Buying a house in Bangalore can be a dream come true for many. While there are so many pros and advantages that you can enjoy from the transactions, you also need to make sure that you are buying the home after you are actually prepared for it. You know that it involves a lot of money, and you might have to keep away from expenditures for a long time. Ask yourself a few questions before you actually go ahead and buy a house.
Here is a list of questions that you would like to talk to yourself about:
Here is the first and foremost priority. When you are living in a flats for sale in bangalore, you are sure to think you can afford a house and pa the EMI than to pay rent. But that is not always the case. You might have to struggle to make ends meet after you actually buy the house. Make sure that you are financially stable and have no debts before you actually buy the house.
- What is the loan I need to take?
If you have the money on you to pay upfront, then this is not a concern. But if you are going to make use of the bank facilities and personal resources to borrow money, you will have to understand that the loan amounts have to be determined. You will have to also know how much loan you are eligible for and make sure that there are no hitches when you actually avail the loans.
- How am I going to repay the loan?
When you are considering your finances, it does not really end at taking a loan and paying up for the house. You will also have to repay the loan and that too systematic installments. Even before you take the loan, have a structured repayment policy and gain a fair understanding of what your lifestyle is going to be like until you are done with the repayment.
- Do I have any other expense?
If you are a married man and are planning to start a family, or if you are considering a certification in an international university; you are sure to be spending a lot of money on these things. You need to think it all through before you actually go ahead and buy your house. If you are expecting expenditures in the future then it does not make sense to leave the house for rent in Bangalore which you are living in and buy a home.
Here you will need to make an estimate of the expenses that you have to incur in at least the next couple of years and then buy the property.
- Is my family agreeing with the decision?
It does not matter if you have rented a house for a very long time, but familiarity always brings along with it attachment. If you have old parents/young children who are very familiar with the locality and the people in the locality, they are going to have a tough time moving from there. You need to understand their problems before you move. You will also have to keep in mind the workplaces and the regular visiting places of the family members so that they do not have to travel across town to get somewhere every day.
- What do I want my dream home to be like?
If your idea of a dream home is very different from what your realistic options are, then you need to calculate when you can afford your dream home. Make sure that you do not compromise too much on your expectations and aspirations so that you do not have to face the brunt of it later. You will nit like it too much once you have bought it if you compromise.