Tips to help first-time buyers get ahead

Tips to help first-time buyers get ahead

The biggest and often the first obstacle any first-time buyer will meet is the deposit – that percentage of the house price that you are required to source yourself. It’s a significant expense and one that potential homeowners have a great fear of – but it is a realistic goal. How quickly you get there is dependent on your ability to curb your spending and start saving.

To do this successfully, you need to track your spending over a couple of months. Keep all your receipts and, at the end of each month, tally your income and your expenditure and this will give you a map of your spending and where you may be able to cut some costs.

Set goals and stick to them. You should set up a savings plan for a 12 to 18 month period to realistically be able to accrue a decent capital sum – but remember to inject a little of the 80:20 diet principle into your savings plan. That is, save 80 per cent of the time and indulge in a little low-key spending 20 per cent of the time.

It may seem obvious but once you break it down into bite-size pieces, saving becomes a habit and, much like going to the gym or healthy eating, once you start practicing it you can find yourself becoming competitive about it.

For more tips and key insights into the mortgage journey from application to drawdown, visit

There are 2 comments for this article
  1. Fran Michaels at 4:52 pm

    Thank you for the financial advice. My husband and I were looking into buying a new build home sometime this year. However, we’ve been forced to re-evaluate given the current global recession and our current financial position. Aside from the deposit that you’ve mentioned in your article, we’ve also computed our monthly expenses and set aside budget for new furniture. What we failed to account for are the other expenses associated with buying a house. For example, we forgot to include the cost of services like a snagging survey. We initially thought that we didn’t have to do this since builders and developers in Ireland are required by law to conduct an inspection. Apparently, best home buying practices nowadays include getting an independent snagging survey, as what’s written in this article, Of course, we’ll also have “moving expenses”. While these expenses aren’t that big, we’re still thinking twice just because they weren’t in our initial projection. We’re apprehensive about increasing our cash out given the uncertainty we are all facing.

  2. Matthew Beale at 12:03 pm

    We’re About…Delivering a premium service!
    Work with us and your dreams of owning a luxury property will be safe in the hands of an elite group of Estate Agents. We work on an extremely strict selection process and we only deal with the very best of the very best. What’s more, we constantly review our network to ensure that our impeccable standards are always met.
    How can we guarantee this?
    Unlike others, we don’t charge Estate Agents a fee to appear on our website. In other words, there is no benefit to us to represent “anyone and everyone”. When you use us to find your luxury property, you can rest assured that you will deal with a renowned and highly reputable Estate Agent who has your best interests at heart.

    Visit us at:

Leave a Reply