A fur­ni­ture fund can re­alise your dreams

George Herald - Private Property - - Property News -

If you're a first time buyer, you are prob­a­bly only just be­gin­ning to re­alise how ex­pen­sive fur­ni­ture can be. That three-piece lounge suite you've had on your "dream home" in­spi­ra­tion board prob­a­bly seems like noth­ing but an un­re­al­is­tic fan­tasy to you now. But, a lit­tle bit of fi­nan­cial dis­ci­pline mixed with a dash of smart shop­ping can go a long way to­wards help­ing you fur­nish your fan­tasy.

"Pur­chas­ing a prop­erty is only the first step in the jour­ney. Find­ing fur­ni­ture to match your new home, and your bud­get, is the next step in cre­at­ing the home you have al­ways hoped to have. The key to achiev­ing this is to have a plan and the pa­tience to stick to it," says Adrian Goslett, re­gional direc­tor and CEO of RE/MAX of South­ern Africa.

Like all good things in life, your ideal fur­ni­ture is not go­ing to ar­rive overnight - un­less you are will­ing to get your­self into masses of debt, of course.

That leaves you with one of three op­tions:

Hop­ing that a wealthy rel­a­tive passes away soon and leaves you a size­able in­her­i­tance;

Giv­ing up on your dreams and set­tling for more af­ford­able op­tion; or

Putting aside an amount each month to save for what you've al­ways wanted.

Sav­ing for an item can be frus­trat­ing, but that in­stant grat­i­fi­ca­tion of pur­chas­ing be­fore you have the funds avail­able will quickly fade into noth­ing more than a dis­tant mem­ory when you're mak­ing the 13th re­pay­ment on an item that should have cost R6 000 and is now cost­ing R12 000.

"The first step in cre­at­ing a fur­ni­ture fund is to know how much the item you want to pur­chase costs. Rather than choos­ing one spe­cific item, shop around to find out the av­er­age price of a cer­tain style of fur­ni­ture (for ex­am­ple, how much oak din­ing room ta­bles cost).

That way you will not be dis­ap­pointed if that spe­cific item you were sav­ing for isn't avail­able by the time you have enough saved to pur­chase it," Goslett ad­vises.

"Next, you need to de­cide how long you are will­ing to wait to pur­chase this item. In my ex­pe­ri­ence, I've learnt that it is bet­ter to set a time­line on a sav­ing scheme as this will push you to save the amount re­quired each month in or­der to meet the dead­line. After all, it is eas­ier to wait for some­thing when you know ex­actly when you are go­ing to be rewarded for your pa­tience and dis­ci­pline."

Find­ing the spare cash to put aside is by far the trick­i­est part of this ex­er­cise, he says. "You will have to take a close look at your bud­get and see where you can save on non-es­sen­tial items, such as your en­ter­tain­ment bud­get or per­haps even your gro­cery bill - we tend to fill up our shop­ping carts with all sorts of ex­tra­ne­ous items, such as potato crisps and fizzy drinks. You will be amazed at how much cut­ting back on these items will free up your cash flow," says Goslett. If there is one thing you can take from this, it is that it is pos­si­ble to have the house of your dreams - both in struc­ture and in fur­nish­ings.

You just need to have the per­se­ver­ance and self-con­trol to keep chas­ing after it. Un­less, of course, you would pre­fer to wait for that in­her­i­tance…

Find­ing fur­ni­ture to match your new home and your bud­get, is the next step in cre­at­ing the home you have al­ways hoped to have.

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