Double your deposit in half the time - Part 7
This week we bring you the final in our 7 part series on ways to save for a home deposit (which are excellent tips, no matter what you're saving for)! We share an article by Nila Sweeney, Managing Editor of Australia’s leading property investment magazine and active property investor herself, who has been writing about the Australian property markets for more than eight years. Nila's final tip is:
If you don't have the advantage of rent-free accommodation, there's something almost as good. It's called house sitting and it allows you to live in and maintain another person's home in their absence in return for (normally) rent-free accommodation. A typical arrangement may last from a few days to a few weeks through to 12 months or even a few years. The cost to you is minimal - worked out on a case by case basis - and may involve you having to look after the owner's pets or garden. Usually you only have to pay the standard utility bills (electricity, gas, phone), or for longer arrangements some of the long-term bills such as council rates and water rates and perhaps a token rent.
You will be required to pay a deposit which is refundable when the owners return to their home - provided of course that it is in the same condition they left it. Many houses are in beachside suburbs or the better parts of town and it doesn't get any better than that.
If you want to really get ahead in saving a deposit you need to do everything you can to save. This may mean cutting down on your expenses, moving in with your in-laws and even getting a second job. There's no easy answer to the question but if persevere you'll be years ahead that if you didn't do anything.
This is the last of Nila's tips on how to double your deposit in half the time. For a confidential discussion with us about your budgeting, please contact us on 03 9935 5233 or
Our offices are centrally located at Normanby Chambers, 430 Little Collins Street in Melbourne CBD.
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.
Source of article: https://www.yourmortgage.com.au/home-loan-guide/double-your-deposit-in-half-the-time/77846/
Source of image: http://www.sorrentoliving.com.au/property-news/calling-all-house-sitters-i-have-a-client-who-needs-their-home-looked-after/