Saving up for a house is a difficult process for many people. It often involves a very large amount of money. This may mean that you have to pause your other expenses. When saving up for a house, it is also important to have sufficient assets to be able to take out a mortgage. In this article, you will learn tips on how to best approach saving. In addition, you can use the iBilly app for saving up for a house. Read on and discover.
Buying your own house
For each person, the purchase price for a house is different. However, it is true that saving up for a house can be a difficult process for many people. It is a large amount of money and this can also create pressure. iBilly is happy to give you some tips in the saving process. So, where do you start with saving up for a house? Which other purchase choices should you put on hold for a while?
Question 1: how much do I need?
Firstly, it is important to know how much you will spend on your own house. Financing your new home involves a lot. If you want to take out a mortgage, you can borrow up to the appraised value of the house. This means that the extra costs will be your own responsibility. This includes the so-called buyer’s costs, such as transfer tax, appraisal costs, and notary costs. You will also have to pay for any renovation costs and moving costs out of your savings. You can expect to have about 5% to 10% of the purchase price of the house on your savings account. This amounts to an average of €10,000 to €15,000. It’s high time to start saving smartly for a house!
Tips for saving up for a house
Read our tips for saving up for a house here:
- Set a clear savings goal in advance: how much are you willing to contribute to a new home? Deduct structural expenses from your income to make the possibilities transparent.
- You can then choose to only spend on necessities while saving up for a house.
- Create budgets or even savings goals, iBilly gives you this option. This way, you spend less money unnecessarily. This method also works towards a goal and can be motivating. Make saving up for a house more fun!
Saving up for a house with the iBilly app
You can tackle saving smartly by using the handy iBilly app. In the app, you can easily add and monitor savings goals. When you want to save up for a house, it is wise to set a specific savings goal. First, determine how much you want to save up. Divide this amount by the number of months in which you want to save up the money. You now know exactly how much money you need to set aside monthly. It is advisable to put the money in a separate account. This way, you will not be tempted to use the money from that account for something else. By using the iBilly app for saving up for a house, you can quickly achieve your savings goal.
Download the free iBilly app
Adding savings goals, for example, to save up for a house, is not the only handy feature of the iBilly app. We have listed all the benefits of the app for you:
- Automatically synchronize and categorize bank transactions.
- A complete and up-to-date overview of your income and expenses.
- Add and monitor budgets.
- Automatically calculated future expectations.
- Add all your customer cards.
- All your data is securely and encrypted.
- Share your data only with selected individuals, such as your partner.
Do you want to use the smart iBilly app? Or would you rather go for the web version? Are you looking to save up for a house or do you need a clear way to manage your finances? Then download our free app. If you have any questions, we are here for you. We are happy to assist you quickly through our customer service.