For every home-buyer affordability is the first thing to consider! Everybody wants to buy the right home that fits in their budget.
Probably home is the biggest investment that you will ever make. And undoubtedly, you have thought about many features that you wanted in your dream house. You may want a big hall, curved stair, and rooms with balcony. But, the problem is how to get one for us?
Planning is an important thing to do before purchasing a house. Here, I am going to share some important things to consider while buying a new Home.
Things To Consider While Purchasing Your New House
- Plan Your Budget
Without planning it is going to be a mess. Don’t forget that your investment decision is going irreversible. So, be wise and make a smart choice.
How to plan a budget?
First of all, add up all your income sources. You can’t make your budget until you know how much you earn monthly. Now, adding income is not enough, you should also calculate total monthly spendings so that you can come up to your monthly savings.
Monthly expenses should include everything- household purchase, transportation spending, expenses on leisure activities etc. So that you can come up with actual average monthly savings.
For instance: There are a family- husband, wife and a child. Wife earns Rs. 30,000 and husband earn Rs. 60,000. Total income = Rs. 90,000.
Now, their monthly house rent is Rs. 15,000. In addition to this electricity, water, transportation, expenditure on child and other monthly expenses are Rs. 33,000. Adding all, we get Rs. 48,000. Now, the next step is to calculate total savings= 90,000-48,000, which is equals to Rs. 42,000.
You know your monthly savings and your bank balance. Now, it’s time to plan and make adjustments so that your monthly expenses after purchasing home outflow the monthly income. So plan the budget accordingly.
- Find the Best Real-Estate Contractor
Search for the best property contractor in the area. Tell him your budget and your expectations so that he can show you the best. Property dealer will help in all the steps but you should also make sure that property worth your investment.
As you know your budget, then start searching for the location for your dream home. What to look for while choosing the perfect location for our house? Well, first and foremost thing is that it should be properly connected with the rest of the world that means easy access to different communication ways – roadways, waterways, and airways.
- Rental Prices
If you also want to use your house for commercial purpose then also check for rental prices in that area. High Rate of Paying Guests will help you in maintaining your budget and will also add some cents in your monthly income.
- High Resale value
Usually, property buyers don’t consider the resale value because he is going to invest in a new home in order to stay there for the whole life. But, we should not neglect the importance of resale value. In case if you need to shift somewhere else then high resale value of your property will become your helping hand.
- Ensure Your Property
What happens if you have to pay for property damage due to some mishappening immediate after making a huge investment for buying new property?
Probably you will go bankrupt. So it would be better if you ensure your property. This will bring peace of mind to you.