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How to Save Money for a House?

How to Save Money for a House?

Period saving money is the first step when buying a dream house. Although companies provide lower down payments by supporting you with interim payments, you need to have a certain amount of cash.

Owning a home is possible if you keep your life to a certain standard for a while. Because if you do not have the necessary down payment to buy the house you want, you need to take a loan from banks. This means that you are under regular debt in the long run. “How should I save to buy a house?” No need to worry. Because this is much easier than you think.

What is the best way to save money for a house? We’ve put together 7 steps to help you save money. are listed below.

1. Skip a Vacation

In addition to the monthly costs, cutting back on your annual expenses can also save you unexpected amounts. For example, review your holiday plans during the year. Reduce the number of vacations or just skip the vacation for this year.

However, if you say that I cannot be motivated without going on vacation;

  • Travel off-season,
  • Travel on a weekday
  • Follow budget-friendly local organizations and activities
  • Catch cheap flight tickets
  • Go off popular routes
  • Don’t miss out on early booking hotel deals

2. Make a Budget Calculation

Unfortunately, a lot of people spend that month without calculating their budget. However, making a budget calculation will always bring a great advantage.

After receiving your salary, create an income and expense statement. After writing your income on one side, you should add your expenses on the other side. You can save money by following this table until the end of the month.

Although it is very common advice, the budget calculation is among the very beneficial solutions for paying long-term debts such as housing loans. Because this process, which starts with saving money to buy a house, goes smoothly when you plan your budget and removes the stones that may come your way.

3. Open a Savings Account

Several banks in Turkey offer important opportunities to people who want to save money for a house. One of these is opening a savings account.

With such an account, it is possible to save money. With the interest applied, the savings you have spread over a long period are quietly but powerfully accumulating.

4. Open a Housing Account

In recent years, opening a housing account has been known as one of the best ways to save money. Because the Turkish state provides a service known as a housing account by helping citizens in this regard. Thus, 20 percent of your savings is given by the state.

A housing account is a participation account that allows people who want to become homeowners for the first time to qualify for state subsidies, provided that they make regular payments for at least 36 months.

5. Eliminate Your Debt

Research the approximate price of the house you want and create a plan based on that money you need to save as a down payment. Start by paying off your previous debts. Calculate how much money you need to save each month and try to stick to the plan you create in the first place as much as possible.

6. Reduce or Cut Out a Bad Habit

If you want to save money a little more after reviewing your monthly and daily expenditure items, another method that promises serious savings is to declare a day of the week as a savings day. Declare one day of the week as the day on which you will not spend any money on your bad habit.

If you are going somewhere in your car, use public transportation. Do not eat outside, prepare healthy meals at home before going out. Watch a movie under your blanket, not in the cinema. If you want to make the savings day on the weekend, you don’t have to stay home. Note that there are many events that you can attend for free on the weekend.

You can also consider moving to a more affordable home. Especially if you are moving because you are going to get married, or if you do not plan to use your current furniture in your new home, you can sell them while moving. So, you can cover the transport, initial rent, and commission if any.

7. Earn Some Extra Money

You should consider evaluating your current home. You can advertise on sites that are active in many countries of the world, where you rent a room of your house or your sofa to travelers. Through these sites, you can examine the comments of people who have hosted them before, which will allow you to get to know the person closely before hosting guests. Even if you do not host guests every day of the month with this method alone, it may be possible to earn close to 1 thousand TRY.

If you can’t save money even if you follow your save money plans, you can ask for a raise by talking to your employer at this stage. If your request for a raise is met positively, transfer this amount directly to the account you opened for the down payment.

Of course, saving money for a house is important. However, when you support your dream with an additional income, your new habit can be of great benefit to you. To increase your monthly income and pay the loan installments more easily, it is useful to consider the option of additional work. If you’re a salaried employee with overtime, this may seem difficult, but it’s not impossible. Because you can find many jobs that you can do from home in line with your skills. Creating content, tutoring students, walking dogs, performing and selling digital art, translating or freelance photography are just a few of these additional job alternatives. You can progress by trying the ones that are most suitable for your working hours and tempo.

How Can I Determine the House I Can Buy According to My Budget?

While determining the house you will buy, you should evaluate many criteria such as the neighborhood, social facilities, proximity to educational institutions and malls. One of the most important issues to consider while making this decision is your budget. To buy a house in line with your budget, you need to make the right budget planning.

You should decide on which payment method is suitable for you. If you want to own a house by paying the rent with a long-term payment plan, you should pay attention to the ratio of installments to monthly income. The number of installments that can be paid should be determined by taking into account the monthly basic needs and potential expenses. Thus, it can be determined at which scale the house can be bought by your budget.

Even if you buy a house with a housing loan, the current savings should be evaluated. Banks give a maximum of 80% of the housing price as a loan. A 20% down payment amount can be calculated and a house that can be bought without forcing the budget can be selected.

How to Buy a House?

When you set out with the dream of buying a house, you should save money and achieve your dream as soon as possible. There are several ways to do this.

Opening housing and saving accounts will help you calculate your monthly and annual incomes and expenses and make choices.

If you are choosing a house from a project, it will be to your advantage to choose from a completed project. Waiting for the completion of the construction process is a troublesome process. The house that you will be waiting for the renovation and construction will incur other expenses for you and will delay you to start living in your new home.

A checklist will speed up the whole process because of ensuring you don’t miss any fine details. So, you can find yourself living in your new home at the time you planned. Being careful while making the most important decision of your life will both make time pass quickly and speed up the process when you are buying a house.

Which Real Estate Company Should You Work with When Buying a House?

The real estate company to choose is one of the issues to consider when buying a house. The real estate company you choose should offer you the real prices of the houses. Thus, you can compare their prices with the square meter unit price of other houses in the same location.

It is now very easy to buy a house with the services of Realty Group, which makes the house buying process transparent and buyer-oriented. Save money for a house and take advantage of the RG World!

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