If you are planning to buy a house in the year 2020 then the first thing you need to do is structured and focused financial planning. While the process of buying a home remains the same as in 2019 but arranging funds for the final deal could be a little challenging.  Buying a house is a privilege for many and all you need is a planned approach for securing the funds at an early stage. The demand for the residential real estate is on the rise as buyers are leaning towards owning property than renting. So a little planning could take you a long way when it comes to buying your ideal adobe:

Your Guide To Save Money For Buying Your Dream Adobe

Compare the interest rates

The very first way to save while buying a house is by comparing the home loan interest rates offered by various banks. Opt for the bank which is providing a combination of low-interest rates, good service, and various offers. Even a variation of point percentage could make a huge difference on the home loan taken for the duration of 15 to 20 years. Hence the major differentiator for saving while buying property.

Negotiation with the seller

Research thoroughly on existing market rates and negotiate with the seller accordingly. Avoid accepting offers shared by the developer or seller without complete market research on the property value, existing trends, amenities offered, re-sale value, location accessibility and carpet area of the flat. Besides a good discount on the deal, you could negotiate on furnishing cost and customize amenities to lower the final price.

Under construction properties

You can also save money by grabbing a good deal for properties under construction. Ready to move in properties are expensive as compared to properties under construction or near to completion/possession. Look out for ongoing projects from reputed developers and go for the backgrounds check keeping in view the required certifications like RERA registration.

Government schemes

Check out the various Government schemes to avoid missing out on getting a property in subsidized rates. In-case you meet the set criteria you can save a lot on your first time home buying spree. One such scheme is Credit Linked Subsidy Scheme (CLSS) under the PMAY (Pradhan Mantri Awas Yojna). The scheme caters to majority of the segments like lower income group and middle-income group.

Plan your finances regularly

As buying a home drains out the majority of your savings, it is all the more important to save regularly via Systematic Investment Plans (SIP). This type of investment customizable and could be planned as per your income.  You could also opt for Mutual fund investments and can invest into them via SIP. It is must to be ready with the down payment months before the final deal to ensure a smooth process.

Prepare yourself in the year 2020 for homeownership by planning your finances, saving up for the final deal, minimizing your debts, improving your credit score and most importantly by being patient. Turn your dream into reality by implementing the above tips and secure the leys of your new adobe.