Planning to Buy an Apartment in Kerala, Time to Start Saving Now!
Planning to Buy an Apartment in Kerala, Time to Start Saving Now!
If you are thinking to buy an apartment sooner or later in your life, begin saving at the earliest. The longer you try to save up for your deposit, the costlier your house is going to be. So it’s significant to start planning as early as possible. Here are some tips to keep in mind ahead of buying your first apartment to get the best deal.
Decide On Your Budget
The primary step in the funds saving method is budgeting. Decide what sum you can comfortably pay for. Heed at wherever your cash goes to each month & where you are paying the most sums of money. Note down the amount you spend on necessities such as utilities, rent, student loan payments etc. Then think through the amount you go through every month in the items like restaurants, entertainment, shopping & so on. Once you classify your expenditures, search for sections where you can cut back. Set a definite budget for every classification & stick to it & ensure you budget a particular amount to add on for your down payment each month.
Go For a Side Hustle to Earn Additional Cash to Save For an Apartment
Sounds crazy? However, actually starting a side hustle is one of the best saving tips for buying an apartment. Sometimes to earn extra income, there are several ways such as getting a second job, working extra hours or overtime, or beginning some kind of side hustle.
Chop Down Your Debts
If you are planning to take a mortgage loan for buying your first apartment, but you already have additional debts like credit cards, personal loans, car loans or student loans they could definitely reduce the amount you can put into a home loan. So take time to pay off your debt before you head down for applying for a home loan. Look at closely how much you owe on your student loans, credit cards, personal loans or car loans & generate a plan to tackle it. This will not only help alleviate some of the financial pressure yet additionally help you secure a better mortgage rate.
Cherry-pick Good Investment Options
It is vital to direct some part of your revenue towards investment through Systematic Investment Plans (SIPs). For instance, if you begin to invest 25,000 a month via SIP with a modest return of 10% for just 3 years you can get Rs.10.53lakhs. In this manner, you can easily save for your down payment without nerve-wracking about lifestyle changes. Also, there are some other investment options for the short term: equity-based mutual funds, ELSS etc.
Be Financially Disciplined
Where does most of your monthly income go? On rent, groceries, dining out, shopping, entertainment? Start analysing this. Categorise your expenses and determine how you’re spending your money and then make a budget. If you want to save for your dream apartment, start cost-cutting, avoid wasteful spends, clear your debts and may be try to expand your income pool.
Rent Out a Smaller Place
If you are living on rent, to save for your apartment buying, you may consider shifting to a smaller house for the time being. In case you are single, think about living with family or companions for a year. Any sort of savings will assist you with getting close to realizing your dream about purchasing your own home.
When you’re ready, you can begin the apartment purchasing process. But before that, you have to find a reliable builder. If you're looking for owning your dream apartment in Kerala, then here is your right choice- Varma Homes, the most trusted builder in Kerala. Varma Homes is one of the best residential builders in Kerala, who have residential projects in several locations of Kerala like Kochi, Tripunithura, Thrissur, Kozhikode & Trivandrum. We fulfil your dream of a home with our unique designs with guaranteed quality checks of process & materials to ensure you a perfect home in reality. So get started with buying your dream home with us!
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