How To Save Money For A New Home In Melbourne

Building a brand new home in Melbourne is probably one of the biggest purchases that any couple or family will make. Whilst choosing a site and a design for the home can be pretty simple, however, it is saving up the money to fund the project that becomes a real issue. Use the following tips to help you save enough money for your home:

• Begin saving at least 6 months before you would like work to commence on your new home. Remember that the longer you save, the more likely you are to have a considerable size deposit.
• Research all of the builders, house and land packages, architects and drafters in your state to determine what the lowest price and the highest price you could pay will be.
• Determine how much money you can realistically save between now and the time you would like work to commence on your home. Don’t forget to take into account bills and other surprise costs.
• Draft up a realistic budget for the time you have set aside for saving and make sure you stick to it. If you manage to save more money that you budgeted for, that’s great!
• If you have any existing debts (on your car, personal loans or an existing mortgage), begin paying them off as soon as you can. This will help to reduce additional interest on your new loan.

As you can see, one of the key factors in ensuring that you have saved enough money for a new home in Melbourne is planning. In part two of this blog, we will look at some other ways that you can save money, including by lowering your utility bills, increasing your income and reducing your spending. Remember that the home is the goal!