Planning to buy a house takes a toll on your financial bearings. Your lifetime savings goes on buying a dream home for yourself. You have to be extra cautious on your spending, unlike earlier where you don’t think twice before buying anything. That doesn’t mean you have to dine on peanut butter for another 10-15 years till all your debts or loans are clear. Proper financial planning is all that’s required here.
Buying a house brings a sense of happiness and pride. You feel the sense of freedom. At the same time, it’s quite difficult to control our urge for spending.
But before deciding on the house, some important points have to be considered:
- Location and price: The first and foremost thing is the locality. Make sure, the location of the building has an approval from the Municipality. Check on the nearby area, is the location good enough for a future development. Are there proper facilities like school, super market, hospitals and other basic facilities? At the same time, the price should also be something that has to be considered. Delve on the price that’s prevalent at that particular area. If possible try to check with the local people out there.
- Investment or end use: It is imperative to first decide whether it is for investment purpose or for end use. If it’s for investment, check on the resale value of the property.
- Builder: Check on the builder’s background. Google his previous projects which he has worked on, the quality of the project and reviews. Try to get in touch with the buyers already booked the house with them to check on the quality and services offered. Inquire to see if he has any questionable background. Only when you are clear on these things, should you go ahead and book.
- Financial planning: Having checkedon the location, price and the builder, you also have to check on your financial bearings. You should plan your finances in a way that, once money is invested in the house, you don’t have to rely on peanut butter and sandwiches. SO curb on your unnecessary expenses and try to save as much as you can.
- Loan eligibility, rate of interest: After a proper financial planning, comes the next step. Research on banks which are providing home loans at a low rate of interest and what is your eligibility criteria to apply for a loan, how much loan amount are you qualified for.
Once you have gone through the above points carefully, you are ready to buy your own house. Having said that, the research doesn’t end here, you have to keep delving till you get a possession and even after that to know what’s new in the market and you can also make the changes according to the trend. Always be in touch with the other potential buyers and existing buyers in order to be up to date.
Pay a regular visit at the site to see how the work is trending, what’s the quality of material they are using, so on and so forth.
So after broiling under the sun day in and day out, for your hard work, you can now proudly evocate your new buy to your friends and relatives.