The decision to buy a house is a big decision in life. This is not a hasty decision.
Every person dreams of having their own home. The decision to buy a house is a big decision in life. This is not a hasty decision.
Whenever you plan to buy a house, you should ask yourself some important questions. We are telling you which are those important questions.
The EMI should not exceed 40 percent of the household’s income. With this, there should be no other loan on you. If the EMI is more than 50 percent of the total income, then other goals will have to be compromised.
There are many such expenses associated with the house, which you do not already know. The price shown in the advertisement is just the base price. Builders can take money for such facilities which you consider to be free. There is also a fee related to legal writing and reading. Stamp duty and registration charge are other expenses.
Own house or house for rent?
It should be thought that the rental house will be right for you or your house. It should be analyzed which of these options would be better for you. Property in cities is very expensive, living here on rent is a better option.
Will property values increase more than loan interest?
If you are buying a property as an investment from a loan, then review whether the property prices will increase more rapidly than the loan interest.
How many years to live in the house?
While buying a house, this question must be asked yourself, how many years you can live in it. Suppose you buy a house at the beginning of your career and after some time you have to work at another place. So buy the house only if you decide that you will stay in this place for 10-15 years.
Make a decision to buy a house only when you are making arrangements that you will not need money in the near future. For this, you should create an emergency fund.
If the income stops?
The situation is not always the same. Therefore, besides covering future expenses and family needs, buy equal insurance for all outstanding loans.
If the builder delays in giving possession of the house, then the buyer has to be hit twice. They also have to pay EMI along with the rent. Due to not getting the possession on time, you can also lose the tax benefit on the home loan.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.