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5 Tips Saving a House Downpayment for Youngsters

Sep 28, 2021
4 Minutes

Owning a house is the ultimate dream for most people. Unfortunately, from day to day, property prices including housing continue to rise sharply. Then, what can the young adults do to finally be able to buy a property? Here are some tips on saving money for house down payment that you can do from now on.

Housing Survey
The first step you can do is to survey the house you want to buy. In conducting this survey, there are many ways that you can try. You can go directly to home developers, property agents, or banks that have mortgage programs. Usually, they have a price list for the cluster and the type of house they offer.

Online property research from the internet is another way for you to easily compare house prices. Otherwise, you can visit property exhibitions that are often held in malls or shopping centres.

Whatever type of survey you do, make sure it fits your needs and budget. Do not force your budget. Adjust it to your financial condition. Be careful when conducting this survey.

Leave Your Wasteful Habits
Next, move on from the extravagant lifestyle and wasteful habits that you have (unconsciously) been doing. For example, spending money on unimportant things like hanging out every day at coffee shops, buying branded goods just for the sake of prestige, and many more.

If you really want to save money, then start now and stay committed to it. Always record your expenses regularly. Do it every day, every week, or every month as a new habit.

Record your financial transactions down to the smallest fees. For example, the parking fee, which is only IDR 2,000 – IDR 5,000. However, if it is piled up for a week, a month, or even a year, this parking cost becomes a big source of expenditure.

Save Some Money for Downpayment, or Invest
Another way to get a down payment on your house right away is to save some of your income. The trick is to immediately set aside your income when you receive a salary or get bonus money. If you continue to put off saving money, it's possible that the money will be used for other purposes. It would be even better if you separate accounts for savings and daily needs.

What is the ideal savings rate? Usually, the bank charges a house down payment with a percentage of 20%-30% of the selling price of the house. It looks small, but don't underestimate it. If the house price is IDR 400 million, then the down payment is IDR 80 million to IDR 120 million.

Therefore, you need to set aside at least 30% of your income to make it easier to calculate. You can also invest in other profitable assets for additional money for the down payment of your dream house later.

Apply for a side job
If saving and investing is still not enough to pay the house down payment, you can also register for a side job. These side jobs sometimes have greater benefits than the main job. Even so, you must be good at managing your time so that this side job does not interfere with the main job, even better if the two go hand in hand.

A side job can come from a hobby or by relying on your abilities. A catering business, freelance photographer or graphic designer could be worth trying. Set aside the money from your side job income to pay off the house down payment.

Join the Best Mortgage Program
Property prices are increasing, forcing people to join a mortgage program if they plan on buying a house. It could take a long time to collect money for down payments, especially for people with middle to lower incomes or who are already married.

One of the best mortgages for young adults who have been saving for down payment on a house is PermataME KPR that comes with various advantages and benefits. With this millennial mortgage program, you are free to determine the maximum tenure period of up to 30 years according to your budget. The down payment on houses in this program is relatively low and the process is quite fast.

Now, getting a house with a low down payment is no longer a dream. You can make it happen by applying the methods above and choosing the right partner for a home loan. Make sure you also have a strong commitment and discipline. Good luck!

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