Buying your own home with hard earned income, is the first dream that every guy has. Now day’s guys have this thing in mind that before getting married a he/she should have his own flat or home from where he can start and his life very happily. Though many people have belief that it’s better to live on rent for some period of time and stay away from the headaches of renovations and making amendments and taking the responsibility of a complete home themselves. But in the final analysis, every man needs a life where he has got the stability and he is free from changing his home with the change in the moods of his landlords. When you get stable, you have school going children, and security becomes an important concern, then people tend to search for their own home instead of staying under someone else roof and shelter. At that point of time, ownership becomes very desirable.
In this article we are discussing some of the considerations that you have to keep in mind before buying your first home. A fresher is already expected to make mistakes but smart freshers learn from the experiences and mistakes of others. First of all you have to see how much bank account you have as you have to make down payment for the purpose. That money either you would have saved or you can approach your relatives and friends to assist you in monetary terms. At least 10 percent of down payment is necessary and bakers prefer that you pay at least 20 percent or more. Paying more than the 10 percent is beneficial for you only as you can avoid the necessity for private mortgage insurance. Lenders have also become very choosy in lending money. They also consider many factors such as the timeliness of payment, credit card limit and many other factors.
You should consider the costs. You should be able to help yourself in bearing all the expenses of your household activities such as internet fee, electricity, water and maintenance charges of your home. Maintain your kitchen garden would be your responsibility. Giving contributions to the committee of the society every month will be mandatory from your end. So consider these all the expenses and these are not fixed prices as they tend to increase year after years. It has been studied and analyzed that a home owner should be saving and using 5 percent of his gross salary for his maintenance of home such as wind, flood, leakage damage. Borrowing at that time will not be smart option Thus, planning and saving is the only solution.
In this article we are discussing some of the considerations that you have to keep in mind before buying your first home. A fresher is already expected to make mistakes but smart freshers learn from the experiences and mistakes of others. First of all you have to see how much bank account you have as you have to make down payment for the purpose. That money either you would have saved or you can approach your relatives and friends to assist you in monetary terms. At least 10 percent of down payment is necessary and bakers prefer that you pay at least 20 percent or more. Paying more than the 10 percent is beneficial for you only as you can avoid the necessity for private mortgage insurance. Lenders have also become very choosy in lending money. They also consider many factors such as the timeliness of payment, credit card limit and many other factors.
You should consider the costs. You should be able to help yourself in bearing all the expenses of your household activities such as internet fee, electricity, water and maintenance charges of your home. Maintain your kitchen garden would be your responsibility. Giving contributions to the committee of the society every month will be mandatory from your end. So consider these all the expenses and these are not fixed prices as they tend to increase year after years. It has been studied and analyzed that a home owner should be saving and using 5 percent of his gross salary for his maintenance of home such as wind, flood, leakage damage. Borrowing at that time will not be smart option Thus, planning and saving is the only solution.
Piyush Group is one of the leading real estate company in india. Piyush Group is involved in development of Integrated Township, Group Housing Projects, Commercial Mall
No comments:
Post a Comment