Many young people are finding it very hard to be able to save sufficient money towards building up a savings pot substantial enough to pay for a significant deposit on a new house. One of the reasons for this is that, having left their parents home to enjoy their independence, they find themselves having to rent somewhere at a huge monthly outlay. This means that they have no monies left each month to set aside in a savings account towards building up a fund to be used as a house deposit.
A potential solution could be to purchase a cheap second hand campervan and do it up if necessary and then move into it and reside in it for 2 or 3 years. During that period you could hopefully save enough money to put towards a deposit on a bricks and mortar property. This assumes that you already have enough money available to purchase a campervan.
You may be pleasantly surprised to find out just how much you may be able to set aside each month in a savings account. Just think of how much rental monies you would not have to pay out each month that you had being doing whilst renting say a flat or a two bedroom house.
In the summer months you should be nice and warm in your campervan but do bear in mind that in the winter months it could get quite cold at times. So, make sure that you have some form of safe heating on your campervan to keep you cosy on a cold winter’s night.
If you have Internet connection, you may even be able to work from your campervan thus saving transport costs of getting to and from the office.
Don’t forget, if you fancy a night or two away perhaps by the sea, you may also be able to take to the road and enjoy a couple of days away in your campervan.
So, if you are considering buying your own home but need to save some money for a deposit on the property, an option worth considering could be to move into a campervan for 2 or 3 years.
