How to Make Your Dream Wallet Work for a Specific Property Goal

A DreamWallet goal works best when it's tied to something specific. Here's how to connect the savings to an actual property target rather than a general idea of homeownership.

Find the property type first. Use the House48 Marketplace to browse listings across the markets you're considering. Save the properties that match what you genuinely want: the size, the location type, the price range. After a few weeks of saving, you'll have a collection that gives you a realistic sense of what your target property costs in the markets you're looking at.

Read: How to Use DreamWallet to Turn a Property Goal Into a Savings Plan 

Price the goal around the real cost of purchase. The deposit is not the only cost. Legal fees, property transfer taxes, inspection costs, and, in cross-border purchases, currency conversion and sometimes government application fees all add to the total. A DreamWallet goal sized only to the deposit will leave you short. Size it to the full purchase cost.

Connect the monthly deposit to the property timeline. If you want to be in a position to buy within three years, the monthly deposit needs to hit a certain level to get there. Work backwards from the total savings target and the timeline to find the monthly amount. If that amount is too high for your current income, adjust the timeline, not the target. Reducing the target means the savings don't cover the real cost of the purchase.

Track the progress against the market. While your Dream Wallet savings grow, keep watching the Marketplace in the markets you're targeting. Property prices change. If the market you're focused on is appreciating, you may need to adjust your target upward. If it's softening, the same savings might buy more than you originally planned for.

Read: What Happens When Your Dream Wallet Goal Is Reached

Start the financing conversation before the savings are complete. When the balance reaches roughly 70 to 80 percent of your target, it's worth speaking to a mortgage partner. House48's Financial Partners connect you to lenders within the platform. Understanding what you can borrow alongside what you've saved gives you a complete picture of your purchasing power.

Connect your savings to a real property goal at thehouse48.com