diff --git a/Makefile b/Makefile
index c675965048..7a37e9ba4b 100644
--- a/Makefile
+++ b/Makefile
@@ -64,15 +64,15 @@ build/.ran-cmake: | deps
 
 deps: | build/.ran-third-party-cmake
 ifeq ($(call filter-true,$(USE_BUNDLED_DEPS)),)
-	+$(BUILD_CMD) -C .deps/build/third-party
+	+$(BUILD_CMD) -C .deps
 endif
 
 build/.ran-third-party-cmake:
 ifeq ($(call filter-true,$(USE_BUNDLED_DEPS)),)
-	mkdir -p .deps/build/third-party
-	cd .deps/build/third-party && \
+	mkdir -p .deps
+	cd .deps && \
 		cmake -G '$(BUILD_TYPE)' $(BUNDLED_CMAKE_FLAG) \
-		$(DEPS_CMAKE_FLAGS) ../../../third-party
+		$(DEPS_CMAKE_FLAGS) ../third-party
 endif
 	mkdir -p build
 	touch $@
diff --git a/third-party/CMakeLists.txt b/third-party/CMakeLists.txt
index 9f0e3fac9e..f62d316441 100644
--- a/third-party/CMakeLists.txt
+++ b/third-party/CMakeLists.txt
@@ -2,15 +2,10 @@
 cmake_minimum_required (VERSION 2.8.7)
 project(NEOVIM_DEPS)
 
-if(NOT DEPS_DIR)
-  get_filename_component(PARENT_DIR ${CMAKE_CURRENT_SOURCE_DIR} PATH)
-  set(DEPS_DIR ${PARENT_DIR}/.deps)
-endif()
-
-set(DEPS_INSTALL_DIR "${DEPS_DIR}/usr")
-set(DEPS_BIN_DIR "${DEPS_DIR}/usr/bin")
-set(DEPS_LIB_DIR "${DEPS_DIR}/usr/lib")
-set(DEPS_BUILD_DIR "${DEPS_DIR}/build")
+set(DEPS_INSTALL_DIR "${CMAKE_BINARY_DIR}/usr")
+set(DEPS_BIN_DIR "${CMAKE_BINARY_DIR}/usr/bin")
+set(DEPS_LIB_DIR "${CMAKE_BINARY_DIR}/usr/lib")
+set(DEPS_BUILD_DIR "${CMAKE_BINARY_DIR}/build")
 set(DEPS_DOWNLOAD_DIR "${DEPS_BUILD_DIR}/downloads")
 
 option(USE_BUNDLED "Use bundled dependencies." ON)