Tips and Tricks to Save on Your Home Purchase
Sometimes one takes this decision under peer pressure and not takes enough consideration before taking the step. Under such circumstances, the entire purchase can go sour, and one may feel that their investment is not worth it at all. So what can one do in such case?
We discuss tips and tricks to make sure your purchase is only fruitful to you:
1. Keep it low:
In today’s world, it is common for young people to buy a house. With banks funding almost 80 percent of the purchase and the government providing tax benefits to the loan lenders, it has put the younger generation in even more pressure to buy a house. But one should not give in to the pressure and take the step. In olden days, people used to save money until they retired and bought the house. They did not pay heaving interest on the purchase of the property.
Buying a property and paying massive interest for the next 20 years is not the only way to buy the property. One can try and save money to purchase the property and buy it when you have to take less loan amount.
It is not a secret that when you take a loan from a bank to buy a property, you end up paying more money as interest. To avoid this, one can always approach their family and ask them to fund the purchase. You can always return the money that you have borrowed from your family, without any interest and for as long as you want the tenure to be. It is easier to pay the debt to the family than a bank.
3. Know your needs:Living in a big city has its advantages and disadvantages. The traffic, the rising prices, the bad air quality, the list can go on and on. One should make sure if investing in a big city is what they want. The amount you pay for a house in a big city is double or sometimes even triple the amount you pay for the home in a small or Tier II city. The lives in smaller cities are much peaceful than more prominent cities, and one should give it a thought about investing in a property there.
