How to save to buy a house? 20 Mar

How to save to buy a house?

The golden rule of Saving.

Buying a house requires a lot of responsibility and, perhaps, if it is the first, even more. It is one of the most important operations in life and, in most cases, it will not be repeated many times throughout life. However, there are many young people who cannot afford it. This is demonstrated by the fact that 50% of tenants are tenants because they cannot buy.

Buying a home requires having savings. In general, a bank will finance 80% of the appraisal of the property, so the buyer must have available the remaining 20% plus taxes, that is, approximately 35% of the total transaction including taxes and expenses.

Let's go to trouble. How to start saving to buy a house?

1. Set a goal that is realistic.

It is useless to set small savings goals if we want to buy a €300,000 home. As we have explained before, you must collect 35% of the operation, which in this case would be 110,000 plus or minus. If you think you can't reach that figure, we'd better start looking for properties that are below that figure. Remember that at you can make an appointment so that we can make a detailed study of your possibilities.

  2. The golden rule. Divide your income into three categories

You may not have the slightest idea about the amount you should save. There is a basic rule of thumb to divide the income you receive each month into three different categories: your needs (50%), your whims (30%) and your savings (20%). Make the calculation and decide if you want to allocate that amount to whims or if you can spend a small additional percentage on savings.

3. Set up a fixed savings and automate it in your account

If you do not automate saving, it is very likely that many months you will forget to set aside a certain amount or you think that you are not doing too well, because you have had many expenses or because you need the money for other things. The best thing to do is to open an account in which you can deposit the money without touching it, automating the transfers month by month. Choose a significant amount, but do not overdo it, because you should not lack money for day to day.

4. Pay off your debts before buying a home

If you have personal loans, it would be convenient for you to try to pay off the debts as soon as possible. It is about arriving as clean as possible when buying a home. In this way, you can allocate all the money you had planned to your savings, instead of having to reserve money for other debts.

5. Take it easy: Great things are made of small.

We're sure you're looking forward to buying a home, but Rome wasn't built in a day. For such an acquisition you will need to have saved a significant amount of money, so take it easy. The most important thing, above all, is to set realistic goals. Another thing you can do, to save time, is to try to get extra money by selling objects that you no longer need or other properties that you own.

Cheer up in your project, be constant and... I'm sure you'll get it!


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