8 Tips To Buy A Home Without Any Inviting Any Financial Stress

On January 8, 2015

Categories: Saving Tips

8 Tips To Buy A Home Without Any Inviting Any Financial Stress

Dreaming of owning a home without any debts? Don’t be discouraged because of the sky-high price of houses. Your dream is not impractical or absurd. You can buy a home without any mortgage. All you need is strong  determination, hard work, proper strategy and little bit of sacrifice. In fact, buying a home with cash is a smart decision. Here’s how you can make it possible.

8 Tips To Buy A Home stress free and debt free

1. Do your homework

Self analysis and study will help you a lot to reach your goal. So, research well to know the market value of homes in your nearest area. Try to collect data on the cost of houses in your neighborhood and compare prices by a calculator. Thus, you can understand how much money is required to get a house. And you can set the budget accordingly. Moreover, you can collect images of homes that are for sale in your nearest area to understand whether or not the houses fit your criteria.

2. Find a second source of income

Think if you’ve the ability to make more money. Try to get a second job to accelerate your income. Save a big amount of money to buy your dream home without any mortgage. A good side business can be a steady source of income if you run it tactfully. Dedicate the whole income to your home purchase project and try not to use the money to meet other needs. You can open a savings account to save the extra money. It will take some time and your efficiency as well. But remember your determination can help you build a debt free home in the near future.

3. Live within your means

If you love to live a lavish life, then nobody can help you to get a home and stay debt free. It’s you who can decide whether or not to eat out in an expensive restaurant frequently or plan for a lavish vacation every year. It’s you who have to say “yes” to the right option. Remember, there is nothing wrong to live a frugal life or plan for an inexpensive vacation over the next 6 years to win a home without any burden of debt. Honestly speaking, frugality can help avoid and get rid of financial woes easily.

4. Work hard to win a raise at workplace

Its true that a minimum appraisal won’t make any big difference in your life, but it will surely help you to take a step forward to your new home buying project. Try to work hard and ask your employer for a raise. Don’t spend extra money extravagantly. The discipline sounds hard to follow but once you start maintaining it, you can build your own home debt-free shortly.

5. Find an inexpensive home

Once you decide, you should stick to your decision. If you’re happy with two rooms, one bath-room and kitchen, then start saving according to your plan. There are many inexpensive homes and condos available in the market. You just need to save $1000 a month for the next couple of years. Moreover, there’s no point to buy a home with a large amount of mortgage. Above all, once you fail to pay off the debt on time, you may get frequent calls and mails from the lender. If I’m not wrong then there’s no one who wants to welcome unwanted stress in life. So, try to chose a home you can afford.

6. Choose low cost city to live

Choose an affordable place to live. Living cost will vary from place to place. Your living cost will be affordable in an inexpensive place instead of a pricey location in a country. Chose the location that surely meets your budget. Remember, only buying a home is not enough, You should be ready for the associated expenses such as home maintenance cost, education costs, market value and so on.

7. Cash is the key

If you really want to ditch the mortgage lender, then cash will be your best friend. You’ll need to save more money. But, saving is just not enough unless you make some wise investments. It may take 10 or more years but it is possible. Remember, down payment is not all you need. You’ve to save the whole amount of money to say goodbye to mortgage loan and debts too. So, have patience to reach your goal.

8. Motivate yourself

The whole process is surely tough to follow. But you can make it happen. Try to motivate yourself throughout the year while you’re on the way to reach your goal. Read success stories of others on Internet. You’re not alone as there are many who are like you and who have already got success. Think like this way :

There are many benefits of buying a home with cash:

  1. You can avoid stressful lending terms and conditions.
  2. No need to show good credit score.
  3. Theres’ no burden of interest against a home loan.
  4. There’s a chance of increased monthly cash flow.What if you’re in hurry

What if you’re in hurry

If you’ve already saved a fair amount of money and you’re in hurry to buy a house, then the whole process seeks more attention. Making an instant down payment will be the best option as there are chances to get lower interest rates. Moreover, once  you pay a portion of amount, you can quickly pay off the whole mortgage easily.


It is advisable to wait until you’ve the whole amount of money in your hand to buy a new home as it’ll help you have a strong financial background. But, making a downpayment and acquiring less amount of mortgage will also be a good idea for those who are very eager to buy their first home now. Moreover, you need to prepare well before buying a home. So, research well in order to get the confidence of buying and maintaining your own house debt free.