After living in rental apartments for all these years and have you decided to take the leap from renting into home ownership? On the other hand, are the rise in interest rates is making it harder to go through the home loan process? Remember, you are not alone in this. There are so many young renters who are afraid of buying a property even after struggling & shifting rental apartments every now and then. Also, there are endless numbers of people who are facing rejections from the banks every year for home loans. These interest rates are keeping these renters in rental homes for a long time. So you’ve finally come to a decision to buy a luxury villa in OMR by saving enough down payment. By what method can you do this while leasing/renting?
If you are renting a 2 BHK flat in OMR, downsize it from 2 BHK to 1 BHK apartment. Or if you are living in a luxury apartment community, shift to a regular modest apartment which is affordable. This way you can save money by not giving away your paycheck for a luxury renting every month. Also, while economizing your living, you obviously wouldn’t need extra furniture in the small apartment. Selling off those additional items can earn you extra cash for your down payment since you cannot keep the furniture for a long time to furnish your own dream home in the future.
Be open to sharing your apartment
If you are single and wouldn’t want to downsize the apartment, then sharing your 2 BHK flat with a roommate is a wise idea. Be open to sharing your apartment with a roommate it reduces your monthly expenses in half and saving your money for down payment simultaneously. Though it is challenging to share and live with a roommate but is a good option to save up money for later home ownership.
Set a budget
Tracking your monthly spending and setting up a budget cuts off unnecessary spending every month. Always buy things you need and use regularly than to just buy and keep it for years untouched. Accounting every penny you spend each month can save up a huge amount of your paycheck for down payment.
Multiply your earning
Increasing your income is the best way to speed up your savings for down payment. Consider freelancing projects and increase your income if you are not having any rise at your job. Working part-time also can easily make some extra money on the side.
Saving aside for the initial down payment is a decent method to get ready for financial duties that accompany your home ownership in advance. With these tips and strategies, you can tackle the property taxes, insurance, maintenance and other allowances on the way.