How to Set and Work Toward a Property Goal on Any Budget

A property goal without a budget attached to it is just a wish. The moment you connect the two, it becomes a plan. Here's exactly how to do that on the House48.

Start with what you want

Before you talk numbers, get specific about the property. 

Use House48's Dream Account to browse and save properties that represent what you're working toward. Look at different markets, different property types, different price ranges. What you save over a few sessions will tell you more about what you actually want than any checklist would.

Read: Building Your Family's Vision With Dream Account

Once you have a clear picture, you have a price range to work with.

Work out what you need to save

In most markets, you'll need a down payment of somewhere between 10% and 20% of the property price, though this varies by country and lender. Use the property price range from your Dream Account to calculate a realistic target.

For example, if you're targeting a property around $150,000 and your lender requires a 15% down payment, your savings goal is $22,500. From there, the question becomes: how long are you willing to take to get there, and what monthly deposit does that require?

Set your DreamWallet goal

In DreamWallet, you name your goal, set the target amount, choose your timeline, and decide on a recurring monthly deposit. The platform shows you whether your deposit amount keeps you on track for your timeline, so you can adjust before you commit.

If you can't hit the monthly amount that gets you there in your ideal timeline, the options are: extend the timeline, find a lower-priced property goal, or look for ways to increase the deposit over time as your income grows.

Any budget works if the structure is right

There's no minimum to start. What matters is consistency over time. A small, sustainable deposit that you maintain for three years will outperform a large deposit you manage for six months before life gets in the way.

The goal isn't to save fast. The goal is to save without stopping.

Set your goal today at thehouse48.com