Saving for a home

Ruapehu Bulletin, Volume 10, Issue 453, 15 September 1992, Page 6

Saving for a home

Introduction to National Housing Week 1992. By Dick Kirk, President, Real Estate Institute of New Zealand Of the many different forms of savings, owning a home is unique. It not only provides a good return on your investment: it also allows you to make use of your savings. In National Housing Week this year, members of the Real Estate

Institute will be telling the public how investing in a home can be used as the central part of your personal savings plan. Saving for that first home is always a challenging time but once there, you have a feeling of achievement. You've reached a goal which should be the first step in a lifelong savings plan. The money that you've invested becomes part of your savings plan because when you come to sell, you will get some, all, but more likely more than you first put in. A personal savings plan can include paying back your principal, increasing your savings so that you can move to a larger property and using the money you have invested in your property to purchase other in-

vestments such as a holiday home or incomeearning rental property. , Members of the Real Estate Institute are regularly advised of changes in mortgage interest rates and the amounts required to pay off loans of various sizes. They also receive a monthly report of market prices. Add to this their own knowledge of the local property scene and you have a valuable resource at your disposal. Members who are participating in National Housing Week are offering their advice free. Participating members can be identified by a special poster they are displaying in their windows. They look forward to hearing from you and will be pleased to help you formulate a savings plan of your own.