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How to save for your dream home

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How to save for your dream home

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With the December rush of the silly season, it's natural to be swept into the shopping and spending frenzy. However, it's vital to remember that the holidays will come and go. Money spent unwisely now can impact your coming year and the plans you may have to put on hold. When it comes to investing in your dream property, it's best to have a financial agenda and stick to it. 

Understanding a realistic process 

Before you can settle on a property you'd see yourself investing in, you should consider the long-term costs of your selected property. There are things like home insurance, maintenance costs, transfers and taxes to budget for. The first step is to look at your current finances and find ways to comfortably afford to create a savings plan for the year ahead. 

For the savings plan to be successful, you will need to be able to live without the chunk you're setting aside for your property. There's no use in dipping into your savings when you're in a squeeze. This will lead to a constant drain on your funds and never result in a positive, healthy balance for your account. Minimise your expenses by eliminating unnecessary purchases and be strict with yourself when it comes to impulsive buying and splurges. 

Consider a home loan 

When applying for a home loan, it is a given that you will have your finances in order. This will put you in good stead with the bank and financial institutions you approach to have your loan approved. Ooba home loans simplifies this process with online applications that can be submitted to multiple banks at once. With Ooba you can receive a selection of quotes to choose from and decide which will be the option that best suits your lifestyle. 

RealGlen Properties has a range of homes in sought-after areas that you can easily get approved for. A knowledgeable property practitioner will be able to organise your transfer and home loan information. 

How do I invest in my dream house? 

Buying property may be a daunting prospect, yet a highly rewarding one. When you purchase a home, you should look at it as an investment in more aspects than one. Once the home is in your name, it's added to your portfolio of assets. The more assets you have, the more loans you can get approved for and the better your credit rating will be in the long term. 

One surefire way to be certain your savings plan works is to create additional income. You can turn your passion into money by spinning it into a source of income. Whether you sell baked goods, drive Uber or provide a service like proofreading or party planning after hours, your second source of income can be a major contributing factor to how quickly you're able to afford your dream home. 

Get pre-approved before you start shopping 

Once you're pre-approved for a home loan, it makes viewing properties that much more fun. Along with giving you an accurate prediction of what you could afford, it establishes your credit among agents and homeowners.

RealGlen Properties promises its clients expert advice when it comes to saving, purchasing and signing on the dotted line. Close the deal with confidence with one of our trusted property practitioners in your corner. Contact us today

Author REALGLEN Properties
Published 14 Dec 2022 / Views -
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