Ah, the start of a new year – the perfect excuse for a fresh start, a new diary, and a long list of overly ambitious new year’s resolutions. But if 2024 is the year you’ve decided to trade in your rented digs for a place to call your own, we’ve got some realistic, first time buyer specific new year’s resolutions to help you get there. And don’t worry, these won’t involve kale smoothies or 5 a.m. wake up calls – just a bit of planning, saving, and savvy decision making.
1. Save a specific amount each month
Unfortunately, home deposit doesn’t just appear magically. Work out how much you’ll need to save by your target move in date, and divide it by the number of months you’ve got until then. Then set up an automatic transfer to a savings account, preferably one with decent interest. Tip: treat this as a non-negotiable bill, not something you’ll ‘get around to later.’
2. Know your credit score (and show it some love)
Your credit score is like your financial CV – lenders will judge it, so make sure it’s in tip top shape. Use a free credit report tool to check your score and look out for any errors. If it’s not quite where you’d like it to be, don’t panic. Pay off high interest debts, avoid maxing out your credit cards, and make payments on time. These small changes can make a big difference when it’s time to apply for a mortgage.
3. Complete your Pocket Living affordability assessment
If you’re serious about buying a home (and let’s face it, you wouldn’t be reading this otherwise), your next step is to see what’s realistically within your reach. Complete our affordability assessment to find out what kind of mortgage you could qualify for.
4. Define your non-negotiables
Not every property will tick all the boxes. Start by identifying your top five must-haves (e.g., a location close to work or wfh space) and your deal-breakers (e.g., no outside space or too far from public transport). This will keep you focused during viewings and help you make confident decisions when the right property pops up.
5. Build your emergency fund
Even if you’re moving into a brand-new Pocket home, life’s little surprises don’t stop once you get the keys. Whether it’s unexpected repair costs or just making sure you’re not eating beans on toast every night after moving in, having a rainy-day fund will give you peace of mind. Aim for three to six months of essential expenses tucked away in an easy-access account.
6. Book a viewing and take the leap
Once you’ve got your finances and priorities in order, it’s time to take the next step: booking a viewing. With Pocket Living, you’ll get access to affordable, beautifully designed homes that are built specifically for London’s first time buyers. And who knows? Your perfect home might be waiting for you just around the corner.
Buying your first home doesn’t have to be overwhelming. With the right new year’s resolutions (and a bit of determination), you’ll be well on your way to unlocking the front door to your own place in 2025. So why not start now? Create your My Pocket account, complete your affordability assessment, and make this the year you leave renting behind for good.
Happy new year!