4 Ways You Can Afford to Live in Your Dream Home
The real estate market in Singapore is booming, and a large number of iconic condominiums are coming up at different places. The city is expanding, with housing complexes built at strategic locations that are accessible, within the vicinity of public transport facilities. The beautiful natural environment with the urbanised home décor, the swimming pools, reading areas, kids’ and elders’ zone make the condos a prime choice for the home buyers.
Are you planning to buy a home too? This is the perfect time to afford your dream house in Singapore.
Let’s find out the major ways to save money:
Finding the principal amount of your home:
Banks may offer as much as 80% home loan against the principal amount depending on some key factors. Therefore, you must first decide how much you need to borrow from the lender and how much you’ll pay as down payment. Even if you’re choosing to refinance mortgage loan in singapore, you must go through the lenders’ details. This is because when you’ll apply for a home loan, the lender will investigate your income, savings, credit record etc. and provide the loan percentage based on their findings. If you get a clear idea about the principal amount of your home, you can calculate how much you’ve to pay as margin and how much is paid by the lender.
Restrict your expenses:
After you know how much you’ve to pay, you should make a budget planner to track down your income and expenses. Of course, you can cut down on coffees or restrict yourself from indulging in eat outs; this won’t be enough to buy a home. Besides cutting down the daily expenses, make sure to reduce spending on vacations, clubbing, and huge monthly payments such as getting a new car or even watching movies on multiplexes. When you want to refinance a mortgage loan in Singapore, you may need to pay a few bucks extra to prepay the loan.
Save on transport:
Do you drive yourself to work? Why spend 30 minutes to go from one place to another when you can save fuel as well as time by availing the LRT or MRT facilities? You can also try to look for carpool provided by some people in your area to reduce the cost of transport. Make sure to verify if your company has a pick and drop service where it picks up the employee from a particular point and drops at the same place.
A savings account is your saviour:
As you’ve started to save money for your future home, it’s necessary to put your savings in a safe place. What can be safer than a savings bank account? You’ll not only be able to calculate the money you’ve saved already, but you can also gauge how much more you need before applying for the home loan. If you’ve already taken a home loan and want to refinance your mortgage loan in Singapore, a savings account can still be helpful for you.
There’re many other ways that you can try, to afford your dream home besides the ones mentioned here. You can also refinance your mortgage loan, before investing in another property with the money that you’re saving by refinancing.