'I saved £22k deposit for my first home using the 50-30-20 method – here’s how you can too'
FIRST-time buyer Theresa Makombe used the 50-30-20 savings method to help save for a deposit to buy her dream home aged 27.
But the house hunting process did not come without its complications - Theresa's home wasn't the one she originally had her heart set on. These are the different types of surveys and their typical prices, according to the Homeowners Alliance:This gives a traffic light report to indicate the conditions of various states of the property - green for okay, orange for cause for concern.
I thought it would be a good investment to buy a home now and save thousands of pounds avoiding paying for stamp duty, although it turns out I wouldn't have had to pay anyway thanks to the first-time buyer tax relief.Theresa gave up buying clothes for a year in 2020 to ramp up her savingsShe didn’t charge me any, so I reckon I was saving £500 every month compared to what I would be spending on a flat share in the city.
I was spending a lot of money - probably around £250 to £300 a month - on clothes, picking up an outfit for an event or a night out or buying a coat I didn’t really need. A week later, I was told someone had put in a higher bid than me, so I upped my offer to £135,000, which was accepted.What help is out there for first-time buyers?
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