How to save on your first home?
Saving your first home is a major challenge for most of us, as rising real estate prices require a great deal of awareness to finally cross the threshold of your first home. Stay tuned and get started today!
What are the most important parameters?
A good opportunity is always preceded by a good decision: if you decide to have your dreams come true in a home of your own, sooner or later the opportunity will knock on the door. Or do you rather knock on the right? Let’s not run that far! Before you take the first practical steps – though the sooner you save, the better – think about what would be the right apartment for you. Collect and rank the five to ten attributes that are very important to you. These could be the type of building, the number of rooms, the heating, the possibility of good transport and we could list them. We read more about it here.
It is also important to decide whether you want to buy a new or used home. There are arguments for both. When you buy a new property, you can qualify for a tax reduction, or apply for government subsidy or an interest-subsidized loan (although this can be claimed for a used property). The new apartment may be more up-to-date, resulting in less overhead and more livable spaces and rooms.
In case of a used apartment, it is important to find out what the condition of the house is, whether there are any renovations in progress or what the financial situation of the condominium is. If you get favorable answers, you can do a good fair. Many people specifically look for such options, as they believe that a second-hand apartment is less likely to make mistakes that may occur in a new home.
Another important issue is the size of the apartment
There are several factors that can influence your needs. If you are not planning to start a family yet, it may be an ideal choice for a studio apartment or a room or a half room. These are easy-to-sell homes and also have lower maintenance costs. If you live alone in the studio, this is an ideal reception, but it may not be comfortable for two people anymore. In this case, one-and-a-half or two-bedroom properties provide more livable spaces.
If you are planning to have a child with your partner, or if you just want to think for 3-5 years, you may want to look at two to three bedroom apartments. Although they cost more to maintain, the optimal layout of the rooms is comfortable, especially for rooms with separate opening. You can easily publish them later if this happens.
Manage wisely! – How do you get your first apartment?
Managing your first apartment is serious work and research. In a nutshell, it may be helpful to use private and home savings fund solutions, as well as family and friends loans on a regular basis. Not remember, however, that an unexpected turn can always intervene, so the promised help may not arrive even though the full purchase price has to be paid …
So what do we suggest? Once you have a self-sufficient income, you may want to set aside part of it for housing purposes (really forward-thinking parents can raise this money for their children from an early age). So the goal is regular, predictable savings. Keep in mind that buying a property with a loan requires at least 20% equity, but the more you set it aside, the more favorable the loan you can get.
According to DunaHouse, “ The Hungarian State also contributes to the purchase of a home by 30% of the annual deposit amount on a regular dwelling account , enabling the saver to acquire the self-sufficiency or even the full purchase price of his future home sooner. If you want to get a loan, it is always worth asking for a preliminary examination to see if we are creditworthy. Not to mention how much money we will have to pay the bank each month if we take out a loan – first time buyers are often unaware of the monthly burden of a $ 10 million loan, which can last up to ten to twenty years. “
The aforementioned state support (30%) is far more than you could achieve with other savings (bank deposits, government securities, securities). You can also find the right approach from the loans side: observe favorable interest rates, and consider options for a government-subsidized or market-based home loan. When choosing a loan, make sure it is personalizable, has no hidden costs, and keeps the wipe detail fixed throughout the flexible term.