Whether it’s about finding stability, escaping a bad roommate or expanding your family, at some point you do end up emerging from the rental homes to buy a property!
Having said that, the fact remains that buying a new property is not an easy task. It takes in a lot more than just your finances and can get chaotic to figure out where to start. However, with a bit of research and some attentive planning, you can definitely increase your odds of finding your dream home at a fine price. So if you’re considering looking out for properties online, making sure you’ve got the following tips in your cart.
You may fall for a charming property and end up spending more than you expected, but it’s important to get your finances in shape before you commit to something that exceeds your budget. Ideally, a monthly housing payment should not exceed 28% of your pre-tax income. Keep this as the starting point for your calculations, but don’t forget your other basic expenses like your family expenses, credit card debt or any other loans. It’s best if you can aim for a house even less than what the calculations come up to, so you don’t end up living poor.
Don’t hurry up on finalizing a home before doing a bit of homework on the builder’s reputation. Go through their previous projects, customer reviews, website and testimonials to understand if they are trustworthy and committed. While there are some who may waver from their promises, it is important that you settle on a house with a reliable builder. Be sure to obtain the apartment at the promised possession date, with the necessary documents.
Ask your builder if you could get in touch with the neighbours of the property you choose. Make sure you have a tiny survey about the house you have set your eyes on. How is the location’s connectivity? Is the neighbourhood safe? Is the quality of living well enough? – Do try talking to them to have better clarity before you make a final move. Try visiting the property at different times of the day to get an idea of the lighting, noise, and traffic. Apart from that, do get your research done through online property portals, and you’re good to go!
You loved the house, the facilities, the budget fits just right, but the big question is, are you ready to commit?
Remember, making an investment if you are unsure of settling in the same place, would be a bad idea.
If you are planning to apply for a home loan, keep a track of your CIBIL score. Your CIBIL score plays a significant role in the loan application process.
Once applied, the credit score and credit report of the applicant is immediately checked. In that case, having a low credit score can work negatively in your favour. However, a good credit score is considered creditworthy, which improves your chances of having the loan approved. A high CIBIL score could also make the loan available at a cheaper interest rate.
It’s true that buying a property is a complicated process. With the right research and a credible builder, you can always have a seamless experience. Just follow these tips and be ready to hunt for your dream home!