Tips for Making your Housing Dreams a Reality in 2013

by Fox Symes on March 4, 2013

It is becoming much more difficult to save and be able to afford a home of your own. In today’s market, home prices tend to be sky rocketing and more and more people are continuing to rent, opposed to buying. This isn’t the ideal option for many people, however it is the most affordable.

There are numerous options in today’s market to buy new and existing homes. If your finances are managed correctly and you have the will-power to save effectively, your housing dreams just might become a reality in 2013. Here are 5 tips to steer you in this direction:

Set a Strict Household Budget

Budgeting has become somewhat of a common household method and if established correctly, can successfully monitor and track your expenses. Depending on your family size will determine the amount and extent of your expenses. Therefore it is important to accurately monitor them to determine just how much you have as a discretionary amount. You should allocate any amount possible of your discretionary income to your housing plan.

Save, Save, Save!

With your discretionary income now determined, you need to save as much of that as possible. Surely you already maintain a savings account. You should distribute as much of your discretionary income and other sources of income to your current savings account. The more you save, the closer you come to buying or building your dream home.

Open an Interest Earning Account

Many banks and intuitional lenders will offer some form of interest earning and savings account. If your current savings account doesn’t earn any interest, you should consider rolling the amount into a more suitable account that generates interest. The higher the amount in your interest saving account, the more money your savings will develop interest each month. This could effectively equate to hundreds of dollars per month, depending on how much you have saved in the account.

Look Into Home and Land Packages

In today’s market, home and land packages have become a much more affordable method of buying a home. You may have to make some small sacrifices, such as the location, as there is minimal land and developments often occuring in rural areas. Don’t expect to find much development in an urban area. Nonetheless if you can find a suitable neighbourhood, home and land packages will involve much of your personal input to ensure your home fits specifically for your unique tastes.

Avoid Unnecessary Spending

Here entails that strong-will as mentioned earlier. You as a family and as individuals must try and avoid any of those unnecessary purchases you tend to make. This may include for example, excess coffee purchases throughout the day or constant dining out. These occurrences tend to develop and could simply be saved and allocated to your savings account for your new home.

If you can’t manage any of these tips and have unmanageable debt amounts, you should contact Fox Symes for professional assistance to discover a variety of suitable options to help overcome excess debt and stress.

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