However, there are some tricks for you and your partner to immediately own a house without jeopardizing your family’s financial health. Here are the tips:
Discuss with your partner
Communication is one of the vital keys necessary in a household. That's why you and your partner need to discuss from the beginning. , From your current financial condition, the ideal home criteria, to the suitable mortgage product.
That way, you and your partner can find out if your monthly income can cover the mortgage installments and your daily needs. Otherwise you would need to look for other sources of revenue to increase your family income, whether by finding a side job or starting a small business.
Aside from money, the process of buying a house requires full commitment from both husband and wife. If only one of you is committed to it, then all the efforts and the collected funds will be in vain.
For example, you always remember to allocate a portion of your income to save up for the house’s down payment, but your partner repeatedly forgets to set aside their salary. As a result, you can’t reach the amount of funds required within the agreed time frame. However, avoid the habit of blaming each other and focus on finding the solution together.
Adjust needs to capabilities
Now that you and your partner have a house installment scheme, it’s time to find a house that suits your capabilities and needs. Don’t choose a house just because it suits your taste and putting aside its expensive price. Don't spend If most of your income is spent on house payments. Otherwise, you will have a difficult time meeting other household needs.
Try to apply a budget ratio of 50 – 30 – 20 or 40 – 30 – 20 – 10 so that the family cash flow can be better maintained. The number 30 in both ratios represents the productive debt installment budget, which is no more than 30 percent of income.
On the other hand, you shouldn’t choose a cheap house without considering its specifications and location either. There’s a chance that you have to spend money for renovations sooner than expected. Or add transportation expenses because the distance is too far away from your workplace. Another important thing that you need to consider when choosing a house is the available mortgage facility.
After figuring out the range of installments and finding a dream house with a beneficial mortgage facility, you and your partner can start investing to prepare the down payment fund for your house. Choose flexible investment instruments with low risk and competitive interest rates.
To help realize your financial targets, Sun Life Indonesia presents a variety of unit link insurance products. With one product, you can get two benefits at once, financial protection from various life risks and the means to invest. Naturally, you should choose the right product according to your needs and financial capabilities.
By implementing the four strategies above, you and your partner can buy a house while still enjoying married life. Make sure you pick the right type of house and stick to your budget, because home is where the heart is.