Don’t let the idea of owning your own home be just a dream! Sure, saving for a downpayment can seem like it’s going to take you a really long time – but it doesn’t have to. You can definitely make sure that you are in a position to purchase your dream house in the future.
Because we all have dream homes, don’t we? Whether it’s a beautiful beach house, a country house or a fantastic townhouse or snazzy apartment, there is something that we are all dreaming of. And it seems that this is always going to be different between us all. But the bottom line isn’t the kind of house that you want, but actually achieving it and getting what you’re working towards. And so, that’s what we’re going to take a look at today. In this post, we’re going to break down what it really takes to buy your dream home, and how you can make that your goal in the foreseeable future.
1. Getting Clear About The Goal
To begin with, you need to set the right intentions. Because when you have your goal all figure out, you’re then more likely to achieve it.
Writing It Down
To start with, you’re going to want to make sure that you’re writing it all down. When you have goals, keeping them in mind isn’t always enough. Because they are easy to forget about. But, when you are able to write everything down, you may find that you are able to stay focused on the goals that you have, and actually make them happen.
Creating A Vision Board
Writing things down always makes them seem much more concrete, but you can also take that a step further by creating a vision board. This makes things seem more real. When you can see what you’re working towards, it can be much easier for you to achieve them. So get some pictures of the kind of place you’re working toward, and create your own board.
Aligning Your Actions
With your goals in place, the next thing that you need to be able to do is align your actions. It’s so easy to just set goals and forget about them. But when you want to get your dream house, you have to take action. That always starts with consistently aligning your actions with what you want to achieve. You have to make sure that you are treating your money as you would if you were where you want to be, which means preparing financially now.
2. Preparing Financially
Now, you need to take a look at where you’re at financially right now. Then, you can move in the right direction.
Assess Your Finances
The focal point at this stage is always going to be how you’re doing financially at this point in time. So, it means that you need to sit down and look at your income and expenditure. Assess where you’re at and make a plan for where you need to be. As you’re doing that, take a look at a basic calculator to make some estimates on what kind of mortgage you need or might get. It can also help you to work out how much you need to save for that downpayment.
Cut Your Expenses
It’s also a good idea for you to cut back on what you’re spending. You don’t have to stop spending altogether but it definitely helps to be a lot more conscious about what you’re spending, so that you know you can add the money into savings instead.
Aim To Earn More
Now you also need to make a plan for how you’re going to get more money. You know where you’re at financially right now, and you know where you need to be. So how are you going to bridge that gap? It always helps to make extra money. So as you’re making your savings plans, think about how you can do that too.
3. Taking Action
You also need to take action. Because it can be difficult to actually make the money that you need, unless you hold yourself accountable.
Work For A Promotion
To start with, you might want to think about how you can earn more doing what you’re already doing. Because more income means more savings. And if you want to speed up the house buying process, you need to get that downpayment and fast! Working for a promotion can not only be fun and rewarding career-wise, but it can help you to get that extra income you want.
Start A Side Hustle
Then, you might also want to think about starting a side hustle and seeing what can happen with that. We’re so lucky that in this day and age it’s easy to be able to make as much money as you want. You just have to pick a side hustle and get started with it. More often than not, you’re going to find that you can surpass your regular earnings with a side hustle – and that helps you to make up the savings you need.
It’s also fun to try and become a bit more entrepreneurial. Are there things that you can sell from around the house? Can you make anything to sell? Maybe you can let out a room or space you have? This is often a great way to make more.
4. Staying On Top Of Your Savings
The next thing you need to do is be very conscious of where you’re at with your finances, so that you can stay on track and reach your goal.
Track Your Savings
First of all, you may find that it’s really useful for you to start tracking your savings. Otherwise, how are you going to know where you are in relation to your goals? It’s important to make sure you know how much you’ve saved, whether you are on track, and how much longer it’s going to take (along with how much more you need). Tracking with a spreadsheet can help. And you may also find that doing this helps you to stay focused and motivated too.
Another thing that is really going to help you is the ability to automate your savings. Sometimes, when you actively tell yourself that you need to save, there is some resistance. And if you make it optional, it can quite often fall to the bottom of the pile. But when you then opt to automate them, they are a priory and everything that’s left after your bills is available to spend.
And then, you want to just add more whenever you can. Set your minimums and automate them for sure, but if you see that you can add an extra $50 or whatever to your savings account, you can do that to top yourself up.
5. Getting It All Underway
And then finally, you actually need to get the ball rolling with finding the house, making an offer and also making it your own.
Taking The First Step
Now, the exciting part comes your way. Because you’re able to take the first step towards getting your dream home. You’re ready financially and have everything together, and now you need to actually find the property that you want. So actively look, work with a broker, and do some viewings. You’ll know what the ideal property is when you find it, so make sure that you’re active with this too.
When you’ve made the decision, you then need to take a deep breath and get the final stuff done. Think about getting a lawyer to sign off on everything, get your survey done, and make sure that you have your mortgage offer in place and accepted. Then you’re ready to go.
Making It Your Own
Finally, you are then going to want sure that you are able to make this your own. Because buying the place is always just the start. Exchanging can feel like the end of a very long process, but more often than not it’s actually only the beginning. When you’re able to step into the home that you have bought, you then need to get all of the remodeling under way. So it’s handy to have a plan (and a budget) for this right off the bat. And then, you can make yourself at home in your dream house!