How to Spend Less on Home Costs

Web Team: With rising mortgage and maintenance costs, buying a house and property is more expensive than ever. Let’s begin by considering what square foot home costs really are — nothing more than the total cost of a given project divided by the total number of square feet in that project. If you want to make sure you get more out of your money, here are some handy tips you can explore:

Move Somewhere Else

If costs of living are high in your country, you might try moving to budget-friendly cities in the world. Costs of living in Bangkok, says the Expatistan,  are a great deal more affordable than other cities in the world. That’s one way to stretch your dollar. Plus, with low costs of living, you can afford to choose prime real estate property at a fraction of what you’d pay for the same one back home, so you can experience city living at a cost that isn’t going to deplete your savings and leave your bank account dry as the Sahara.

Downsize Your Home

Another way you could save on housing costs is to pick a smaller place to live in. Really, unless you have a huge family, a house with two or four bedrooms, even six bedrooms, should be enough to provide you with all the space you need, especially if you’re a family of four or lower. There’s no reason to go for 16-bedroom properties. By downsizing, you could choose a good spot near major transportation hubs and highways in Thailand while keeping your housing costs on the low. It’s a win-win for everyone.

Consider The Distance

Don’t go for the cheapest options in real estate housing. These usually include properties that are a good distance away from the city center.

If you’re going to spend the majority of your time involved in business in the city or going to work in the city proper, it makes sense to pick a nearby location for your base. You might shell out more for that property upfront, but you’ll get tremendous cost-savings in the long run when you factor in your gas and transportation expenses, not to mention the time you’ll save if you choose a closer location.

Use Online Listings

No need to waste time or money trying to find a unit. With online listing portals that allow you to find the best choices in the area and ballpark of your choice, it won’t take you long before you put together a list of prospective properties. With DDProperty apartment listings, it’s easy to get your search for the perfect house—permanent or rentals—off the ground.

Determine If It’s an Investment or Not 

A lot of first-time buyers make the mistake of putting their hard-earned money into an investment property without checking out the local market first, so be sure to do your research before you put down anything for a property. Getting an apartment as a second base whenever you’re in Thailand might make better sense from a financial standpoint than buying it as an investment property, says Thailand Life.

Rent Instead of Buy

Buying a residence is a full-out financial commitment so if you aren’t ready to buy one, go for a rental unit instead. If you’re moving to a new area or city, or want to trade Bangkok for the laidback and relaxed pace of KohSamui or Pattaya, then opting for a rental is a good way to give that place a solid try. Is everything accessible? Do you like living on an island or would you rather be close to Thailand’s business center? If you have your family with you, are there schools close by? Will it be convenient for your kids? This way, you could give island living a try, and if it turns out to be the perfect spot for you and the rest of the gang, then it’ll be easy enough to take the next step, which is to start looking for a house and property before letting your rental go.

Don’t Be an Emotional Buyer

Another mistake that rookie buyers make is to let their emotions cloud the buying process. Some buyers, seeing a place they love at first sight, find it easy to justify the purchase, telling themselves it’s a sound investment or that it’ll pay off over time. But there’s nothing money-wise in getting a home that’s beyond what you can reasonably afford, so if your wallet simply isn’t up for it, walk away no matter how much you think that choice seems perfect for you. The right home should fit right into your budget instead of getting your finances off track. Putting yourself in tremendous debt just so you could own the roof over your head doesn’t make for a good financial move, so rely on logic instead of emotions when you scout around for housing options.

Finding your own little corner in Thailand doesn’t have to drain your savings dry. With plenty of foresight and planning, you could buy your home at a cost that’s reasonable and right for you.

Posted by on July 18, 2016. Filed under Economy, Life Style. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.