Category: House & Home
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Sub category: Buy

Duncan & Sable: Stage 2 – Every little bit counts when it comes to your savings

If it had been an excuse I needed to finally move out of that cramped townhouse, I now had a very important one – my boy, Sable.

As far as what I required when it came to my next home, there were a couple of non-negotiables in my mind. Things like being able to look out the window without having to look directly into a neighbour‘s window – so, a bit of distance between houses was key. I also wanted to get away from the traditional setup of old terrace houses wherein all of the rooms split off of this one central corridor. I had been in enough of those types of homes to know I was tired of that stuffy old setup. I was after something with big, open rooms.

A clear idea of what you can afford is a good place to start the process of looking, and saving. Like I said, there were deal breakers for me when it came to the property I would settle on. But, it’s also important to know when to walk away from something that isn’t right for the money, or just not what you need. So, start with what you can afford, know what your mandatories are (space, in my case) and what you can live with compromising on. This helps ensure you end up with a home that meets your needs, without putting you in more debt that you can handle.

I’ve always been a stickler for a good deal, saving always came quite naturally to me.

Fortunately for me, I managed to get myself into a position (at a relatively young age, I am told) where I was mortgage free. So, essentially, by the time I started looking for this latest property, what I earned in my pay packet was mine. Add to that the fact I have always been a stickler for a good deal, saving always came quite naturally to me. Take toilet rolls for example, you’ll always need them, right? That’s why I always buy them in bulk and look out for the best deals to make sure I’m getting the most for my money. I’ve never really been partial to paying full price for things, even less partial to spending beyond my means. I’ve never even had a credit card – if you don’t have it, don’t spend it!

Spending wisely is all about sensibility, in my opinion. Being smart about how you spend, and not so much about what you spend on.

Once you know what you’ve saved and have a general idea of what you can afford to borrow, you can start your search. In my case, I was able to borrow what I needed to get the kind of place that met my expectations, so I had no doubt that I could get a place that was perfect for the two of us.

Once you’ve made the decision to move, no matter what (or who) your influence is, it’s important to understand what you can afford to borrow first and foremost. This will set you up for success when you begin to make your checklist of mandatories. Calculate your borrowing power with our calculator tool.

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