8 things will change the way you approach home buying
KNOW WHAT YOU WANT:
The buyer needs to decide on the type of locale he wants to live in. Where suburban lifestyle gives you a flexible and relaxed neighborhood, urban areas give better social, educational and career opportunities. It is also important to decide on the type of realty you want to invest in. Let your priority decide your location.
HOME OWNERSHIP COSTS!
Weigh the pros and cons of home ownership. Besides the monthly installments, there are the utility charges, property tax, water tax, monthly maintenance, etc. The cost of living of the locality you choose to live in, has also to be considered. Get budget-wise!
WHICH ‘B’? BUILD OR BUY?
A ‘B’illion dollar question! A pre-designed home lifts a lot of weight off your shoulders. You can buy what you see and the new home is immediately available. At the same time, a home under construction will give you the privilege of designing / planning how you want your house to be! The EMIs are low, because, they are paid as the work progresses. Hence, initial EMIs are usually low.
HOW MUCH DO YOU KNOW ABOUT YOUR LOAN?
Home loan – your financial supplement to buy your dream home! You need to first assess and understand your eligibility. The bank does its assessment of you, by checking on your proof of your capability to repay the loan. Your income documents, credit history, current assets and liabilities, etc., are looked as your proof.
Each loan has different interest rates and its own specifications. Choose the one best suited to you. Know well your loan.
You need to maintain a good credit score to enable banks to approve your home loan.
GET THE FACTS IN BLACK & WHITE.
Know the jargons. Get familiar with real estate and legal jargon to understand your documents better. These terminologies come handy especially if you are a first-time buyer.
What’s on the offer? The amenities too add to the desirability of a property. Check what the builder has to offer.
BE A GOODWILL HUNTER!
You also need to check the Goodwill of the builder. A look into the builder’s profile and overall history should give an insight to the credibility of the builder.
SET YOUR ASSET!
The value of an asset is also gauged based on its resale value. Hence you need to find the resale potential of your property in the future.
The rental potential of your property need to be gauged too. If the locality is a sort after one, your property would have a high rental potential.