by avni Jadhav
Published Fri, Jan 5th 2018, 12:47 | Finance
So, you're sick of renting a house from one place to another and you're have made up your mind to finally get your first permanent place. Owning a home is a significant part of your dream. Although, you can see hundreds advertisements and schemes, on various media channels no one tells you exactly what to look during the buying process.
Here are some guidelines on buying your first home:
Know What You Can Afford
Don't just assume things that Mr. Sharma bought his house for 'X' lacs then I can also get it at the same rates. Property rates keep fluctuating, even a small increment in a particular segment can trigger thousands of rupees. So, a lot of people consider the cost of monthly mortgage payment (principal, interest rates, and taxes) when purchasing the home. You should zero in on factors like utilities, maintenance, renovation, and homeowners association fees. It will give you a better sense of month-on-month expenses.
Lock the Right Deal
When you've hunt down a property of your choice and ready to buy it, knowing a few things can help you for negotiating a deal: Position of the asking price in relation to the prices of similar properties for sale in the area, comparable properties available and how long the house is on the market.
Do an Inspection of the home you buy
It's a good idea to have a licensed inspector to scrutinized your house before you finalize it. It will ensure there aren't any major undisclosed issues with the home. This will definitely prevent you from buying a home and discovering later that it might need repairs or constructed on the illegal land. A golden tip would be if the issue isn't big enough to make you walk away from the sale, you might be able to use it for negotiating for better deals with the builder.
Check Credit Score
Credit Score plays a vital role in offering home loans. So if you're dealing with bad score chances your home loan might be rejected or you may have very high-interest rates on the loan amount. Alternatively, your good credit score can help you negotiate a better interest rate deal.
Joint Income
It is one of the best ways to qualify for a more home loan amount. Families in which both the couples are working or run their business together can prove to be an excellent example of joint home loan applicants. Since they both are working it is a guaranteed source of income. Bank or finance companies are willing to offer more finances with attractive interest rates and low processing fees
These were some Step By Step Guide to Buying a Home that will help you to make an informed decision about your home purchase!