HOW MUCH SHOULD I SAVE FOR A HOUSE IN 2020? How much money do you need as a first time home buyer?

[@AbigaelAremu]

Hey guys! Just wanted to add that Stamp Duty is another important thing to save for if your property is going to be more than £300k! So sorry this skipped my mind when recording this video! Hopefully this is still very useful 🙂

[@shashemi4881]

Hi Abigael! This is super clear, but I was thinking- wouldn't buying your first home be so much easier if you went with Proportunity? they are very similar to the help to buy. Not many first-time buyers can save a lot as an initial deposit. Whereas Proportunity can top up your deposit by upto 25% and this can be on any existing build. I'm curious to see your thoughts on this proportunity.co.

[@joannal2721]

Hi Abigail when you purchased your first house as BTL did you put it under a LTD comp or personal? I’m wondering if I can get my first propery under a BTL and if so would this protect my first time buyer stamp duty exemption as LTD comp property essential would not be owned by me personally? Would be great if you know the answer to this

[@singlesmeetinternational]

Thanks, Abigael. Very useful video. I realised this long ago, when l bought my first property. You do need a lot more to cover all the legal fees and more than just yiur deposit.

[@job8697]

Preparing for every eventuality is true wisdom. There I was thinking i was half way there

[@AbigaelAremu]

It really is - glad this video came at a good time for you! You’ll be there in no time.

[@job8697]

@@AbigaelAremu I will and thank you.

[@TheMarvelousBeautyChannel1]

Wonderful video! I'm in the US but still found this very informative for what I needed to consider before my purchase.

[@AbigaelAremu]

The Marvelous Beauty Channel I’m so happy to hear that 😊 All the best with it!

[@TheMarvelousBeautyChannel1]

@@AbigaelAremu I'm actually in the process of it now (unexpectedly) an opportunity presented itself, which was best for me to take right away. So, there were lots of costs like you covered, that I was unaware of. I wish I came across your video sooner. 👸🏾❤️👸🏾

[@AbigaelAremu]

First of all congrats! I should really have made this video sooner but don’t know why it didn’t occur to me lol Hopefully the unexpected costs have been something you’ve been able to manage though...all the best ❤️

[@TheMarvelousBeautyChannel1]

@@AbigaelAremu Thank you ❤️ So far, so good. 👸🏾❤️👸🏾

[@abenaaboagye]

Hi Abigael, thank you so much for this insightful video! Xx

[@AbigaelAremu]

Hey girl, you’re so welcome - glad you found it helpful!

[@dusanveselka3240]

Great that you mentioned how much banks land instead of how many % one needs for a deposit. If my income 25k pa and house from 300k, i need at least 200k deposit + fees

[@AbigaelAremu]

Precisely! I believe a lot of the time people speak from a one size fits all I.e. as long as you have a particular % deposit, that’s all that matters...forgetting that lenders work out how much they can lend each person based on their individual salary/situation. Thanks for the feedback 🙂

[@Jazzmin554]

I got Well Fargo bank statement and two biweekly stubs from Cyber Credible when applying for the apartment just to prove my income and I got approved moving in October 5

[@Jazzmin554]

On IG I got Cyber Credible

[@Natta44]

Very helpful thankyou, just when I was close to a deposit, I realised I'm not even half way yet :(

[@AbigaelAremu]

Aww don’t worry about it, I’m sure you’re a lot closer than you think - a couple of the things I mentioned are more precautionary than mandatory. All the best 🙂

[@elana604]

In other words. A single parent earning 30k will not be able to buy a house. This is helpful but also disheartening, I can see some properties outside of London say Kent areas the cheapest I can find is £250k. You can't save more than 6k with the help of Universal credit who top up your income if you do they won't help but its not enough monthly income to pay for childcare, bills and getting to work. I feel sad

[@AbigaelAremu]

Thanks for the feedback. I most definitely did not say however that a single parent on a 30k salary will not be able to buy a house. It’s possible for anyone to buy a house as long as they are determined - the timeframe will just depend on your individual circumstances. I can imagine you feel disheartened if you have many expenses coming out of your salary, however just keep the focus and have a strict plan as to how much you can reasonably save. You’ll reach your goal of owning a home - don’t even doubt that! Also, do not compare your situation to others, or feel you should have achieved something within a certain time frame because somebody else has. Everybody’s circumstances are different - good & bad.

[@taniasofiapaiva1154]

You can always consider buying on a shared ownership scheme for example

[@oliverskinner8962]

30k is not bad and with universal credit top ups on top. I'm on 15k no universal credit no kids though. I'd say your situation is good as if you can find someone on a similar wage as you that would be 60k if I did it would only be 30k my plan would be to find someone have children and get a council house/flat makes way more financial sense to me.

[@Rosskitchernew]

has been very helpful, Thank you, Please Cover How couples can put their money together :)

[@AbigaelAremu]

Aww so glad to hear it! In terms of couples I believe the same principles apply - the added benefit is that you can share the costs and other things i've mentioned in the video, between the two of you. Regarding how much you can afford (overall property value), work out between the two of you how much you can both save towards a deposit and also speak to a mortgage broker. Hope that helps 🙂

[@jessicasarahliddell8883]

Very good video it’s all about maths and details

[@AbigaelAremu]

Thank you 😊 It is isn’t it!

