The Residential Property Price Index rose by 1.87% in the first quarter of 2022. This increase occurred in all types of houses. The highest growth in the Residential Property Price Index was experienced in Manado, followed by Pontianak and Yogyakarta. The cause of this increase in property prices is due to inflation, rising life expectancy, and also massive infrastructure growth. Here are some steps you can take to realize your dream of owning a house even though you are still young.
1. Check your financial capability
First, compile a balance sheet including income and expenses. Remember, you also have many other needs. Determine the priority scale of needs and don't let the desire to buy a house actually make your other needs neglected.
2. Making budgets
Do some research and learn about some possible ways to pay for your house other than cash. For example, mortgages, developer loans, or other methods. After that, make an exact budget. Make a definitive time target and a clear number so that you can make a realistic financial plan to raise the money.
3. Set priorities
From the existing financial plan, prioritize so you can focus on one thing. For example, you plan to take out a mortgage. So, your first focus is to fulfill the down payment first. Also, take into account your financial capability.
4. Investment
Investment can help you to grow your assets against inflation. For example, for a down payment on a house, you set aside 30% of your salary into a suitable investment instrument. With consistency, the budget for house down payment will be well met.
5. Discipline
Discipline to implement your detailed and comprehensive financial plan is very important. For example, keeping your installment amount below 30% of your regular salary if you are taking a mortgage scheme is crucial. This is a safe number so that your financial burden is not too heavy.
In addition, the plan to buy a house requires a long-term disciplined commitment. Therefore, start being disciplined in executing your financial plan. With the tips above, you can try to realize your dream of buying a house. Good luck!
Source : mediakeuangan.kemenkeu.go.id
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