How to save for your next home in Welgelegen
Category BetterBond Advice
Welgelegen is a beautiful and thriving area with great opportunities for property investment. Considered as a prime location which consists of elegant freehold homes and townhouses the suburb is great for newly formed families, existing residents who are looking for an upgrade to larger homes within Welgelegen, as well as the retired community. Owning a home in this area is a dream come true for many, but in today's economy with many expenses and the rising costs of practically most commodities, how does one save for their next home in Welgelegen? Here's how:
How much do you need to save?
It is wise to first decide what characteristics you are looking for in your next home and then conduct your research within the property market. You can now establish what your goal is and then work towards saving for a good deposit. Most deposit requirements can range from 10% - 30% of the asking price of the new property. The more you pay as a deposit the lesser your monthly repayments will be. Use our online bond calculator to gain a better idea of what the costs involved in purchasing a new home are.
Stick to a budget
Once your goals have been set you need to create and stick to a budget. Aim to pay off your existing debts and avoid making new ones. The more money you have the more you will be able to save. A great method on how to save for your next home is to first pay off the debts which have the highest interest rates.
Simple ways to save towards your next home
Say no to takeaways
Buying lunch and snacks on a daily basis is costing you a fortune and you may not even realise it. The same applies for buying breakfast and dinner on a regular basis. Cooking your meals at home is not only a more affordable option but also a healthier alternative. Let's take your daily cup of coffee for example. If a cup of coffee costs you R25 a day, in a year you would spend over R6000. That is R6000 that you could have saved towards a deposit for your new home.
Re-evaluate your expenses
Do you have a gym contract but do not remember when last you worked out? Get those magazines that you pay for but never read? Or how about your satellite TV that just shows repeats? It is time to scrap those unused memberships and re-evaluate your expenses. These unnecessary expenses are keeping you from saving for your next home. Your car and household insurance can also be evaluated yearly - you can also shop around for better options.
Limit the use of your car
With the petrol price increasing almost every month, you should consider ways to cut travel expenses. For instance, carpooling will cost much less than maintaining a car daily, or if you take on more passengers then you have an income to stipulate your costs. You can also avoid paying for parking at the mall by getting your shopping done within the 'Free Parking' duration - normally an hour.
So by now you have found ways to save money, it is equally important not to get carried away and feel like you deserve a big reward - like those new expensive shoes or the latest smartphone. Control your wants and urges to shop. The more you save the more you can have. Once you are ready to make that move contact RealNet Platinum and we will assist you in finding your dream home.
Author: RealNet
