May 28, 2022

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STEP BY STEP PROCEDURE TO SAVE FOR YOUR NEW HOME

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STEP BY STEP PROCEDURE TO SAVE FOR YOUR NEW HOME



Whether you just start a job or you have a job for quite some time, you can save for a new house. Well, you doo not have to pay for the house immedistely. Probably, you may decide to take up mortgage for the new house. This means that you need to save for the down payment and next for the installment.
The following steps are guide to assist you save for the down payment and the installment. The steps is of benefit to those who which to build their own house. Read them below:

STEP1
REDUCE YOUR SPENDING HABIT

Saving for that new house involve a great sacrifice, you may need to stop spending money on unnecessary expenses. Check yourself to know were you are wrong in your spendings. Can you do away without some item? Or is there some spendings that are unnecessary? Are there ways you can reduce expenses on transportation? If you can cut down expenses and save up to a thousand Naira (N1000) per day, you can have N365000 in a year.

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STEP2
OPEN A SEPERATE ACCOUNT
Now you have set up a foundation of reducing your spendings, now you can save part of your money for your dream house. To start saving, you will need to open a new bank account. It is better to have your new account with the bank you have your old account. This will save you the stress of taking money from one bank to another, though, online banking have made transfer of fund easy.

STEP3
FIND OUT THE COST OF YOUR DREAM HOUSE

The next thing you need to do is to find out the cost of the new house you are interested in buying. Or if you intend to build your own house,  you can ask an architect or realtor for the price of that dream house you wanted. However, this should be the first step you should have done. But taking this step now is not wrong in any way. By the way, if you will want a mortgage loan, then inquire for it. Yo can get details about the mortgage, down payment, installments and interest on the internet. A mortgage loan give you the opportunity to own or houild your house with ease and pay later. Thereby, enjoying the house fwhile paying the installment.

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STEP4
MAKE A BUDGET

Now you know the cost of the your dream house. Now make a budget of money you will need to save for it and the number of years it will take you to save up the money. If you are interesting in mortgage loan, you should also plan base on the mortgage agreement, the number of years it will take to payback the installment. You may need to save for the down payment first before you start saving for the installment. Proper budgeting will help you achieve this.

STEP5
NOW START SAVINGS

You can now save for your dream house. As you are saving, it is normal for other expenses or economic changes to come up. This may threaten your savings, but with common sense, I believe you can overcome such threat.

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CONCLUSION
Whether you just got a new job or have been on a job for a while. Start taking effort to own your own house. House a huge investment. It appreciate rather than depreciate with time. Invest well on it and you will be proud of yourself.

Further reading:

Tips on sponsoring your child education.

How to remain financially stable dispite economic downturn.

Learn five ways you can protect yourself from unexpected events.

Nigeria economic recession-who are affected and who are not affectd.

Reasons why small business fails-marketing.

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