Home owner advice: creating a furniture fund

If you’re a first time buyer, then you are probably only just beginning to realize 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. So, that leaves you with one of three options: (1) hope that a wealthy relative passes away soon and leaves you a sizable inheritance, (2) give up on your dreams and settle for more affordable options, or (3) put 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. 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… 

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 25 May 2018
      Reliable public transport systems moving a mass of commuters to and from work, keep a city’s economy moving. Not only do they have a positive impact on economic growth, successful rail links also influence property values.
    • 25 May 2018
      The live, play and visit environment that Centurion Residential Estate & Country Club offers continues to attract buyers looking for a very specific lifestyle and ambiance.
    • 25 May 2018
      As expected, the Monetary Policy Committee kept the repo rate stable, with analysts and market commentators ahead of yesterday's announcement (24 May 2018) pointing to a more hawkish stance amid a weaker rand, somewhat less stable global environment, and an eye on the inflation outlook – coupled with the increase in VAT and sizeable hike in the price of fue
    • 24 May 2018
      Most real estate professionals agree that 2017 was one the toughest years to date; an eminently challenging 12 months that subdued even the strongest markets - including the country’s economic powerhouse of Sandton.
    • 24 May 2018
      These are uncertain and challenging times for the real estate industry, but the non-profit organisation Rebosa is fighting for their interests and finding pragmatic solutions to industry issues such as the urgent need to fast-track transformation says Richard Gray, Rebosa chairman.
    • 24 May 2018
      The decision to invest in property isn’t one that’s taken lightly, or dealt with flippantly. The same should ring true when deciding on an estate agent partner to handle the letting out of your property.
    • 23 May 2018
      Homeowners who are thinking of selling and “trading up” to a bigger or a better home had better be quick now if they want to get the best deal.
    • 23 May 2018
      The new Loftus Park development in Arcadia is really going to boost the demand for homes and rental accommodation close by and the neighbouring suburb of Sunnyside, says Gerhard Kotzé, MD of estate agency group RealNet Holdings.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us