SAVING FOR THE AUSSIE DREAM: SMART MONEY TIPS FOR HOMEBUYERS
March 4, 2022
Whether you’re saving up to buy or build a brand-new home, Hunter Homes is with you every step of the way. We’ve compiled some tips on how to start saving for your dream home.
Start a Savings Account
When it comes to planning for that perfect home that you see in your future, there is no better way than to start a savings account dedicated only for this purpose. It might seem obvious, but having the discipline to put aside savings each month into an account totally separate from other funds will help you reach your new home goals much faster.
Budgeting Without Being Boring
Now comes the big question, how much do you put into that brand new savings account every month?
This is where taking a good hard look at your current monthly expenditure will help. Take note of your income and the kinds of expenses you incur every month. Most people aren’t aware of how much they spend each month on subscriptions they had forgotten about, or other luxuries which they can really do without. The good news is that your new home savings begin here! Once you have identified costs that you can reduce, a realistic budget starts to emerge.
Deal with Your Debts
Buying your dream home within the ideal time frame is a combination of saving money for a substantial down payment while maintaining a good credit score so you can qualify for a variety of home loans and grants. We recommend saving money for your home each month, but also working towards clearing credit card debts and other loans as a priority.
Keep Up with the Market
“Luck favours the prepared mind”
That’s our advice to aspiring homeowners. It may seem daunting at first, but getting a feel for the real estate market in your area can be an exciting and rewarding activity. Contact supportive realtors in your area and use their experience and knowledge to start understanding real estate trends, prices, off-season periods and other nuggets of information which will help you develop a strategy for when the time is right.
Understanding the basics of what drives the real estate market can help you communicate your goals better and will provide accurate insight into how to budget for your down payment and your mortgage payments. Immersing yourself in the information is a great way to motivate yourself to maximise your savings, as well as identify loan combinations and government packages which can greatly expedite your goals.