Are you thinking to move from your rented flat to your own home for a long time? If your affordability is coming in the way, here are some tips you can follow.
You cannot come to a conclusion regarding your ideal home unless you make a thorough research.
Therefore, your first step towards purchasing your dream home would be to make an in-depth survey of all the residential projects that are going on in your chosen area. Your research must include the builders who are in charge of each of the projects, the surface area of the apartments that are being offered, the price, available amenities, and all such features.
For instance, a luxurious residential project in Noida might have all the modern amenities that make life comfortable such as emergency power service, escalator, elevators, swimming pool and gym. But the price tag of such a property might make you go bankrupt.
So, when you research you come across various aspects that make the property buying decision easier for you. When all the aspects of a residential project appeal to you, it can be streamlined for further consideration.
After you have streamlined your preferred flats, visit the builders of each of them personally. This is needed to know about the conditions they have kept for selling their flats.
Let us explain this more clear; some builders do not offer ay schemes for home loans because the land on which the property has been built might be on the lease, or it might be a resold property. You only have the option of paying ready cash for such properties.
Some builders have tie-ups with specific lending organizations too and accept their terms and conditions for selling a flat. If you are not comfortable with these terms and conditions or with the lending organization then the chances of buying that apartment might be quite bleak for you.
In nutshell, you will confront various situations when you personally meet the builder, some of which might go in your favour and some of which might appear adverse. You can make a concrete decision when you confront such a practical situation.
When you finally find the property of your choice, you need to make your own budget. This will be exclusivey based on the mode of payment you choose.
In case you are thinking of buying the property with hard cash, you have to be ready for it. Know the status of all the savings that you will use for this property investment.
However, if you are planning to opt for a home loan then know how much amount you have to pay as a down payment. Then know about the EMI that you will have to incur at regular intervals. Keep arrangements accordingly so that you can pay the downpayment and afford the EMIs too without making a single defaulter.