Salaries are the main source of income for the vast majority of people on earth. Its sizes vary from country to country, by industry and between specialties. But human needs, which are covered by salary, can be brought into a single denominator - a comfortable standard of living. Is it always real?
How to buy real estate for a salary?
The housing issue in Russia is acute. The government is taking a number of measures that can, if not completely free citizens from the housing problem, then facilitate substantially. From the side it may seem that these measures are like a drop in the ocean: the number of homeless families is not decreasing. There are many factors such as population growth, differentiation of property prices in relation to the regions, social status of citizens and territorial laws.
Regardless of government measures, every citizen must take care of how to save money for an apartment under its individual initial conditions. From the very beginning, it should be clarified that there are no ready-made universal instructions on this issue. There are a number of opportunities that can contribute to the purchase of treasured square meters. You should also highlight a number of factors on which depends the chance to use these opportunities.
Related factors
The question of how to save money for an apartment may be asked by a family or a free citizen. The social status of a citizen is of great importance, since state policy in solving housing issues is mainly aimed at the family categories of citizens. But this is not the only factor. Other factors:
- Occupation. Manual workers, without qualifications and education, receive small salaries. A more substantial amount of income falls on the share of knowledge workers with the appropriate qualifications: accountants, bankers, employees of insurance companies, representatives of the media business and other similar categories.
If a citizen who is thinking about how to save money for an apartment is working on a low-skilled job, then it makes sense to decide to upgrade his qualifications and go to work with higher incomes. Qualification does not mean 5 years of study at the university. Short-term courses for the training of specialists, coupled with industriousness for 1-2 years, bring personal financial performance to a new level. For example, women can become makeup artists or cosmetologists, men also, if desired, find a profession for themselves.
- Official work. Despite the active work of the fiscal authorities, the shadow sector of the economy in Russia continues to exist. According to 2017, the share of the shadow sector is about 30%. Accordingly, a number of citizens work without an agreement with the employer and without formalization. Income received in this way is not fixed anywhere and is not taxed. If official proof of sources of income is required, then the shadow business employee cannot provide a certificate.
The second step in the plan, entitled "How to save money for an apartment" should be the legalization of work and wages. This promises a number of advantages, which will be discussed in other chapters of the material.
- Family status. As already mentioned, the family has more opportunities than the free bachelor. Firstly, you can count on participation in government programs. Secondly, it is likely to get maternity capital. Third, total income is better than one.
Inevitable factors
Now briefly about what you have to put up with from the very beginning. The premise is this: real estate is the most expensive product at all times. It goes to those who know the following conditions of reality:
- Buying any property requires capital. Not small.
- The amount of capital depends on the standard of living of the city where it is planned to buy housing.
- Next lies the banal paradox of life: where housing is cheaper - there are no opportunities, where there are many opportunities - there are sky-high prices. Examples: Moscow, London, Singapore and more.
- The next condition is the availability of a stable and solid income. It's about a mortgage. But given the standard of living in big cities, usually not every citizen's income covers a mortgage.
- Continuing the question of where to get money for an apartment, we come to the conclusion that it is necessary to expand our own capabilities.
- It can be your own business or help from parents.
Can I save from my salary?
Yes you can. Recently, The Village has reviewed such options for all major cities in the world. The results are impressive. For example, if a typical Muscovite receives more than $ 8,000 a year in taxes, then he needs to save his salary for 15 years so that he can afford about 50 sq. M. m outside the center.
But the British will have to wait even more: with annual incomes of $ 34,000, they need to save this amount for 19 years. There is good news for the residents of St. Petersburg: with incomes of $ 6,600 a year, they can buy an apartment in 10 years.
The question of where to get money for an apartment in such volumes is an individual task for everyone. Fortunately, the initial conditions are the same for everyone: business is encouraged, everyone has access to information. In the same way, you can learn new technologies and areas in business.
Given the initially posed question, we can say that to accumulate wages for the purchase of an apartment is possible, only purely theoretically. In practice, you can put your whole life on this venture, in which there will be no place for relaxation, entertainment, or even the most necessary components, such as clothing and food. It is much more pleasant to consider options on how to earn money for an apartment after labor opportunities are slightly expanded.
Mortgage
Mortgages are a great chance for those who have a stable income and big plans for the future. The essence of the procedure is simple: the buyer chooses housing, the bank pays off with the seller, and the newly made homeowner pays off with the bank. Moreover, the calculations will take into account its individual capabilities: the monthly repayment is calculated taking into account the consumer basket for each family member and with the income level.
Mortgage is one of the main services of almost all banks in the country. And their names are about 650. This means potentially 650 financing options for each citizen, where he can borrow money for an apartment and repay with interest. And here it becomes clear the role of legalization of income and labor: banks work only according to documents.
Interesting mortgage offers can always be found in the list of services of Sberbank, Renaissance Credit, VTB-24. Interest rates usually vary slightly - by 2-4%. The requirements are standard everywhere: the availability of initial capital - from 10% of the cost of housing, the availability of permanent sources of income and the ability to officially confirm these facts.
Government programs
Government programs involve financial assistance to certain categories of citizens. If a citizen asks about how to make money for an apartment, then you should first enter the number of categories eligible to use state programs.
Today, there are several large-scale programs of federal significance. A vivid example is “Young Family” and “Housing”. The conditions of the “Young Family” are as follows:
- The fact of marriage registration is not earlier than 1 year.
- The age of the spouses is up to 35 years.
- The presence of children.
- Need for housing or better housing.
