Six Strategies for Buying a Home at a Young Age
Buying a house at a young age is no longer an unreachable dream. Today’s generation can start investing in property since their 20s. In addition to saving money to pay a down payment, you also need to know other tips and tricks for getting residential at a price that matches your initial salary at the company. Here are strategies you can take to buy a house at a young age.
Determine Financial Objectives
The first strategy to buy a house at a young age must begin with setting financial goals. You must know what the price of the desired house in order to estimate the nominal money to be collected and the period of saving. Just be realistic. With a current salary of around 4 million or 5 million, you can only reach modest suburban or subsidized homes.
Now that you have a financial goal in mind, you can now set a target to collect an advance as a sign of buying a home. Down Payment (DP) that you must pay is usually 20 percent of the price of the house. So, if you are aiming for a modest house in a buffer zone of Rp. 250 million, then you have to save up to Rp. 50 million. But, you must not forget to calculate the potential increase in property prices per year.
If you are determined to buy a house at a young age, then start saving 30 percent of your salary so that you can get used … Read More