What New Buyers should Focus on this Year?
Jan 18, 2019 Real Estate News
The demonetization brought along with it the reduction of the interest rates for home loans. Many of us took advantage of the opportunity and took a plunge by investing in a house. What should the buyers do now? Is their responsibility for making the right investment over? The answer is no.
There are still things the home buyers should look into.
There are still things the home buyers should look into.
Take it easy when it comes to money
Buying a house is the most significant investment of our lives. Putting all our life savings, making sure that we are capable of paying out loans for the next ten years is a considerable task. But your responsibility has just started. When you move into the new house, you realise that you need to make some changes and do the interiors to match your taste. New furniture is also on the list. But before you start to make such investments immediately, we ask you to wait for a while till your bank account has sufficient balance that the things like interiors and furniture will not cause any financial crunch to your family.Keep your eye on the interest rates
Surely you have taken advantage of the low interest rates, but a wise and smart thing will be to keep an eye on the interest rates. If the interest rates fall again, the banks are not going to inform you, and you might miss on the opportunity of enjoying reduced home loans.Make smart investment
Some people put all their pension fund money in prepaying the loan. Even though it is a good practice as it reduces the monthly EMI and overall loan amount, but it also takes away your liquid money. What if in future you need money for various reasons? It is better to put some money in the investment where you can access it in the time of the need.Don’t treat the home loan as a burden
After you have settled in your home, the thought might creep into you that you are under the financial burden for a long time. In such panic, you might be tempted to put all your savings and investments to get rid of the loan as soon as possible. It is not a wise move. Your EMI is not a burden. Yes, you will have to pay it every month for a while, but with proper planning and careful financial practices, it can be smooth sailing.Don’t stop looking
Often people settle for one home in their life. But as you grow up in life, so does your requirement. It is only wise to keep with the requirements and welcome the changes. With the right budgeting and financial planning, you will be able to sell the current one and move to the new house that serves your new requirements.Looking for property portal?
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