5 things to consider when saving to buy your first property

Saving up the initial capital outlay for your dream home takes time and commitment but is well worth the effort.

Answer: It is important to acknowledge that it takes time to build up savings to buy property. It is better not to rush into a decision if one cannot afford it. The amount includes the 10% down payment, 3%-5% in transaction costs, including the sale and purchase agreement, loan agreement, stamp duties and a valuation report on the property.

Saving RM2,000 a month is more than just raising funds. It will help prepare her mentally to afford her property.Rachel has RM30,000 in cash, a shortfall of RM70,000 from the targeted RM100,000 to buy her property. She has to spend RM2,000 per month in property expenses and is committed to setting that amount aside.If she sets aside RM2,000 a month from today, she will be able to afford a property in three years’ time, realising her dream.

This will raise RM300 a month for her property. If she is already saving RM2,000 a month, that extra RM300 will shorten the time needed to raise her savings from RM30,000 to RM100,000 from 35 months to 30 months.Be it 30 months or 35 months, it is still a long time and many would give up buying a property.

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