Do not overlook these Things before Buying a House
Apr 10, 2017 Home Trading Steps
The new generation who are buying new property has witnessed the volatility of the real estate market. There are some key decisions that are important to look at before buying the house. Most of them are tried and tested by the past generation.
1.Buy the property that you can afford:
Going to an extreme extent to buy the property of your liking is not a wise decision. In fact, buy the house that you can afford without affecting your regular financial position too much. Don't buy a house under the peer pressure from family and society. Buy it when you are ready to pay the EMI and are able to save enough for future.
2.Do a proper informed decision:
After you are ready to buy a property and have few choices in mind, make a deep and informed decision not just about the property but also regarding the neighbourhood as well. Overlooking the neighbourhood might not be a fruitful decision, thus take your time in deciding and doing the research.
3.House that is easy to maintain:
Buy a house that is easy to maintain without mush effort. Buying a smaller one that fulfills your needs is a good idea than buying a big house that is difficult to maintain.
4.Market appreciation does not happen overnight:
Do not buy and expensive house out of your reach thinking that they will appreciate. Market appreciation takes some time, they do not happen overnight. Buy the property that fits your budget.
5.Buy the property with long term loan repayment option:
It is better to look for the properties with a term, like 15-30 years, loan repayment option. This will not come down to you as a burden. A short term loan may affect the capital. Also, the rates of interest on short term loans are higher as compared to long term loans.
6.Make the 20 percent down payment:
Make sure you pay the 20 percent down payment by yourself. It will save you money and the EMI payments will be less.
7.Do the background check while the home loan is approved:
Check your credit score and make sure you maintain a good financial record while you are waiting for the loan to come through. Make sure you are actively paying your credit card bills and any other loan that you have.
8.Do the budgeting carefully:
Buying a home is not the only thing, paying the maintenance fees and yearly property taxes etc. are also important. Make sure you have enough to pay for them in future along with a good amount of money for the rainy day.
Make sure to pay heed to these pointers before investing your savings in your dream home
1.Buy the property that you can afford:
Going to an extreme extent to buy the property of your liking is not a wise decision. In fact, buy the house that you can afford without affecting your regular financial position too much. Don't buy a house under the peer pressure from family and society. Buy it when you are ready to pay the EMI and are able to save enough for future.
2.Do a proper informed decision:
After you are ready to buy a property and have few choices in mind, make a deep and informed decision not just about the property but also regarding the neighbourhood as well. Overlooking the neighbourhood might not be a fruitful decision, thus take your time in deciding and doing the research.
3.House that is easy to maintain:
Buy a house that is easy to maintain without mush effort. Buying a smaller one that fulfills your needs is a good idea than buying a big house that is difficult to maintain.
4.Market appreciation does not happen overnight:
Do not buy and expensive house out of your reach thinking that they will appreciate. Market appreciation takes some time, they do not happen overnight. Buy the property that fits your budget.
5.Buy the property with long term loan repayment option:
It is better to look for the properties with a term, like 15-30 years, loan repayment option. This will not come down to you as a burden. A short term loan may affect the capital. Also, the rates of interest on short term loans are higher as compared to long term loans.
6.Make the 20 percent down payment:
Make sure you pay the 20 percent down payment by yourself. It will save you money and the EMI payments will be less.
7.Do the background check while the home loan is approved:
Check your credit score and make sure you maintain a good financial record while you are waiting for the loan to come through. Make sure you are actively paying your credit card bills and any other loan that you have.
8.Do the budgeting carefully:
Buying a home is not the only thing, paying the maintenance fees and yearly property taxes etc. are also important. Make sure you have enough to pay for them in future along with a good amount of money for the rainy day.
Make sure to pay heed to these pointers before investing your savings in your dream home
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