Tips for Owning Your Own Home
The high price of houses makes the millennial generation discouraged about owning their own home. Many are pessimistic that this young generation can own a house. Are you part of the millennial generation who don’t have a home yet? Want to know an easy and fast way for millennials to buy a house?
Based on data from the Central Statistics Agency (BPS), in 2020 Indonesia will get a very large demographic bonus. It is estimated that 90 million Indonesians in 2020 are the millennial generation.
Those who are in the age range of 20-39 years and are in the productive age as well as the backbone of the economy. The number of 90 million Indonesians of the millennial generation is the main target of the property market in Indonesia lately.
However, with various inhibiting factors, there needs to be a guide on how millennials buy the right home. Here’s an easy way for millennials to own their own home:
1. Less Hanging
Eating out or hanging out with friends seems to have become one of the routine activities of the millennial generation. do you do it often?
Because it has become a routine activity, many cannot manage to spend while hanging out. If this habit is reduced, then owning a house is no longer a dream.
2. Saving Gold/Deposit
This method is generally recommended and should be done. When you decide to buy a house, of course, you as a millennial generation must also be active in saving to pay a mortgage down payment which is quite large in value.
Are you having trouble saving even though you have separated your bank account for daily needs and savings? If so, change the way you save! There are several that you can choose from, such as opening a time deposit, time deposit, or mutual fund.
You can also buy gold and save it for savings. These methods are quite appropriate because you can not use the money at any time. Just cash it out when you will use it to pay the house down payment!
3. Choose a House According to Your Needs
As we know, the bigger and more strategic the house, the more expensive it will be. If you want to have a house with a limited budget, then choose a house that suits your needs. No need to buy too big.
4. Find a DP that can be repaid
As we know, the value of a fairly large down payment (DP) is also often an obstacle to being able to own a house, including in the millennial generation. Competition in house sales between developers usually makes them provide promos, including a down payment that can be paid in installments within a certain period. The DP installment program will certainly be very helpful for the millennial generation who still have limitations to paying down payments.
5. Choose the Longest Mortgage Tenor
After thinking about the down payment, of course, the millennial generation must also consider the installment period or mortgage tenor proposed. Don’t let the installment amount be bigger or mediocre with the income you get.
Limited income makes many millennial generations able to pay home installments in small amounts. Seeing this, the right solution for the millennial generation to get a house faster is to choose a mortgage tenor that is long enough so that the monthly installments are low.
6. Must Change Mindset
In essence, anyone including the millennial generation can own a house quickly as long as they can change their lifestyle to be more economical. In addition, it is also necessary to be accompanied by a strong commitment to being able to repay the house.
Also, get used to not having debt so you can focus on saving! If your finances are still limited and you can only afford to buy a house in the suburbs, there’s no need to worry. Many suburbs are much more developed after a few years and of course, this will also increase house prices.
7. No need to be grandiose
Focus on your main goal. If the main desire is to own a house, then focus on that goal and adjust it according to your abilities. If your financial capacity is only able to reach a house in the suburbs, there’s no need to worry. Isn’t it important to achieve your goals?