Buying your dream home, for example a luxury villa in Bangalore, is a big decision and requires major transactions. When you decide to buy a home within a year, things appear to be more challenging because you have to get everything on track within a few months and finalize the deal.
The first thought in your mind may be about your low savings, mortgage qualification, credit score and the location. On top of that, probably you are not ready with a strategy. Regardless of your condition, it is really possible to buy a house within a year. All you need to do is to follow these financial tips to buy your dream home fast.
- Calculate Your Money
People often consider their potential earnings as their savings. If you also do that, stop it now. Savings means what you currently hold in hand. No matter whether it’s very less or enough to make a down payment.
Calculate the money you have, and you can in fact calculate the worth of assets which you can easily sell if you are in need. Once again, be realistic. If you feel like you have some assets, for example vehicles, a piece of land or something which you can sell and get money, be very realistic in calculating the potential money.
- Create New Sources of Income
If you feel that your current earnings are not going to get you the dream home within a year, try finding out the ways you can increase your income. It can be a job switch, a small business venture, an investment or a part time job. Anything that can bring you money is an additional source of income and can help you achieve your goals faster than before.
If you are a spendthrift, stop spending money on unnecessary things. It can be your smoking and drinking habits or weekend plans that suck your money and give you temporary pleasure. Cut down the expenditures and create another source of earning by simply saving more.
- Create a Strategy
Get a clear picture of your dream home. Dreams are different, so as the needs and wishes. Every single person has different ideas for their dream home. Here comes the most important part. Simply create a list of features and facilities you need in your house. Don’t cut down on essential things, but make sure that you are not adding up anything which is not at all necessary.
When you get a clear picture of your dream house, meet with a professional real estate developer in Bangalore and discuss your plan with them. Make it very clear to them that you are at planning stage and are willing to buy a home within a year. Doing so will help you get a clear idea about price, neighborhood and industry trends as well.
- Final Plan
Now when you know how much your house is going to cost you, bring back the paper on which you calculated your finance. Ask a simple question to yourself – “Can I afford this house?” Don’t get disappointed if the answer is “No” and don’t start jumping in joy if the answer is a big “Yes”.
Homebuying is a big decision and you should not forget other financial responsibilities as well. If you get a negative feeling about your affordability, see if you can cut down on your requirements. If it is not possible, try to create another list and note down things which are extremely necessary and repeat the step 3. Meet a real estate developer and discuss about your affordability and needs. There are chances that they may help you with some schemes they offer.
- Take Financial Help
From the day one, start improving your credit score. So that within a year, you will be eligible for home loan or at least you will be having a better credit score to get loan from any government or private financial institution.
When taking financial help, make sure that you can easily pay it back. Don’t just take it in emotions and seal the deal. Home buying is undoubtedly an emotional deal, but it is also a big commitment, so always think from mind and heart in a balanced way.
- Never Give Up
If in case you cross the 1 year deadline which you set, don’t feel low. It happens with many. At least you are trying to make it happen and in one year, you have proved that you can make it happen, if not today, but tomorrow you will buy your dream home in Bangalore.
Learn from the mistakes, learn what you are lacking and start working on those things. Once you bring things back on the track and fix the problems, nothing is impossible and your dream of buying a villa in Bangalore can be fulfilled easily. All the best!