Your dream home is one that meets both your aspirations and affordability at the end of the day. Achieving this may not be as easy as a piece of cake. So, here we have elaborated some strategies that will keep you sorted with a fine bargain.
Not Judging Your Affordability
It is not what the bank thinks you can afford but rather you, to identify which property you are comfortable paying for. For this purpose, you are required to prepare a budget beforehand that should include all kinds of monthly expenses except rent such as, credit card bills, health insurance, grocery, student loan payments, vehicle costs, retirement savings.
Major annual expenses such as the payment of insurance premiums, vacation costs should also be included in the budget. On subtracting the sum total of all these expenses from the amount you have to pay for taking the home, you will find the sum of money to be spent on the house each month. The use of a mortgage calculator for this calculation will help you in researching the latest interest rates to give you a more accurate estimation of your mortgage payments.
Doing Without Mortgage Qualification
Getting a mortgage pre-approval is necessary, especially if your credit score isn’t healthy. Often it happens that you are too late in discovering that the bank is unwilling to lend you the required amount or the terms offered may not be acceptable by you. Alas! You are in a soup. Do not make any last-minute alteration in your credit score for the pre-approved mortgage to work in your favour or else your loan might fall through.
Not Including the Additional Expenses
Whether you purchase a condo in a high-end residential complex or an apartment in a cooperative housing society, maintenance fees are automatically tucked in by the homeowners’ association or the individual owner, as the case might be. It would be a folly to forget about the home insurance payments, repairing costs in case of damages and property taxes while selecting your home.
Being Very Choosy
Do not pay heed to all your fancies in the wishlist that you have prepared when buying a home for the first time, and that also when your funds are limited. Either a busy street or outdated decor, you need to compromise on any or a couple of aspects, to begin with. Do not visit properties that are already high-budgeted since they may leave you unsatisfied or push you into dangerous consequences of getting financially outstretched.
Ignoring What is Necessary
Will you reject a 2 bhk apartment outright simply because the bedrooms have outdated architecture or the wallpapers are hideous? House renovation doesn’t come for free but the amount of money you will need can be possibly arranged by eventually but what if you lose the entire house unable to clear the mortgages?
If you are planning to start a family too soon, then your top priority should be the size of the home and then the location based on the budget that you can afford with ease.
Getting Lured by Cosmetic Fixes
Often the sellers try to trick you with the attraction of architectural staging or other minor upgrades in the interiors, thereby swaying you even if the price exceeds your budget. When searching a property, look for one that has immense possibilities of appreciating in its value even it might appear dull at the moment.
Neglecting the Type of Neighbourhood
Home interiors can be fixed or revamped in your own way over the years but the neighbourhood certainly cannot be changed. Gather as much information possible on matters like zoning laws of that area, the trending of other properties in the neighbourhood, chances and types of further construction on the surrounding undeveloped lands and so on.
Disregarding Thorough Inspection
To avoid any kind of blunder in your investment, it is mandatory to find out yourself in what physical condition the property really is instead of simply relying on the seller. Reject the home if it has serious and unexpected repairs to be done without which, it might be hazardous to live in.
Hope, the reading was helpful. For more insights of Kolkata Real Estate, visit transventor.in where we provide the most precise solution to assist you in the purchase, selling or renting of a property.