Buying a House: Make Sure you are Financially Ready
Jan 10, 2017 Legal Guidance
Buying a new house is a dream and you must be financially prepared before you buy a new house. In metro cities, the prices of properties are rising everyday along with the rising price of everyday needs. Balancing both the EMI and general expenses are important. Even if you are planning to take a home loan to, make sure that paying the EMI doesn’t mark a huge dent on your monetary condition.
If you don’t have enough funds to buy a new house and pay the EMI, it is wise to wait some more time.
Making sure are financially ready:
If you don’t have enough funds to buy a new house and pay the EMI, it is wise to wait some more time.
Making sure are financially ready:
- After you take the loan, make sure you will be able to pay the margin amount and the future EMIs.
- Financial emergencies come through the door without any notice, make sure you have enough savings to face them in future.
- You have enough funds to pay for yearly maintenance costs, VAT taxes, property taxes etc.
- Ability to take the desired home loan.
- Ability to pay other personal loans, if any, as well.
- Financial ability to pay for certain financial responsibilities like children’s school/college fees etc.
- Financial stability to pay for the home loan in case of delay in the possession of property.
Having a good credit score or credit history makes it easier in obtaining the home loan. It is also advisable to take the home loan with a co-owner or co-borrower. This will help increase you budget slightly and they loan is shared between two people rather than one with certain advantages in taxes.
Making sure whether the house you are buying is an affordable or it is a high rise property. Also, make sure whether you are buying a property just as an investment or you intend to move into it in future.
There are always unforeseen circumstances in future for which an adequate amount of money is required. Make sure you have enough saving even after paying the monthly loan and enough money to maintain your everyday expenses. Also, buying a house is not enough on its own. There are many additional costs that builders ask for like yearly maintenance costs, LPG connection cost, water connection cost. Apart from that builder will give you the structure of the house, but you will have to do the interiors yourself like wall paint colours, kitchen cabinet, bathroom fittings, bedroom wardrobes, house furniture.
In conclusion, buy a house when you are financially capable of it. Not just buying a house but also maintaining it.
Making sure whether the house you are buying is an affordable or it is a high rise property. Also, make sure whether you are buying a property just as an investment or you intend to move into it in future.
There are always unforeseen circumstances in future for which an adequate amount of money is required. Make sure you have enough saving even after paying the monthly loan and enough money to maintain your everyday expenses. Also, buying a house is not enough on its own. There are many additional costs that builders ask for like yearly maintenance costs, LPG connection cost, water connection cost. Apart from that builder will give you the structure of the house, but you will have to do the interiors yourself like wall paint colours, kitchen cabinet, bathroom fittings, bedroom wardrobes, house furniture.
In conclusion, buy a house when you are financially capable of it. Not just buying a house but also maintaining it.
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