Being Prepared Key For First Time Home Buyer
Buying a home is one of the few milestones of life that each one of us decides to dream of. Be it a small two BHK flat or a bungalow comforting all your royal requirements, buying a home is one of the most crucial decisions that we are bound to take at some point of life.
However, there are a certain bunch of things that we all are bound to consider especially if we are a first time homebuyer.
- Budgeting – Whether you agree of not, budgeting realistically is significant. Nobody would prefer his or her home to be nothing less than a turmoil causing financial instability. Even if you are opting for the loan, make a proper plan with respect to your payback period, the amount of loan and the bank that you are going to approach.
- Consider your credit rating – Your CIBIL score is one of the most vital credit scores in your life, and is a must for a first time home buyer. A good CIBIL score talks a lot about your creditworthiness, making it easier for you to take loans or mortgage. However, if your score is below the desired number, then certainly your first move even before buying a house should be improving your low credit scores. Get yours free here.
- Logic over preferences – Probably you are looking for a bungalow but you have a nuclear family and your budget is tight. In such cases, always give preference to your logic instead of your own preferences. Think of the family size with respect to the size of the house and then take the sound decision accordingly.
- Guide to your home – Do your own research and take help of your close ones. You can either opt for house brokers or check out houses on your own through reliable online portals dealing in the same. Whatever method you decide to opt, just ensure that you opt for it sensibly.
- Financial position – Perhaps, you are in the position of paying for your home today, but a long-term site with respect to your financial position is necessary. Unfavourable incidents might end you up into troubles that are not easy to sort out. Hence, do not take a step until and unless you are sure about your financial position for at least next one or two decades.
- Amount of deposit – The amount of deposit generally differs, and this is why you should figure it out beforehand and start saving in case you lack the funds. Simultaneously, you also need to keep a check on whether you will be able to pay back the loan every month or not and if yes, then up to what extent.
- Location – Once you are done with the planning of your budget and loan requirements, it is significant to decide upon the location as well. There is no point of buying a home wherein you have to travel miles to buy something as simple as a pack of biscuits.
Buying a house is a one-time investment; unlike your clothes, you cannot change your house everyday, which is why it requires long brainstorming sessions and foolproof planning. A first time home buyer should keep the stated above checklist in mind for whenever you finally decide to buy a house of your own.