To participate in the Housing program, the same rules apply. Assistance can be provided in the form of benefits and loans. The maximum amount in 2018 can reach 2.2 million rubles. You should also look at regional programs. Local program conditions may differ slightly from federal ones.
For example, residents of St. Petersburg can count on the following types of assistance:
- It is accepted to pay approximately 30,000 rubles per square meter of housing.
- If the applicant participates in the federal program, then he can count on support up to 70%, 30 of which are allocated from the federal budget, the rest from local budgets.
- +5% for each child.
- Any family will receive at least 40% of the cost of housing.
There are also joint programs implemented between state bodies and private banks. The leader in this industry, as in other types of financial services, is Sberbank. Money for an apartment in Sberbank is issued at an average rate of 7-8%. The participant must submit a certificate to the bank within 3 months of receipt. On its basis, an account is opened in the name of the applicant. At the request of the bank, funds will be transferred to this account.
This account gives the right to attach to this amount own funds or parent capital. The funds can be used to purchase a home or non-residential premises that meets the requirements of the bank in terms of technical and legal parameters.
For construction or expansion
When studying the question of how to save money for an apartment in Moscow, one should not discount other housing options: building a private house or expanding existing housing.
In the first case, funds are allocated in the same amounts as when buying an apartment. The applicant has two options for obtaining:
- Upon completion of construction, presenting all checks and receipts for the purchase of construction services and materials.
- Prior to the start of construction, on the basis of permits for the site and the contract for the provision of services with the contractor.
Money for an apartment from the state can be used to improve housing conditions. For each region of the country there is a fixed rate of housing per person. The national average is at least 18 square meters per person.
If we are talking about a young family, then the living space should be at least 42 square meters. There are also criteria for living conditions: housing should have a utility area, communication networks and should not be in disrepair.
The applicant must notify the local municipal authorities of these facts. The representative must inspect the housing, draw up a technical specification and issue an opinion on the need to improve conditions. The full list of documents is specified in local authorities. The money received for an apartment to a young family should be used to repair an old one or to purchase more spacious housing.
You should also look at the programs of private banks. For example, Sberbank is an active partner of the state in implementing the Housing program. According to the Decree of the Government of the Russian Federation, this program will be valid until 2020.
Banking programs involve the issuance of a loan for an apartment with lower interest rates. You can also achieve even lower rates if you become a corporate client of the selected bank, if you use salary projects, conclude an insurance contract or open a deposit in the bank.
It should be borne in mind that the programs apply not only to complete families, but also to families where there is only one parent. The child can be their own or adopted. The recipient parent in single-parent families can be both father and mother.
Where to get the initial capital?
To take out a loan for an apartment or state aid, you must fully comply with the established requirements. One of the important conditions of private banks is the availability of an initial payment from the applicant. Usually this amount starts at 10%. For example, if the acquired property is worth 6.5 million rubles, then the down payment should be at least 650,000 rubles.
There are several options for resolving this issue:
- Participants in government programs can submit a certificate of subsidy.
- A certificate of maternity capital can also be used to purchase a home. It is only necessary to check with the bank in advance whether it has accreditation for operations with state bodies.
- Borrow. It should be remembered that in the near future it will be necessary to repay this debt in parallel with mortgage payments.
Rental Option
Talk about how to save money for an apartment, and advice of this nature are often accompanied by offers to participate in dubious projects with a payback of 1 day and even with esoteric tricks like closing your eyes and constantly imagining that the apartment has already been bought. A plan with possible options is needed in order not to go far from the goal and not be drawn into dubious offers. Real estate fraud is very common.
The following advice may come in handy for those who still have a place to live, but don’t have enough money for an apartment. Successfully implemented in large cities. The bottom line is that the buyer acquires liquid real estate with the help of a bank, then leases it at about the price that is close to the monthly mortgage installments. As a result, the apartment will be bought, and tenants pay for it. In this decision, housing liquidity is not in vain mentioned. It should be primarily liquid for rent: convenient trips, the internal situation and infrastructure.
There are risks associated with the costs of maintaining the apartment, the period of the change of tenants, ongoing repairs and, most importantly, most somewhere to live in this period. But it should be borne in mind that not a single financial transaction passes without risks.
Share building
Shared construction is common among persons belonging to one organization or one structure. The bottom line is that an apartment building is being built with general funds, which will ultimately be provided for housing to all participants in shared construction.
This option can be organized by several persons on their own initiative. With the funds raised, a plot is purchased and a contractor is hired. Initiators can even be construction companies. But reality knows too many cases where the construction was not completed, and people could not return the money. Against such outcomes, a number of changes have been introduced into the legislation. Now, contracting companies are required to have at least 10% of the total project cost in their authorized capital and insure personal risks.
In any case, you should carefully approach participation in shared construction.
Installment purchase
The question of how to raise money for an apartment is relevant for millions of citizens. In resolving this issue, all legal methods are good. The help and support of relatives can serve as a good help. If you can collect the down payment - that's great. If one of them can even help with advice or moral support, it is also worth a lot.
But best of all, if someone from your circle agrees to sell housing by installments, because strangers very rarely agree to such a deal. Moreover, it is completely legal. The Civil Code prescribes the procedure for processing such transactions.
The pitfall is that the cost of housing is set at the time of the transaction and must remain unchanged until the end. But the market is unstable. If prices rise, the seller may refuse the transaction. If they fall, the buyer may regret it. But in any case, the initiator of the contract termination will have to pay a penalty if the transaction is conducted in accordance with all the rules of the law. From this point of view, the reliability of the parties is important in this matter.