How much do I need in order to buy a house or start a business

[Knowlopedia]

You will need to save up money for a down payment and closing costs before purchasing a home or starting your own business. These expenses can range from three to six months of your gross annual income, depending on the size of the loan you are able to obtain. You will also need to be aware of any tax implications and have enough room in your budget for housing and other general expenses such as food, utilities, insurance premiums and property taxes. Whether you're just starting out or planning an exit strategy after getting tired of working at a company, these financial estimates will help you make a wise decision when it comes time to decide whether buying is the better option in your situation.

Before you begin shopping for a home or business, you'll want to sit down with a real estate agent, financial planner or your bank manager and discuss how much money you can afford for down payment and closing costs. If you think about how much money you will need to cover these expenses when making your plans to buy a home, it won't be difficult to calculate how much money will be needed. However, it is important that you look at your situation from all angles before purchasing a home or starting up your own business.

 

[Mika]

How much money you need to buy a house depends on the housing market in your home country, the location of the house, the type of house, etc. For instance, in my home country, if you are going to buy a house in a good suburb, you will have to send at least $300K. if you do not have that kind of money, you can get a loan to finance your house. even if you are going to finance the house through a bank loan, you will need some money as a down payment, you will need at least 20 percent or $60k to make a down payment.

 

[Kunde]

How much money you need to buy a house depends on the housing market in your home country, the location of the house, the type of house, etc. For instance, in my home country, if you are going to buy a house in a good suburb, you will have to send at least $300K. if you do not have that kind of money, you can get a loan to finance your house. even if you are going to finance the house through a bank loan, you will need some money as a down payment, you will need at least 20 percent or $60k to make a down payment.

But I don't know why some people will take loan to buy or build a house. I am not saying that it is not good to taken loan but what I am trying to say is that for someone that has a low source of income, how will such person be able to pay back the loan in due time. And if the person is unable to pay back the loan in time, the house will be taken from the the person. Then what is now the essence of taking the loan. It is better we starts a business with the small money we have now and from the profit we make, we can think of building or buying a house. Then it will be ok to take a loan.