Buying a new home needs a lot of financial planning.
At some point or the other in life, everyone wants to buy a home. These days the trend is towards owning a home than staying in a rented house. Freedom from the meddling and often demanding landlords/landladies, and an urge for a wise investment than wasting money on paying the rent, or the prestige that comes as a corollary…the reasons are many. But all said and done, you just can’t walk into your home on an impulse.
• Start planning your budget: A thorough research of property options that fit into your budget: Check out the available property options. Choose the one that suits your budget the best. If you are prepared to go just a little overboard; you will have to be more prudent as far as your other expenses are concerned. These savings would come handy while making the down payment.
• Start looking for home loans: Arrange for a home loan. Banks or home loan companies have various home loan schemes. Go for one that offers you low interest rates.
• Make sure that you have cleared all previous loans: Having a clear record helps a lot. It enhances your credibility and the process of home loan approval.
• Let everything else take a back seat: Until you buy your own home, don’t give in to any other temptations. For example, don’t switch your job, don’t go for a new car, don’t even toy with the idea of applying for a new credit card!
• Choose online: Doing an actual recce has an easy alternative. You can choose a home online and then go for a site visit.
• Look out for festive offers: Buying a home through festive offers makes you save substantially. Besides, a new home would make your festivities all the more special!