How to earn money for an apartment
Acquisition of real estate is a goal that almost every person sets for himself. But not everyone manages to get an inheritance or win the lottery. Therefore, sometimes you need to work long and hard to achieve what you want. And think about how to earn an apartment.
But don’t worry. We have life hacks that will help you increase your savings and bring the purchase of an apartment closer. Have your notebooks ready so you can write down and use the main ones.
I see the goal, I don’t see … nothing
The decision to buy an apartment is best taken gradually. The first step is to determine the property and its value.
What we pay attention to:
- District. If there is no difference, you can choose the one for which you do not need to overpay;
- characteristics of the apartment. For example, the number of rooms, floor, area, etc.;
- Secondary housing or new building.
The next step is to determine the value and calculate the savings.
For example, an apartment costs 3,000,000🪙. A potential buyer has 200,000 🪙 Therefore, you need to earn 2,800,000 🪙 We set a deadline for ourselves – the purchase of real estate will be next year. So 2,800,000 / 12 months. And we get the amount of 234,000🪙, which must be earned per month to achieve the goal.
If there are no such funds, you need to find a way to earn money for an apartment.
I am looking for money, do not offer a job
Found an apartment, no money. How to get them quickly?
Mortgage. This is a magic word behind which lies a debt of several years. And, in addition, the inability to dispose of the property.
Benefits of a mortgage loan:
- Money is here and now, and you can buy an apartment even tomorrow.
- Get a home tax deduction. But no more than 2 million 🪙 of the cost of the apartment for each owner. And if there are several of them, then everyone is entitled to 260,000🪙.
We consider the amount of deductions received from the state:
260,000🪙 for an apartment (the maximum deduction is 2 million🪙)+390,000🪙 (the maximum deduction is 3 million🪙)=650,000🪙
Here is the first way to earn an apartment with tax deductions.
Let’s look at several ways to accumulate capital that will help optimize your opportunities without drastic changes.
- Strengthening personal skills. As part of the current work, you can improve your qualifications, move to another position. Or talk to your boss about a pay rise.
- Find an additional source of income using professional skills.
- Review property that is idle. The garage can be sold or leased. And the car that is in the same garage and gathering dust – to sell. Well, and so on. Because nobody canceled Avito, don’t forget!
How to earn income from savings
Firstly, they need to be put on a deposit so that they generate income, and do not lie at home.
Secondly, quick earnings for an apartment are also possible through investments in stocks and bonds. To do this, you can open an individual investment account with a broker. And deposit up to 400,000🪙 on it. And then buy bonds or stocks. Income will come from the interest rate on bonds or stocks. And plus a tax deduction of 52,000🪙 for each year of IIS when replenishing it by 400,000🪙
The second option is to open a brokerage account, then deposit money into it. And buy stocks / bonds and receive dividends or interest from them. You can withdraw at any time.
Thirdly, you can lend money. And get them after the expiration of the contract. But in this case, you can also get interest. Many banks offer such services. And you will definitely find such an opportunity in yours.
How to earn money for an apartment with the help of the apartment itself?
If your choice is real estate in a new building, you can consider the trade-in option.
The bottom line: the developer takes your old apartment for sale. And you choose a new apartment, sign a contract, pay the balance. And then become owners. But this option is suitable for those who cannot sell their existing property for a short time.
- the speed of the transaction;
- no need to take actions to sell the old apartment.
- additional expenses for commissions to the developer;
- old housing can be sold more expensive.
When choosing this method, you need to carefully read the contract. Because otherwise you run the risk of running into an unprofitable offer.
- Start business.
- Find out if you are eligible for benefits and payments.
- Rent out other property. For example, a car for car sharing, a garage, etc.
A little subtlety
In addition to considering ways to earn money, you need to learn financial literacy, and the question of how to quickly earn money for an apartment will be decided by itself.
You need to start by keeping track of expenses and income. To do this, we use special programs, our own records or a spreadsheet in Excel.
The next step is to determine the priority areas for spending: health, food, utility bills, indicating the percentage of total income.
Next, we determine the amount that can be set aside for the purchase of real estate without compromising the budget.
- live with your parents, close relatives, so as not to spend money on renting a house;