- Encourage Each Other
If you are buying the house jointly, then save together and encourage each other. Good support is vital in achieving this goal.
- Shop Around For the Best Savings Account
Visit all banks to ensure that you have a savings account that will yield the best interest for you. Be careful that you understand the access you have to your money. Often the higher interest accounts limit access and withdrawals from your account for a certain period.
Contact us in relation to any of our properties for sale.