(Personal Experience) 5 ideas to save money while buying a house in India
Buying a house is a life time dream for most of us. However, it can be a very daunting experience. I personally had spent 8 months of time and visited multiple properties before finally buying my dream house. You can easily save a lot of money if you can find good opportunities. In this article, we will share some tips that will help you in saving a lot of money while buying a house in India.
Save Money While Buying House in IndiaTry to negotiate a good deal
If you are looking for an apartment, then you can easily get a negotiated deal. However, it can be difficult to get a cash discount. You should try to get free home appliances or furnishing. This will help you in reducing the total cost of ownership.
However, you should not fall for freebies. For example, if someone is offering you a free smartphone then it will be of very little use. Most people already own a good smartphone. However, if someone is offering free AC, modular kitchen set or car, then it is perfect for you. This will help you in saving a lot of money.
Work with a Good Real Estate Agent
A good Real estate agent will help you in saving a lot of money and time. They already know how to get the best deals. Thus, they will help you in finding the best deal.
Some people think that they can save by not hiring an agent. However, this can actually hurt you. Every seller already expects every buyer to have a real estate agent. Thus, their commission is already added to their contract. If you are working with a good agent, then they will help you in finding a good deal. This will help you in saving your money.
I’m not saying no to online real estate websites. In fact, there are top online real estate websites that can help you in finding very good deals and/or agents.
Save Money While Buying House in India AgreementAvail the PMAY or Pradhan Mantri Awas Yojana
The PM has already launched a great scheme for citizens. You can use PMAY for buying houses at subsidized rates. However, you should meet the criteria set by the government. This is the best way to save money in India. If you are a first home buyer, then you can save up to Rs. 2.67 lakhs. Thus, you can buy affordable homes in your area. If you are buying a house in India, then you must avail of the CLSS benefits.
Home loan tax savings
If you are buying a new house, then you should opt for a house loan. There are many tax-saving advantages of a house loan. Your interest in this loan is already tax-deductible. You can claim tax deductions of Rs. 1.5 lakhs. Also, you can claim more than Rs. 2 lakhs on the interest paid. Thus, house loans will help you in saving a lot of money.
Sell your old things
You should see old appliances, furniture, and trunks. If you don’t need your old things in a new house, then you should sell your old stuff. Most people buy homes that are already well-furnished. Thus, it is a good idea to get rid of old appliances and furniture. If you have a huge collection of old books, then you should resell them. This will help you in collecting some good amount of money.
Conclusion
These tips will help you in saving money when you are buying a house in India. You should avail schemes like Pradhan Mantri Awas Yojana. This will help you in saving a lot of money. Also, you should apply for a house loan. You can apply for tax deductions. Also, you should find a good real estate agent. They will help you in finding a good deal.
