Here’s how much you need to save to buy a house, according to Idealista experts.

Experts from Idealista have shared their recommendations regarding the amount of money one should save for purchasing a home. It is clear that the total amount depends on the cost of the property itself, but certain percentage ratios can be highlighted. The desire to acquire one's own home is one of the most significant goals in the lives of most people. However, before starting the purchase process, it is important to develop a clear action plan. To do this, it is worth considering key aspects and realistically assessing the minimum cost of housing that you are prepared to aim for. In this context, your regular income and expenses play an important role, as they affect your ability to save.

The professionals at Idealista offer tips for buying a home.

In 2023, there was a rise in inflation and an increase in interest rates, which created certain difficulties for potential buyers. It's also worth mentioning the implementation of the new Housing Law. In light of these changes, many plan to become first-time homeowners in 2024. Conversely, some may wish to rent an apartment or house. Regardless of the situation, Idealista experts advise setting realistic yet strict savings goals.

Expectations in the real estate market

Idealista notes that "there may be a slight decrease in housing prices in the real estate market next year, while interest rates will not rise. If you have sufficient financial resources, this could be the right time to invest in the home of your dreams." In fact, according to the International Real Estate Federation (FIABCI), prices in major cities will remain stable due to high demand, although a nationwide decrease of about 2% is expected in Spain. In Spain, most homebuyers are forced to resort to mortgage loans. This requires obtaining funds from banks to partially cover the cost of the property, which results in regular mortgage payments. Only a few can afford to buy an apartment or house outright, making this task nearly impossible for most people, especially in the current period of economic instability.

The first step to owning your own home

In any case, the first step to owning your own home is having sufficient savings. Experts at Idealista recommend having at least20%from the cost of real estate, as banks usually finance the purchase on80%from its price. Additionally, it is recommended to have an extra amount of savings ranging from10%to15%to cover the expenses related to the transaction. Therefore, to successfully purchase an apartment in Spain, it is advisable to have a reserve of30%to35%from the cost of housing, in order to avoid potential difficulties in the process.

Accumulating such an amount is no easy task, so it's worth creating an effective and sustainable savings plan that won't require excessive effort. By applying this approach, you will significantly move closer to realizing your dream of owning your own home.