Mistakes to Avoid While Buying a House as a Newlywed
Jan 14, 2019 Real Estate News
Buying a house is a dream for a lot of us. Just like finding your soul mate who understands you like the back of your hand, finding the right house that fulfils your needs and requirements feels the same. A lot of young couples are taking a huge step toward buying a house and investing in real estate. The pressure from the parents and the peer pressure from society to own a house is the driving factor.
Sometimes these decisions and investments can go wrong. One needs to be careful with the project they are investing and think it twice before taking a step further in that direction.
Most couples are open to the idea of taking a joint loan. The advantages of which are plentiful but the disadvantages cannot be overlooked. One thing to know about joint loans is that you both are under the burden of a loan and the payment of monthly EMI. If either one fails to make the payment, then the whole burden falls on the shoulders of another one. The implications it can have on the credit score cannot be overlooked as well. Missing a single EMI can affect your credit score badly. When both the family members take the loan, it constricts them from applying for any other loan in the future.
When buying a property, booking the under construction property is another grave mistake the newlyweds should avoid. No matter how much the builder promises to give you the flat on time, there are bound to be delayed. And it can affect your financial standing as well. The burden of paying the home loan and the rent for a few years affects the person’s financial capability negatively. When you are in the age where you want to enjoy the joys the world can offer you, bounding yourself to the financial constriction and obligations is not a wise move. Buying a house that is ready to move in is a better option. Even though they cost a bit more than the under construction properties, it saves you from paying both EMI and rent at the same time.
When making a decision so big, it is advised to think about future prospects as well. The proud badge that you may wear for being a house owner can also cost you negatively. Be sure that you are aware of the kind of long term commitment you are getting yourself into. The positive effects of owning property are numerous, but the not so pleasing are also the ones that cost you both mentally and emotionally.
Sometimes these decisions and investments can go wrong. One needs to be careful with the project they are investing and think it twice before taking a step further in that direction.
Most couples are open to the idea of taking a joint loan. The advantages of which are plentiful but the disadvantages cannot be overlooked. One thing to know about joint loans is that you both are under the burden of a loan and the payment of monthly EMI. If either one fails to make the payment, then the whole burden falls on the shoulders of another one. The implications it can have on the credit score cannot be overlooked as well. Missing a single EMI can affect your credit score badly. When both the family members take the loan, it constricts them from applying for any other loan in the future.
When buying a property, booking the under construction property is another grave mistake the newlyweds should avoid. No matter how much the builder promises to give you the flat on time, there are bound to be delayed. And it can affect your financial standing as well. The burden of paying the home loan and the rent for a few years affects the person’s financial capability negatively. When you are in the age where you want to enjoy the joys the world can offer you, bounding yourself to the financial constriction and obligations is not a wise move. Buying a house that is ready to move in is a better option. Even though they cost a bit more than the under construction properties, it saves you from paying both EMI and rent at the same time.
When making a decision so big, it is advised to think about future prospects as well. The proud badge that you may wear for being a house owner can also cost you negatively. Be sure that you are aware of the kind of long term commitment you are getting yourself into. The positive effects of owning property are numerous, but the not so pleasing are also the ones that cost you both mentally and emotionally.
