Fraud Blocker
Your search results

Tips for Young Adults to Begin Saving for Their Future Home

Posted by Jayson Ang on August 5, 2023
| 0

TLDR

When aiming to purchase a home, it is crucial to gain knowledge about the buying process and track your spending to prioritize saving. Consider leasing out your property for additional income and engage in financial discussions with your partner. Evaluate the right time to buy or sell by seeking strategic real estate advice. Stay informed about market trends and make data-driven decisions to navigate the real estate landscape effectively.

You aspire to become a homeowner someday. However, the complexity of the real estate market coupled with the high cost of owning a home can be daunting.

Moreover, the competition for available homes is fierce.

The good news is that there are actionable steps you can take presently to steer yourself towards achieving this goal in the future.

1. Gain Knowledge About The Process Of Purchasing A Home In General

To begin with, it is advisable to acquaint yourself with the process of purchasing a home. I have provided a comprehensive guide outlining the necessary steps for buying either a resale HDB flat or a condo

You can refer to these articles for further assistance.

Purchasing a home is a significant life decision and requires a substantial financial commitment. It is crucial to have a clear understanding of the process, regardless of your age.

The process can be challenging due to various factors that need consideration, such as affordability and eligibility for the specific property you intend to buy.

Therefore, it is essential to be well-informed before making any decisions. The accumulation of wealth can be achieved by leading a modest lifestyle.

2. Track Your Spending

To give practical financial advice to young people, it’s important to keep track of where your money goes by calculating your expenses.

Opt for savings whenever possible and remain committed to your financial objectives. To determine your monthly and annual budget, tracking your expenses is crucial.

To create a tracking sheet, you can utilize free templates available on Google Sheets that require you to enter your expenses, such as food, travel, and entertainment.

This will help you identify areas where your funds are being depleted excessively. Ultimately, this will assist you in saving up funds to finance your future home.

Need Vs Want

It’s important to know where your money goes and what you spend it on. This will help you remember an important tip when you come across a tempting deal: distinguish between what you need and what you want. This will help you focus on achieving your long-term goals.

For example, if you aspire to own a house someday, you should research the current property market and forecast how it may change in the next few years.

With this knowledge, you’ll be motivated to reduce unnecessary expenses and save more money.

3. Prioritise Saving

Accumulating wealth can be achieved by leading a simple lifestyle and making small changes in our daily routine, such as taking public transportation instead of a cab, drinking water instead of cafe coffee, and choosing a more affordable holiday option.

These minor adjustments can potentially save us thousands of dollars annually. While implementing these changes may seem challenging at first, it is important to commit to cultivating good habits gradually over time.

To prioritize saving, it is advisable to eliminate any unnecessary expenses in our lives.

4. Consider Leasing Out Your Initial Property And Renting A More Reasonably Priced Alternative

If you are thinking of investing in property, this plan could be beneficial for you.

You can rent out your newly purchased condo for $5,000 and live in a smaller, more affordable HDB flat that costs only $2,000.

This will give you a monthly income of $3,000 or an annual sum of $36,000, which can help significantly in paying off your mortgage.

On the other hand, if you invest in a private property for your personal use, you may not be able to earn any money from it.

Additionally, this move could exhaust most of your savings and increase your mortgage, leaving little cash for other investments.

Engage In A Conversation With Your Partner And Discuss The Matter At Hand

When preparing for marriage and a family, it is crucial to have a serious discussion with your partner regarding your finances.

It is important to consider having two incomes in the household, as this can help alleviate financial stress.

To manage both work and parental responsibilities, you may want to seek assistance from retired parents or in-laws who are willing and able to help out.

Proper management of combined incomes can also lead to increased savings each month.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

  1. Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
  2. Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …


Top 5 : Factors Influence Real Estate Investors’ Decisions when Investing in Singapore Condos?
Mandarin Top 5

Top 5 : Factors Influence Real Estate Investors’ Decisions when Investing in Singapore Condos?

Singapore's real estate market has always been an attractive investment option for both local and foreign investors. The city-state's stable...
Read More
How Much You Need to Earn to Afford a Condo 2023
All Buying Tips

How Much You Need to Earn to Afford a Condo 2023

TLDR When considering investing in a private property in Singapore, it's important to understand your borrowing capacity. Financial experts recommend...
Read More
5 Pros of Buying a New Development
Mandarin Top 5

5 Pros of Buying a New Development

Deciding whether to buy a new development or a resale property can be a challenge. In the next few video...
Read More
HDB Owners Missing Out on the “Ultimate Upgrade” to Landed Living
All Buying Tips Opinion

HDB Owners Missing Out on the “Ultimate Upgrade” to Landed Living

TLDR Over the past two decades in Singapore, the trend of HDB residents upgrading to landed properties has fluctuated. While...
Read More
5 Things to do When You Go For A Property Viewing In Singapore
Buying Tips Mandarin Top 5

5 Things to do When You Go For A Property Viewing In Singapore

5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...
Read More
Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!
Mandarin Top 5

Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!

Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...
Read More
Are You Worried About Overpaying On Your Property? Here’s The Secret To Finding Out Its Perfect Purchase Price!
All Blog Posts Buying Tips

Are You Worried About Overpaying On Your Property? Here’s The Secret To Finding Out Its Perfect Purchase Price!

TLDR Understanding property valuations and their impact on mortgage loans is crucial in the Singapore real estate market. By considering...
Read More
5 Things to do When You Go For A Property Viewing In Singapore Part 2
Buying Tips Mandarin Top 5

5 Things to do When You Go For A Property Viewing In Singapore Part 2

5 Things to do When You Go For A Property Viewing In Singapore Part 2 Here are 5 more things...
Read More
Freehold Properties vs Leasehold Properties: Which is Better?
All Blog Posts Buying Tips Opinion

Freehold Properties vs Leasehold Properties: Which is Better?

TLDR When it comes to property investments in Singapore, understanding the differences between leasehold and freehold properties is crucial. This...
Read More
Top 5 Factors : What I Wish I Had Known about Singapore Property Market
Mandarin Top 5

Top 5 Factors : What I Wish I Had Known about Singapore Property Market

Singapore's property market has always been an attractive investment option for both local and foreign investors. With its stable economy,...
Read More
Unlock the Potential of Your Home: 5 Reasons to Start Selling Now
All Blog Posts Opinion

Unlock the Potential of Your Home: 5 Reasons to Start Selling Now

TLDR When considering selling your home, several key indicators can help you determine if it's the right time to make...
Read More
Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider
All Blog Posts Buying Tips Opinion Selling Tips

Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider

TLDR In Singapore, owning both an HDB flat and a private property has become complicated due to factors like Additional...
Read More
5 Critical Mistakes to Avoid When Investing in Singapore Property: Insights and Advice from Experts
Mandarin Top 5

5 Critical Mistakes to Avoid When Investing in Singapore Property: Insights and Advice from Experts

Investing in Singapore property can be a lucrative venture for investors, but it's important to avoid common mistakes that can...
Read More
Top 5 Reasons : Why Developers Seem Hesitant To Commit To New Projects In Singapore
Mandarin Top 5

Top 5 Reasons : Why Developers Seem Hesitant To Commit To New Projects In Singapore

Singapore, a thriving global city-state, has long been known for its robust economy and attractive real estate market. However, in...
Read More
Top 5 Best Instagrammable Spots in Singapore
Mandarin Top 5

Top 5 Best Instagrammable Spots in Singapore

Singapore, a vibrant and modern city-state, is known for its stunning architecture, lush green spaces, and colorful streets. With its...
Read More
Get Into Core Central Region Before Big Price Adjustments
All Blog Posts Buying Tips

Get Into Core Central Region Before Big Price Adjustments

TLDR Jayson Ang discusses the essential factors to consider when seeking a property for investment. By analyzing the safe entry...
Read More
Top 5 : Key Reasons to Invest in Industrial Property in Singapore
Mandarin Top 5

Top 5 : Key Reasons to Invest in Industrial Property in Singapore

Singapore, a small yet densely populated country, has emerged as a significant player in the global industrial property market. Its...
Read More
Five Pitfalls of Selling a Home for the First Time
All Blog Posts Buying Tips

Five Pitfalls of Selling a Home for the First Time

TLDR When selling your first home, avoid holding out for a better offer as it may backfire. Let your agent...
Read More
What Has Been The Most Significant Development In The Real Estate Market In 2022
All Blog Posts Opinion

What Has Been The Most Significant Development In The Real Estate Market In 2022

TLDR In 2022, the real estate market saw significant interest rate hikes affecting home loan rates. Despite concerns, the market...
Read More
Building A World-Class Nation: Top 5 Facts About Singapore’s Developed Infrastructure
Mandarin Top 5

Building A World-Class Nation: Top 5 Facts About Singapore’s Developed Infrastructure

Building A World-Class Nation: Top 5 Facts About Singapore's Developed Infrastructure Singapore is known for its high standard of living,...
Read More
1 2 3 29

Compare Listings