Up until a few years ago, the idea of ever buying a house, let alone a dream home, for myself had never crossed my mind. I was not so old enough to begin thinking about owning one (or so was what my mind told me), and worse yet, I had a job that couldn’t afford to sustain me and my luxurious travails. This, then, is the story of my life including coming up with the idea of saving for what I had fallen in love with and getting the loan to fund up my efforts.
I wasn’t living. I was existing!
Having stayed in a rented flat since my college days and getting a job that paid merge, an amount that could barely help repay my education loan and living expenses. I wasn’t such a financially savvy individual. In fact, I did not have rich parents to buy me a house. I loved coding and Game of Thrones. With my engineering degree, no other job could have suited me better than at an IT company in Bangalore as a developer. I could say my career ambitions were nebulous and somewhat bizarre.
Even then, the news of my friends and college mates getting flashy hit me hard. Here I was, sitting down silently, perhaps cursing myself for failing to match them and their flamboyant lifestyles. I must admit that I so loved extravagance, although my petite earnings would stop me from flaunting. I knew that the key to my breakthrough would start with owning a house, and with my never-settle-for-less ambitious, I had to go for the very best of them all.
And, so the journey started
For those who love adventure, isn’t hiking strenuous and only require those who know the thrill once they conquer the mountains?
I must say that buying a house worth a crazy figure isn’t a walk in the park. It is an incredible blend of planning, researching, timing and eventually taking the plunge. Loans and mortgages are there, but you ought to understand such things as making the down payments and registering the most favorable regular repayments lest you burn out.
I had some 4+ years of employment history. But with the salary that IT companies give, all I expected was a few lacs from any bank. I was fazed, but, here’s the real story.
I had the Dream
Like myself, you must have the idea of what type of house you will work for. The dream is the basis of everything and that very house, including its location, ought to satisfy everything about an ideal home.
I looked at the resources
I had to vet myself and consider every aspect that can help me meet my dreams. After saving a huge chunk for downpayment, in a span of three years, I was happily sleeping inside my two-bedroomed house in an affluent neighborhood. My research along with getting the best pieces of advice helped me identify the good property and best loan rates. Additionally, I knew that a reputable builder would help make the whole process easier.
I must mention that a trusted builder, perhaps someone who’s reliable better than anyone else out there.
I Budgeted With My Intuition
When I finally settled on buying nothing, but my dream home, my budgeting skills automatically helped make me understand myself.
- I decided that 40% of my income would go to a savings account.
- I had to forego some of those outings and fun expeditions, at least, for a while.
- I decided to find an extra job so that I make addition cash for my basic needs. I love photography. I did few wedding photography projects over the weekends to get this extra cash.
- I also settled on some short-term investments – I used to hawk snacks over the weekend
My three saving tricks
- Before you spend, save! Develop the habit.
- Put your savings in a safe investment fund such as debt/liquid mutual funds.
- To stay motivated and on track, keep an art of checking how your plan is going and how much you have saved.
Yeey! I bought it!
You can’t imagine the overwhelming elation when I finally bought my house. Despite the stories, the setbacks, and the hard hassle, I emerged a victor. I saved because I knew that I had no other viable avenue and am glad I didn’t give up. My final word is; it is true, buying a house is harder than you can imagine, especially when you have no source of income. But, try my way and never give up!