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Here's how to get started on your deposit before you take on a second job, sell your belongings online, and swear off takeout lattes forever.


As much as feasible, lower your rent. Could you return to your parents' house (we understand) or take a room in a house or flat share?

Make a realistic goal for how much money you want to save each month. Then, as soon as you're paid, move it to a savings account so you're not tempted to spend it.

Saving for a down payment on a home is no easy task. You don't have to give up all earthly pleasures to get there, though. So, where do you begin?

First and foremost, you must decide what sort of property you want and the amount of money you are willing to spend.

Is it true that some locations are more affordable than others for two-bedroom apartments? Is it possible to get more space for your money by looking a little further out?

A good tool for researching house prices in your desired area is the 

. You can use it to see what homes have sold for by specific address or download all data in a given county for a given year. It's best to use the most recent sales as a guide.

You'll have a target to aim for once you've determined your budget.

What is the best way for me to begin saving for a deposit?

Calculate how much you can put aside each month. Then, as soon as you're paid, move it to a savings account so you're not tempted to spend it.

To qualify for a mortgage, you'll need to put aside 10% of the purchase price as a first-time buyer. However, you can use the 

 to form your deposit and this can supply up to €30,000 towards your deposit on a new build home.

So, if you want to buy a house for €300,000, you'll need to save €30,000 or use apply for the 


Could you return to your parents' house or share a room in a house or flat?

Rent is likely to be your largest monthly expense. It will go a long way towards your deposit if you can put it in the bank.

This will help you avoid the temptation to eat into your savings with day-to-day expenses. Bank of Ireland offers a 

 especially designed for first-time buyers. They'll top it up by €2k if you take out your mortgage with them. Most banks will offer savings accounts of some description and you can choose one that best suits your needs. A solid record of savings will come in handy when you apply for a mortgage too. 



Keep your social life as low-cost as possible. Your new gourmet of choice is park picnics with handmade sandwiches.

Spring is coming so maybe you can jog in the park and cancel that inflated gym membership.

Take a break from the latest fashion trends. Don't impulse buy clothes and if you absolutely need something hunt for a bargain. When planning holidays make sure you can cover the full cost without dipping into your dedicated savings for the deposit.

Purchase a home with a friend. Half of the job is done when the deposit is instantly halved. You can join the property ladder at any stage. If you're renting with a friend you may also be able to jointly purchase a home.

5. Use a budgeting app and review your monthly expenses

A lot of banking apps such as AIB mobile app, Revolut app or Number26 app will break down your monthly spending into categories such as 'Leisure & Entertainment', 'Shopping', 'Bills & Utilities' and 'Travel & Holidays'. This can be really useful for identifying areas where you might be overspending. Many banking apps will even allow you to set a savings goal and report on your progress towards that goal. Scrutinize your expenses but don't go overboard. You want to keep a social life and you'll probably want to eat out or travel every now and then. Just make sure you're doing enough to meet your savings target each month. 

6. Avoid bidding wars by buying a new-build home 

The housing market is mostly made up of second-hand homes and many first-time buyers don't even think to look at new-build homes. You can avoid bidding wars by buying a new build. Once you're quoted a price by the sales agent that won't change and nobody will bid against you to increase the price.

Forget the bank of Mum & Dad, you don't need it when Irish Government Schemes designed to help First-time buyers such as the 

 can be combined on new build homes to increase your buying power.

Glenveagh homes are designed for family living, with large living areas, seeded rear gardens and modern kitchens. All our properties are energy efficient new-builds with an A-rating for energy resulting in lower energy costs. We incorporate sustainable and renewable technology to reduce our carbon footprint. 

All of our homes are covered under 10-year HomeBond Structural guarantee, meaning you are covered for the repair of major structural defects.

 in Ravens Mill, Rolestown, North County Dublin.

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What happens after the sale has been agreed?

How the Affordable Purchase Scheme Can Help You Buy a Home

How to save a deposit for your new home

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