Loans or savings which is which?

[Xtynehappy]

Would you actually save enough for long time to buy a piece land or would you go for a loan at once?

 

[SHAHID987]

I prefer to save money then to purchase land or house, because one time I purchased house through loan and it took long time to pay complete loan

 

[Starmix]

If you purchase a house through a loan, it takes forever to pay. In my country, one can have a home through a housing loan payable for 25 years. It is good if the owner starts to acquire it at a young age. It is better to save and buy in cash there is a big discount of 25 %.

 

[Springtime]

Here, if you buy an apartment or house, unless you are very rich and have lots of cash or liquid assets, you take to take out a mortgage loan. Price of housing is very expensive here. If you rely on savings, it takes forever.

 

[Augusta]

It is better to take ones time to save and have the money to buy things than going for a loan. Loans come with interest to be paid too

 

[Xtynehappy]

I think for the low to middle income earners need to wait for a little bit longer while doing consistently savings to buy the house for sure.

 

[Starmix]

Owning a house and lot through monthly installation could also be a good way to acquire a property fully paid for after 25 years. It may take years to save and the savings might be converted to other means.

 

[Suba]

If you take a loan from a bank, you will need collateral. Saving for the long term will be difficult for some people. So the best way is to buy property, either land or a house, by means of a mortgage. You can choose a term of 5, 10 or 15 years.

 

[eLdavis]

I have never been the type who is into taking loans, my choice would be to save up and buy the piece of land with peace of mind.

 

[Starmix]

If there is money you can buy the housing materials in advance like nails, ballusters, hollow blocks, roofing, tiles, faucet, toilet bowls, door knobs, window grills, and more. And then scout for a lot for sale as long as your money is sufficient.