New Year Resolutions: Buying a house
Posted on: 30/Dec/2017 1:08:34 PM
With the New Year looming, many of us will be making resolutions to help us make it better for us. Here is tips to buying a house & how to go about it.
Buying a new home is arguably one of the biggest investments of anyone’s life, both monetarily and emotionally. Apart from making the big decision of actually going ahead and buying the house, you also need to decide what kind of house you want, where you want it, and what would you like to get along with the house.
The first and most important point on this checklist is to make a checklist of your own. Your list should include everything you’re looking for in your new home. This includes things like location, amenities, number of rooms, and the type of accommodation.
There are simple ways to increase your credit score up to a respectable number. Basically you need to clear your debts, pay all your outstanding credit card bills, and maintain a good track record for a couple of months. Ideally, you want a credit score of at least 750.
Buying a home is definitely not child’s play. When it comes to purchasing a home, you will need a sizeable amount of money that will make up a chunk of your initial investment. This includes things like down payment and registration. The loan down payment is usually 20% of the total amount. This can be a pretty intimidating sum. You can’t just go to the bank and empty out your savings in one go. Make sure you’ve set aside enough money to clear the down payment and to sustain your recurring expenses as well. So plan out your savings well in advance.
