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Buy your first house with these money saving tips

Summary: Looking to buy your first home? Here's a list of money saving tips that will come in handy such as defining a budget, accounting for additional costs and more!

17 Mar 2023 by Team FinFIRST
how to own your first house
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Buying a house is one of the biggest goals for most of us, and it is impossible without some planning and financial prudence. If you want to make your first home purchase, here is a quick list of best practices that can set you on the right path.

1. Define a budget and time frame

The first step is establishing your housing needs and zeroing in on a budget and timeline within which you would want to purchase. Refer to price trends and use an interest amount calculator to understand your estimated down payment and EMI. This will allow you to save money and invest accordingly to reach the goal.

2. Account for additional costs 

In addition to the cost of the home, you will also be liable to pay stamp duty, registration charges, brokerage and transfer charges (if applicable), and renovation/furnishing costs. Get an idea of the charges levied by your state government and the cost of other home building plans to arrive at your final landing cost on the house.

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3. Start a disciplined savings plan
  

To reach your milestone within the defined period, you must prioritise savings over other lifestyle and non-discretionary expenses. One of the suggested home saving tips is to save and invest at least 20%-30% of your in-hand monthly income. Saving more money rewards you with more choices concerning locality, size, etc., when it’s time to evaluate housing options.

4. Save, Save, Save 
 

Greater savings also allows you to make a bigger down payment and opt for a smaller loan, thereby saving on the interest component. Some money saving tips require you to make short-term sacrifices, but they allow you to reap rich rewards over time. Saving on random lifestyle expenses (dining and entertainment, hobby shopping, expensive vacations, gadgets, etc.) can be fruitfully invested to fulfil your life goals.

5. Invest more money
 

Houses only get more expensive over time, so mere money saving tips will not cut it. You need to select time- and risk-appropriate investments that can help generate returns that can (at least) beat inflation. Diversified debt investments will be ideal if your purchase horizon is within three years. However, if the horizon is beyond five years, equity options give the opportunity for higher compounding if you have the risk appetite for it.

Conclusion

The right banking partner can further simplify and streamline your home plans. Metra Trust offers end-to-end solutions such as a high interest savings account that offers attractive interest rates up to 7% p.a. and monthly interest credits to benefit more from the power of compounding , auto investment products, and customisable and affordable home loan options, so you have everything you need in one place. 

Make your dreams a reality with Metra Trust. Get started on your journey here!

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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