Buying a home is as difficult as it is exciting no matter if you are a newbie or have been a house buyer before. Loans, home insurance, house size, documents, legal formalities, possession time and a bunch of things jump into your tasks to-do. While this all seems exciting at the first, you may find yourself cluttered with multiple things.
The best way to sort all the chaos is to create a checklist and for that, you need to know the essential things to consider when investing in a house. Here is a list that can ensure you don’t leave the important things behind. Read and note them down!
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Budget and Finances
The first and foremost factor that ought to affect your house choice is your budget. The higher the budget, the better properties you can think of purchasing. So, begin with a detailed list of your expenses and how much your income is. You should also check your credit score, savings, and other monthly expenses to check whether you can truly afford a home or not.
If you are opting for help from banks, you can use a home loan calculator and see how much the EMIs would cost you. In short, make sure you make up your mind on how much you are ready to spend on your new house and will that affect your financial stability.
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Extra Costs – Home Insurance, Maintenance and Renovation
Now, when thinking about the budget, do not just stop at the property price. Most people make the mistake of just calculating the property price while making their budget. It is crucial that you should also consider the extra costs such as GST, stamp duty, lawyers’ fee, agent’s commission, renovation of the house, home insurance, maintenance and general upkeep of the property.
All these can have a huge impact on your final budget; thus, take your time and also suggestions from an expert to do the right calculation.
Also Read – SBI home loans to get cheaper: Reduces interest rates
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Location
Done with the budget and costs? It is time to move forward to the house. You must delve carefully when it comes to the location of the house. Here are some things that should be in your mind when you visit the property:
● Security
● Accessibility to public transport
● Distance from the hospitals, markets, malls, schools and your office
● Amenities such as gyms, sports clubs, and parks
All these factors will define the quality of life, your social interactions, school quality, the commute time and the peaceful time you spend at home.
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