Saving up for Your Dream Home

Saving up for Your Dream HomeMoney is a funny thing. You either have it or you don’t, and you can spend it on whatever you please. For some, that means frivolous items of which have no sentimental value. Another audience saves all that they can, so that they can invest in memories or long term commitments. Long term commitments can be just as subjective, meaning that you should be able to define them however you want. Some of the most common are cars, and… you guessed it – homes. We’re a little bit biased here at Australian Heritage Homes, because we care so much about designing and building your dream home. It’s why we started the company, and why we’ll continue to build it for decades to come. That doesn’t just mean a commitment to perfection. It means a commitment to growth – something that no company should ever stop pursuing.

We love everyone in our industry, but we also know that we’re well set-apart, thanks to a number of elements of our business. Information-sharing is one of the most important. We set up this blog, so that you can learn about everything that’s important to us, even the tabooest of topics. Today, that means money. No, we’re not telling you how to make it. But we are telling you the best ways to save it, so that you’re set up for success when moving into your dream home. Read on for our tips.

  • The key number is 20 percent. You’ll find all sorts of deals where you don’t need to save that much or put that much down, but we recommend that you stay away from them. You’ll only end up spending more money in the long run on not only your mortgage, but associated fees.
  • The next number – slightly harder to remember – is 28 percent. We like dealing in percentages here, versus numbers, because your income and expenses can change very easily. Look at about 28 percent of your income, and then be realistic about the price of a home that you can afford… and afford to decorate and live in!
  • The third number for today is the most cringe-worthy; we’re talking about the maximum amount of debt you want to have in order to keep your credit score in good standing. This isn’t just home-related. Factor in your credit card balances here as well.

We’ll get into this more in future posts, but the next big question is the type of home that you want to be the proud owner of. Are you a growing family? Do you have a pet? Are you safest and most comfortable in a condo or apartment? Again, these answers will change over time, but they’ll also dictate much of this conversation. The other key word here is “investment.” According to sources like “Listen Your Money Matters” share that though a single family home isn’t always an investment, a multi-family home always will be.

Piqued your interest? We guessed as much. Check back in for more information about this topic and others related to your dream home.