Here is a case of one of my coaching students: Anne Pisani
“We’ve all been in that terrible position. You want to get on the housing ladder, but it just seems an impossible prospect. You can’t even seem to save up the deposit, let alone the house itself!
Here’s what happened to me.
When I wanted to buy my first house, I realised that I was going to have to make sacrifices. The amount of money required for a deposit on your first home has grown quite a bit since then, but I was still looking at a figure that was more money than I’d ever seen before.
Something had to change, and change fast. I realised that I needed to make sacrifices. That I need to save every penny that I possibly could, and put together a deposit ASAP.
Now that wasn’t necessarily particularly enjoyable at the time. Do you think I wanted to stay home, and live off bread and water?! Well, that’s a slight exaggeration…but I certainly overlooked many social invites for quite some time. Not easy to do when you’re young, vibrant, and just want to party!
But I don’t regret my decision for one second.
By setting out a monthly budget, and sticking to it with the utmost strictness, I was able to save up enough for a deposit for my first home within a matter of 18 months, despite being on a fairly modest salary at the time.
And once I got that first taste of bricks and mortar, there was no turning back. Yes, it was only a poky little apartment, with not enough space to swing a cat. But it was mine. I still remember the sheer joy of lying down to sleep in my new home for the first time, and feeling like a proper adult!
Now, I know exactly what you’re thinking. It’s so much tougher to get on the housing ladder nowadays. And, of course, you’re absolutely right. However, I have three important things to say to you.
Firstly, that makes it MORE important to budget and start saving money immediately. Not tomorrow…today!
Secondly, nothing in life that is worth accomplishing is easy. There is always a long and winding road separating you from any meaningful achievement. But every great journey starts with a single step, and you’ll be surprised how quickly you’ll start to make progress towards your property buying goal if you fully commit to it.
And, thirdly, I’ve got some good news for you.
There is so much support for first-time buyers today than when I bought my first property. There are mortgage advisers, help to buy scheme, government savings accounts, shared ownership opportunities, and absolutely stacks of valuable information out there on the worldwide web (including on this blog!).
So you’re by no means on your own.
Some years on from the commitment that I made, I’ve bought numerous properties, turned over millions, and become a successful housing entrepreneur.
And you can to it too, if you believe in yourself, and fully commit to achieving your dreams.