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4 Tips for First Time Home Buyers

Buying your first home can give you immense confidence to take important decisions in life. However, it inexperienced can easily be ditched by the real estate world and the result can no doubt be distressing. But if a buyer does not have enough knowledge or experience does not mean, she/he should not buy a new home as it after all one of the most important goals of life. Therefore following are certain important checks for you to consider before taking your home buying decision for a 1, 2 or 3 bedroom apartment in Bangalore:

Over Spending –

It is very important to plan pragmatically to understand your savings and make a budget. While you plan you must consider your existing salary and the rate at which it will grow with respect to expected inflation. This will help you manage your monthly expenses smoothly even after you have used your savings to buy your house. If you are not confident about doing these calculations, you can consult a CA to help you understand your existing income and its capability to meet your current need of buying a house. Most importantly you must not get carried away by over confidence thinking you “will manage anyway” because if you stretch your financial limits, you will have money crunch every month making you extremely uncomfortable and if you are able to pay the debt off on time, you might lose your home and default in EMI’s. So, plan your accounts realistically and then take a decision. “Do not deplete your savings completely”

Underspending –

Just the way overspending can lead you to trouble, underspending can also make you uncomfortable. If you know have the budget to buy your dream home, you must do it else you will regret not realizing your dream when you had the means and resources to do so. Buying a smaller home with less space, smaller kitchen, tiny bathroom and stuffed bedroom will make you feel claustrophobic because your mind knows you had the worth to make a better choice. Hence, it is necessary to understand your own needs and means and take a buying decision accordingly. So, if you can buy one of the luxury apartments in west Bangalore there is no need to rather choose one smaller laid-back old construction elsewhere. “Do not keep all savings for future – strike a balance at a rate at which you can cover up your savings ASAP while also pay the Emi’s comfortably”

Get a Loan From a Bank –

Even if you have the entire amount to pay off the price and get the home ownership transferred in your name, do not do it! Instead take a loan from a reputed bank no matter how small the loan amount is for you. This is because banks verify every detail of the residential property in question and if there is a risk in the deal they do not approve the loan. Therefore it is the easiest way of finding out how authentic the deal is. “Better be safe than sorry”

Your Own Research –

No doubt banks can be trusted, but don’t forget to do your own research about all the optionsonline and personally and also so that you gain experience and understand the intricacies involved in cracking a deal. “Practice makes a man perfect”

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