Buying a new home? Read this
Posted on: 03/May/2017 3:09:40 PM
At a time when the demonetization effects are unraveling, the buyers can feel relaxed with the fact that property rates will significantly come down. This is because the government is aiming at fighting black money and bring more transparency in realty.
As it is an ideal time to buy new homes, here we have quick tips on what to consider before buying a home:
Close proximities - First of all, make it a point for you to choose the home in close proximities to schools, colleges, workplace, etc. You need not take any compromise in the quality of living, isn’t it?
EMI - the monthly installment you pay as mortgage should not be more than 30 to 40 percent of your total income.
Check out your eligibility - calculate your monthly income and get to know what your eligible loan amount is.
Keep 6 months of EMI handy - as a safety measure, before buying a new home, save money to pay 6 months of your EMI. This will help you when you face with unforeseen circumstances.
No down payment - there are buyers who get personal loan to make the down payment or registration fee or so. Keep in mind that personal loans are too costly, and it is always better to avoid.
Keep your budget unchanged - do not stretch the budget. Though it may be one time investment, you need to be cautious not to exceed limits and save for your other personal needs.
Save for furnishing - furnishing and interior decorations will demand more at last. Do not forget to save for all of it.
It should not be your only investment - most of the home buyers invest all their money into buying a home. This is not a fair idea, because you should also have other sources where your wealth is stored safe.