[@xsxmaria]

Thanks so much for this, didn't know about mortgage product fees! Great video xx

[@AbigaelAremu]

Thanks girl! Glad you liked it 🙂

[@_NayomieMcLeod]

Loved this video it was informative, the only thing I wouldn’t agree on is you don’t need a partner to buy a house, and I think that’s what makes a lot of people not end up buying until they’re in a long term committed relationship and ready to buy, if you initially can’t afford to buy at the moment don’t stress yourself just wait until you’re financially secure and if you’re living at home I cannot stress this enough but save save save !!!!!!

[@AbigaelAremu]

Thank you! I’m not sure where you got that statement from however. I would never advise that you need a partner in order to buy a house - in fact I have bought a property being single and without the financial assistance of anybody else. The only thing I would say and probably did in this video is that having a partner can help to afford a bigger/more expensive place, in the shorter term. I.e. speeding up the process. Regardless though, this can still be achieved on your own.

[@aboutthatlife1418]

Thank you so much for this channel. I stumbled across it and have now subbed this has really helped! This has to be one of the best channels on youtube, so happy I found you!x

[@AbigaelAremu]

Thank you so much, really means a lot! Also glad you’re finding the videos useful 🤗

[@hannaho5420]

Thank you, very insightful ❤️

[@AbigaelAremu]

So glad you found it helpful Hannah ❤️

[@tiffyd4513]

So much useful information in this video!!

[@AbigaelAremu]

So glad you think so! Thank you :)

[@amratpathak6418]

Abigael Lots off. Valid points Not waste off time To listen to your videos. Keep on With your nice work I have gone through Lots off videos Your is different gives lots off knowledge. I am newbie in property Soucer Rgds (AmraT)*

[@erica-neves2000]

Fantastic video x

[@AbigaelAremu]

Thank you 😊

[@liam11227654]

This video was very helpful. Thanks 👍🏻

[@AbigaelAremu]

Aww glad to hear it 😊

[@ResourcesWithMarie]

This is such a helpful video...thanksss for sharing.

[@AbigaelAremu]

Glad you enjoyed it! 🙂

[@michaelhewitt1986]

Thanks for the advice

[@AbigaelAremu]

Glad you found it helpful 🙂

[@corporatesteve]

Ooof 40-50k 🥵 great informative video 👏🏾

[@AbigaelAremu]

Thanks Steve! Honestly it really does get like that...but you’ll feel so much more comfortable with the investment/purchase having approached it that way. Particularly during uncertain times like this 🥴

[@zainabmt4110]

This is very informative, thanks for sharing 👏🏼

[@AbigaelAremu]

Glad you found it helpful ❤️

[@Mars-op9km]

As a landlord would I have to buy wardrobe, Chester draws and TV... I would think I need to atleast buy the beds, beddings and wardrobes ?

[@AbigaelAremu]

No not at all. You can offer your property unfurnished if you wish to. Rental income will just be a little less. If you’re doing a HMO however you’ll likely need to do some basic furnishing.

[@CouldonlybeDebs]

Your channel is really growing Abigael ❤️❤️❤️

[@AbigaelAremu]

I know right I’m well excited for what’s to come 🤗 thanks luv ❤️

[@eddyinegbe9872]

This video was so helpful

[@AbigaelAremu]

So so glad to hear 😊 Please do feel free to let me know if there’s any other topic you’d like me to cover.

[@AishaOLewa]

go girl!i love this

[@AbigaelAremu]

Thank you 🤗

[@lolatylar8104]

Such good info

[@AbigaelAremu]

Thanks for the feedback 🙂

[@a.e5070]

Hi Abigail ,thank you very much for your video. Very useful and informative. So with all these fees . I am assuming that the help to buy ISA will help with these fees.

[@AbigaelAremu]

Hey Hermana, you’re welcome - glad you liked it! With the help to buy ISA, you get the bonus money at completion and so solicitor fees or any costs prior to completion cannot be covered with that money. You will need to ensure you have separate funds for those.

[@fififinance7469]

Great video Abigael - I did do a video on the 3 things investors should know about in the UK and one is the LISA which is designed to save for a deposit where the government provides 25% towards the saving. As its a deposit for a house, even if you just hold it as cash or low risk investments, you can then take the money out for a deposit on the first home... do let me know what you think? Have liked and subbed for the algo :)

[@AbigaelAremu]

Thanks Fifi, I covered this exactly in this video :)

[@SixthDivison]

I would really like to know how much to save. I don't have a "bank of mum and dad"

[@AbigaelAremu]

Neither do many of us. Hopefully some of the pointers mentioned in this video or some of my others can assist.

[@SixthDivison]

@@AbigaelAremu Thanks your video was very helpful! It's just that alot of adverts and advice experts programs/videos always generalise forgetting that not all of us have parents or grandparents to run to for finances.

[@AbigaelAremu]

Thank you! I totally understand how you feel and have experienced also. I do believe things are changing for the better however, as there is a lot more content available nowadays speaking for those of us who haven’t been brought up not having to work for our own!

[@KF-zs8oq]

In aus (I don't know about other countries) a guide is about 20k for 200kish a basic house (a guide dont come for me but about 15%-20% your more likely to get the loan ) but in saying that we also have 10,000 grants we can apply for because housing in Australia is a joke rent wise and home owner wise a lot of people struggle with housing and it's a big problem ,

[@shvlogs2261]

How much did you save for your house?

[@AbigaelAremu]

Futurefunds98 about £45k in total

[@shvlogs2261]

@@AbigaelAremu how long did that take you? Plus was the house you decided to purchase in the range of the house prices you was mentioning in your video such as £200,000 to £300k as I plan to buy my house for a max of 125k

[@AbigaelAremu]

It took me like 2.5 years and the house price was £200k. The deposit you will require should be much less than I had to put down.