Do your research, practise cost-cutting and invest wisely to start building your down payment fund. downpayment
Owning that dream home isn’t just a tick off the bucket list – it’s the goal of millions, more if you’ve been renting for a while.
But even in a best case scenario, you’ll still have to arrange for the remaining 5-10% which constitutes the down payment. And there are other costs involved too. There will still be a number of other costs to take care of apart from the down payment i.e. mortgage fees, legal fees, land tax, interior decoration , etc. Factor in inflation as well.
Alternatively, research approximately how much the monthly home loan instalment of your property will cost, and try and save up that amount every month.You should closely track every sen that leaves your account to look for ways to cut down on wasteful expenses. Also, such healthy cost-cutting habits will inculcate financial discipline which will help you better manage your finances in the future when you’ll have to repay your home loan instalments every month.
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