People dream about have their own home, especially millennials who already work and earn some money. How people save some money to buy their dream home while they have daily needs?
1. Save for Down Payment
Instead of save some money, most people tend to spend their salary to hangout from one to another café. In fact, the easiest way to save some money from your salary is set aside (some amount of money) right after pay day. You can choose term deposits with auto debit. Usually, time deposits has a minimum period, 12 months and maximum period, 240 months. Every month, bank taking out money from your account.
2. Down Payment Instalments
For first time buyer with unstable financial states, saving for down payment is a hard thing to do. Do not be afraid, nowadays, there are many developers offer down payment instalments. For example, developers give you 12 months to pay the down payment. Right after you pay off the down payment, you can apply for credit to bank. The (house) price with down payment instalments higher than without down payment one. Do not skip instalments for any reason, once you skip, all money that have been paid cannot be returned.
3. Choose Long Tenor
Another thing you should consider before buy a home is credit tenor. People said, if you choose longer tenor then smaller instalment you need to pay per month. Is it true? Short or long credit tenor determined by financial stability, each tenor has their own advantages and disadvantages. If you take a long tenor, you can get minimum down payment, small instalment per month, but there is an interest rate tenor you need to be worry about. While short tenor offers small interest rate tenor. Along with that, the location of your dream home will be determined tenor credit, if you choose one in Jabodetabek which has increasing price, it is not a big deal to choose a long tenor credit.