If you’re on the saving journey towards buying a home, it’s important to think about how much you’ll actually need to save, plus where you want to live or invest! Here are our tips to help you keep your eyes on the prize. 

Transcript:

If you’re on the saving journey towards buying a home, you might now be in the same position as Jane. Jane’s been saving for what seems like an eternity, and although she’s gotten very good at squirreling away her money, she’s finding it tough. 

She’s done her budget and is sticking to it (mostly), but saving is a marathon, not a sprint, and to avoid pulling a financial hamstring, Jane (and you) will need to keep your eyes on the prize.

To figure out how much cash you’ll need to splash and how long this race is, there’s some things to think about: 

– where you want to live or invest

– are you after an apartment, house or tree-house? (each to their own Jane) 

– look up the recent sales for that type of property in that specific area! 

Once you get an average price for your chosen suburb you will have an idea of how much you may need to part with – the house price tag, deposit, stamp duty, insurance, conveyancing fees etc. Then you’ll have an idea of how big your nest egg should be. Once you work out your deposit amount, you’ll be able to figure out whether this race is a fun run, or an ultramarathon.

And just like a pro athlete needs a coach, a pro saver like Jane needs some help as well, which is where having flat mates can come in handy, they can make the finish line a bit closer if you can share some of your living costs.

 

 

Originally published on flatmates.com.au