Updated on February 22, 2024 by Lohanna Reis

Owning properties is one of the most stable investments worldwide. But the harsh reality is that not everyone can afford to own one. People know and desire to own properties, but the challenge is to save for it in an organized, not exhausting, and easy way.

If you are looking to buy a property in Thailand or anywhere else in the world, proven specific steps can help you achieve your dreams.

Choose a Convenient Option

There are generally two methods of buying properties worldwide. That is, by full payment and payment through a mortgage plan. Both ways are profitable and beneficial, and it’s just a matter of preference and fund availability. Those who buy with cash use an instant fixed amount, which is often a bank transfer (especially for large amounts) to fulfill their obligations under a contract.

Using the cash method allows you to access some discounts because mortgages carry an interest rate that can increase your total liability. On the other hand, a mortgage is a home loan modified to fit a payment plan where the mortgage pays the amount with interest over a specific number of years.

In reality, many people cannot buy a house with a full upfront payment. Although paying this way helps the entire negotiation process, you should consider a mortgage if it’s easier for you and your family.

If paying by cash, and you don’t have savings yet, you must plan how to raise the money within a specific period. For example, if you need $150,000 to get your housing choice, you can draft a savings plan for 12 to 24 months and divide how much to save per month. For instance, you can save about $12,500 or $6,250 monthly for 12 months or 24 months, respectively, to reach your target price.

Make your budget plan as short as possible because the purchase price invariably increases.

Adjust your expenses to accommodate and make room for more money allocated to savings.

Start it, stick to it, and stay there until you achieve your goal.

Remember the goal of owning properties and how much comfort it will bring or how much profit you can make from it. Keeping your goal in mind will help you stay motivated and disciplined in the face of many temptations to use the money for something else.

Planning your next trip?

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Have you booked your hotel or hostel? If not, we recommend Booking.com. They have the widest variety of hotels and hostels worldwide. Plus, in most cases, you can cancel your booking at no cost until a few days before the arrival date!

Still haven’t bought your plane ticket and want to save? Check out Kayak. It is a flight aggregator that combines various other flight search sites to make price comparison easier and ensure you’re getting the best deal.

And finally, will you need to rent a car for your trip? Then check out RentCars.com. There you can search and compare vehicle rental companies worldwide on a single site. Plus, with them, you can pay in Reais, without IOF, and split in up to 12 installments on your card.

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