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What encouraged you to save for a house deposit?

Planning_ahead
Planning_ahead Posts: 92 Forumite
First Anniversary
in House buying, renting & selling
My children have all finished their studies and will be in full time employment. I want to encourage them to save for their futures. What encouraged you to save for your first house?
:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 2023
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Comments

  • SG27
    SG27 Posts: 2,773 Forumite
    Simply that I wanted to buy a house! I started saving around 22/22, moved out at 30!
  • Planning_ahead
    Planning_ahead Posts: 92 Forumite
    First Anniversary
    Seven years to save is a long time, I want to keep them focused and not give up and splash out on holidays and cars.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Marvel1
    Marvel1 Posts: 7,171 Forumite
    Name Dropper First Post First Anniversary
    Always been a saver at a young age, bought on my own at 25.

    You could try showing them the cost of buying a house, mortgage calculators etc
  • diggingdude
    diggingdude Posts: 2,445 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Shoe them how they will be paying someone else's mortgage if they rent. It worked for me eventually once debt was paid off after uni
    An answer isn't spam just because you don't like it......
  • SG27
    SG27 Posts: 2,773 Forumite
    cjdavies wrote: »
    Always been a saver at a young age, bought on my own at 25.

    You could try showing them the cost of buying a house, mortgage calculators etc


    Dont do that they would give before they start!
  • Planning_ahead
    Planning_ahead Posts: 92 Forumite
    First Anniversary
    That's my concern, we have looked at calculators and I have done a budget spreadsheet for them. Very tight budget, even on the cheapest houses in the cheapest areas.
    They will need to a save a good sized deposit.
    Are the 30-35 year mortgages any good? Thinking this might help them. I am wary of help to buy schemes,should I be?
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • GoingOn30
    GoingOn30 Posts: 231 Forumite
    First Anniversary Name Dropper First Post
    It's kind of something they'll have to figure out for themselves, but showing them how much a monthly mortgage repayment would be compared to rent could help.
    It can be really hard for young people for whom it might take 5-7 years of saving for a deposit to take the first step as the challenge seems so great. Getting into a regular savings habit from the off is the best bet.
  • a_silver_lining
    a_silver_lining Posts: 535 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    I moved out at 18, so for me it was to have security. I saved from 18 to 27 when I bought and got a 30 year mortgage. I paid rent the whole time and wasn't on the highest wage. I bought in the south east. It can be done by anyone I think if it is a priority.
    19/12/14: Spent 10 years of savings!!
    :heart2: ..... to buy my first home. :heart2:
    11K OP 31.03.19

    Current goal: €151,000 deposit Ireland and counting, to buy Spring 2022 we hope!
  • HampshireH
    HampshireH Posts: 4,473 Forumite
    First Anniversary Name Dropper First Post
    I've saved for as long as I can remember and only buying now in early 30s

    My 1 goal as a teen was to buy my own house. After uni I rented with a friend. Then lived on my own for 5 years. Still saving but watching the house market boom.

    Decided to buy a car. Figured I was never going to be able to afford a house so put some of my savings into a car I needed for work.

    Continued saving and have done ever since. But have rented for the last 13 years (inc uni) .

    I've not scrimped on holidays although I'm not overly extravagant either & I've had new cars.

    I wouldn't have done anything different but my aim was always to buy my own place regardless of how long it took me.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    First Anniversary Name Dropper First Post
    If they are living at home you charge them a commercial rent and the put it away in a saving account so that they can't get at it.
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