Should You Save or Borrow Money To Buy a Home?

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When you are finally sign your property documents, you will have no one to thank but your hard work and sacrifice. Property investment calls for making a huge sacrifice, putting in all the necessary effort and having great financial behaviour. The rewards for saving to Buy a Home are huge!

In the beginning, you might be filled with excitement, and can’t wait for your money to multiply. However, research done by PropertyGuru shows that only a few people manage to stick to their money-saving habits. Some may even quit two to three months down the line. Quitting is expected, as the whole process of saving can be a daunting task. But learning a few money-saving tips can help you save and sustain the habit. Besides, the best thing you can do is have a goal in mind that will motivate you and a plan to guide you.

Note, if you have a lot on your plate that you want to achieve, it would be better to prioritise. If buying a property is a priority, go for it. This is what most Singaporeans have been able to achieve. Did you know that most Singaporeans will save money before buying a property?

While some prefer to take out a loan, which comes in handy when you desperately need to own a home, a Singaporean will be patient enough to save money until the right time. Most people use online apps to borrow money, and you can supplement this with a savings app. A savings app can help you budget and save money if you want to buy a property.

If you’re interested in this phenomenon, please take a look at the following infographic. It shows the latest research into how Singaporeans save for property investment. The infographic makes it easy to understand this tricky concept and provides all the intellectual tools you need to make better saving decisions. Check it out below.

Infographic designed by PropertyGuru

Are you ready to take that first step and Buy a Home?

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