It is always smart to buy a house than to live in a rented space. Also, it is a dream come true. It is not just a property anymore, it is a permanent solution and an excellent investment for future generations. Even though the banks are avaialble to give loans to the buyers, they need to have some down payment amount ready. This is the money you pay, the rest of it you can figure out from the bank.
The downpayment is a small percentage of the house’s value that the client puts down without the assistance of a home loan or any mortgage. Saving this amount is very crucial for any buyer. It can be daunting if you don't have a structured plan in mind. Here are a few tips that can help one save up for one e’s dream home:
1. Avoid using cards: using a debit or credit card can end up spenfind more than th eperson needs than he or she would do with cash. The use of credit cards usually disconnects the link between consumption anddd transactions, which can be pleasant and unpleasant payment transactions. By using the cash, one can end up saving a lot of money without spending it and using it on budget.
2. Try working on the weekends: to buy a house using a standard and a fixed income is not comfortable. Working on weekends and earning a little more can be beneficial in the long run. The consistent secondary income can be planned to go the down payment.
3. Repurpose old belongings: sell anything that is not needed. From old clothes to furniture can be sold off. A website like Quikr.com, on average, sells a piece of furniture between 2500 INR to 10000 INR piece. This might not be a big saver. But hey, every penny counts right?
4. Save anytime possible: cut down the expenditure and it will go a long way. If you are a potential home buyer, the thought process of expenditure and saving ranging from entertainment expenditure to fuel to food to basic expenses, jot down everything. Using public transport is beneficial than fuelling up your vehicle.
5. Invest: A Smart Investment, SIP is a great idea to save up for your dream home. Every month, try putting in a fixed amount from your salary and can be saved for future use. The amount gets multiplied with interest adding at regular intervals, you will have a consolidated amount in your hand for the down payment.