Buying a house is the best investment we can make in life, not only because you will live in it; if not also because acquiring a property will allow you to create your own heritage.
Nowadays mortgage loans are very common, but doing it this way generates a long-term commitment with a financial institution or a bank and this over time affects your liquidity. Wouldn’t you like to buy a house and pay for it in cash?
How can you save?
Before embarking on the adventure of saving, we must analyze our finances very well and determine if they are healthy at this time. The health of your wallet is the green light you need to be able to raise enough money to buy the home you want.
Your savings should cover more than the cost of the property
In addition to the amount of the property, you need to save for the down payment of the property or what is commonly known as a down payment. It is always recommended to allocate the highest possible amount to the down payment, since it is the best invested savings.
In addition to the down payment, there are other items that must be paid as an extra to the payment of a property, for example: the notarial payment, among other expenses. After this, you can consult property dealers in India.
How long does it take to save enough?
The time you propose.
For example; you can start by opening an investment account with 6% per year, where you deposit a certain amount of money for at least three years, with this your savings will accumulate a considerable sum of money, which may be enough to cover the down payment.
This plan not only demonstrates your ability to save, but also helps you reach your goal of buying a house for cash.
Advantages of buying a house with cash with your savings:
- Paying in cash avoids commission and interest charges
- Having the total amount of a house allows us to negotiate better prices.
When you have cash in hand and make the payment in cash, you have the right to choose your own notary, which will allow you to reduce the cost of the deed.
How much money do we have to save?
In order to save, experts recommend that we should not spend more than 30% of our income.
Since according to the experts with this figure we could live modestly and on the other hand save what is necessary and enough to be able to buy the house that we want so much without the need to embark on a mortgage loan that could take us our entire life paying it.
You can also contact property dealers in Noida for a much more safe transaction. In order to realistically plan the costs of buying a house and the subsequent home purchase loan, you need to calculate your monthly resilience.