One of the biggest challenges for many first home buyers is finding a way to save enough for a deposit.
For those of us who couldn’t wait to leave home and find some freedom – moving back in with parents is not always an appealing option. And if you’re still in your twenties you might not feel ready to sacrifice your social life, and commit to a few years of watching movies on the couch.
Well, it might surprise you to learn that there’s a secret way to save that deposit, live comfortably and still enjoy the odd dinner at a restaurant.
It doesn’t involve moonlighting, or donating your organs on the black market. And it might even allow you to travel a bit, or enjoy a little luxury while you watch your bank balance grow.
So what’s this big secret?
Well, let me ask you a question first. How much do you spend per year on your living expenses right now? Not food, but costs associated with renting your place of residence. The figure should include rent, utilities, internet connection and any maintenance that you’re responsible to pay for.
For most couples, this figure would easily add up to about $25,000 per year.
How quickly could you save a deposit if you didn’t have to pay anything towards your household expenses? Pretty fast – I would imagine. That’s the benefit of house-sitting.
Offering your services as a house-sitter allows you to live comfortably while saving money at the same time. Let’s face it – if you’re looking for a house-sitter, chances are that your house is pretty nice to start with.
You don’t need to charge a fee for this service, because you’re saving tens of thousands just by living in someone’s home and not paying rent and household bills.
You could experience different areas before you commit to buy in a particular suburb or town. This could give you an excellent opportunity to really research your purchase before you jump in head-first with a 30 year mortgage.
Depending on your work situation, you might even be able to do some travelling, and see a bit of the world while you continue to save.
If you’re interested in doing some house-sitting while you save your deposit, there are a couple of websites that you can browse for opportunities:
www.mindahome.com.au
www.aussiehousesitters.com.au
www.houseminders.com.au
This concept isn’t for everyone, and it might not suit those who already have a lot of nice furniture. But if you don’t mind moving around a bit, and perhaps walking a dog or feeding a cat – this could be a great opportunity to save your deposit in no time at all.