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October 5, 2024

A Quickstart Guide To Saving For Your First Home

Things To Consider Before Buying Your First Home With tons of homes to choose from, you can get lost in the decision-making process and forget what the house really is for. Not all first time buyers u...
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Things To Consider Before Buying Your First Home

With tons of homes to choose from, you can get lost in the decision-making process and forget what the house really is for. Not all first time buyers use this property as their primary home, and the same might be for you. Some homeowners purchase their first property for the sole intention of renting it to others.

Before putting any down payment, realize that buying a home is a long-term commitment. Things such as travel, current income, real estate prices, and employment stability should be taken into consideration before you seal the deal.

Pre-purchase Checklist

1. Look For Properties Early

2. Save Up At Least 20% Of The Deposit

The higher your deposit, the less stressed you have to be about making your repayments. While it’s not always possible to put down more than 50% of the home’s value, at least aim for 20%.

3. Find A Guarantor

Speed up the loaning process by asking one of your family members to serve as your guarantors. On paper, guarantors are bound to your debt. This person will assume responsibility of your debt in the event you are unable to meet repayments.

Tips On Saving For Your First Home

1. Do The Math

One of the most immediate things you can do is re-evaluating your current lifestyle. Saving up for your first home doesn’t have to be strenuous; you can easily gather the cash you need by planning your current budget wisely.

2. Find Other Sources Of Income

3. Open An Exclusive Home Fund

4. Eliminate Unnecessary Purchases

How many times do you eat out every week? Do you ride a taxi everyday as opposed to hitching a ride with your neighbour? Are you renting an expensive apartment when your sibling’s house is only a few minutes away from work?

When the going gets tough, remember that you are not only buying a home, but a secure future where you can build a happy and stable life.

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