Saving for your first home By Adrian Bates
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verybody longs for a place that he can call his own and if not now, then somewhere in the future. You are young, so full of vitality and all that keeps recurring in your head is saving for your dream house. But the problem is, how do you save? Millennials are encouraged to save for their dream houses in the future and the many changes that are witnessed now can help in paving the way for the future. For most, having the burden of taking care of their student loans, and saving for a future purchase seems like a huge financial challenge.
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Getting into the property market requires more than your strength financially but also your willingness. There are several tools, services as well as grants that are suitably designed to make it easier for you to save for your future dream house. START YOUR SAVING NOW You must get started now for a better dream house in the future. However, before you can even begin, you should make sure that your source of finance is to start your savings plan. This will go a long way in helping you make your initial deposit. A homeownership path is not an easy path and somewhere along the road, you will be tempted to quit but with a savings account right now,
everything will streamline itself. On the surface, the task may seem daunting, especially if you know the source of your fund is a little tight. “Buying a home is one of the largest purchases you are ever going to make, so you need to make sure you are prepared”-Rachel Cruze, Financial Expert. GUARD YOUR SAVINGS ACCOUNT Saving can be a tough call and therefore, depending on your circumstances and ability, you need to shelter your savings plan using what you can easily achieve. Most financial experts will agree that as you are starting to save for your future home, go for the optimum standards where you will neither strain funding the account nor give the account an insufficient amount. “Without taking the proper steps, a home can quickly turn from a blessing into a curse.”Rachel Cruz When saving, go for a plan that you will be comfortable with. As a matter of fact, you should keep padding your savings account regularly. According to the National Association of Realtors, 61% of most homebuyers are using their saving to make a down payment for their dream house. Therefore, it is never a bad thing to always make sure that your account is insufficient. That is what it means to guard your savings account. JUNE 2022 | 51
