Moving out from a rental is a big deal. You have to weigh out all your options, your finances and of course, your comfort. A good start gives you an advantage as well as moral boost. Picking a house that meets all your requirements is crucial at this stage. To help you, Arun Dev Builders LTD have compiled a checklist that you should have when acquiring a new home.
Map your finances
Remember, you’re buying a property for your residence and not for an investment. Buy a house that you can comfortably pay for at the present point of time. Though, there may be chances your only option is the nearest expensive real estate market. Try to curb the monthly housing expenses below 25% of your monthly income.
Check if you can afford the house
Make sure you fit the prerequisites for a home loan. A stable source of income and a good credit report is important in this case. The banks will keep an eye out for cases where you have defaulted in paying bank bills and other loans. Save cash for down-payment too and get the documentation ready. Double check your documentation for errors. Banks often blow up a small mistake to avoid handing out a loan.
Compare the mortgage rates
Never consider loans thrown at you at a ‘whatever’ rate by the bank. It’s wise to compare loan rates online at various portals online. Choose the one with the best rate of interest that does not tangle you in the ‘office-office’ heckle.
Hunt for mortgages
Experts from Arun Dev Builders LTD suggest that you start house hunting as early as possible. It’s not easy to find good-priced and well-placed properties in India. You need to know how property prices work. Some are fixed while others keep changing with the deviations in the real estate market.
Want to add another point to this list? Let us know!