Finding your home sweet home cannot be as sweet an experience, there is a lot of research that goes into finding a good home. There are a number of factors that need to be considered while finding a perfect home loan deal for you. So, if you are into house-hunting here are 10 awesome tips that would help you in finding the right home for you and your family.
Tip 1: Know your budget:
One must know the process of looking for a house and should start by evaluating your own bank accounts to know the available resources, such as money in your bank account, assets, cash flow, liabilities etc. Once you know how much you can afford you will limit your sources according to your affordability and find a home that would suit your budget.
Often people tend to borrow huge home loans for luxurious home and not check their pockets well enough in want of more. In most of these situations your daily budget gets into doldrums while paying luxurious EMI of luxurious homes. Making use of Letzbank Home Loan EMI Calculator can help you know your home Loan EMI and you will be able to assess your monthly budget without a hassle.
Tip 2: Know your loan amount eligibility
You can easily know the loan amount that you are eligible for by making use of Letzbank Home Loan EMI Calculator. These figures are afair representation of how much you can ask for. Although there is a significant difference between how much you think you might be eligible for and the how much banks can lend you. One thing you must keep in mind to make the most of your eligibility you must have a very good credit score. Sometimes the banks may offer you pre-approved home loan all you need to do is to keep your credit score high.
Tip 3: What about the other costs?
Buying a house is not the end of your tale where you live happily ever after. It is true that you no more are required to pay your rent but along with your loan EMI you will have to pay the maintenance, property tax, home insurance premium. These amounts cannot be ignored and are not minor quick-fix expenditures. So while budgeting for a home loan you must make sure that you also count these costs that will help you be prepared for these expenses than being taken as a surprise.
Tip 4: Be open to change
When you think of buying a house of your own your certain have an expectation. If you are not able to find a house which matches your expectation it is not wise to keep rejecting every other home, as in this bargain you may lose a good home deal. Being too picky or taking too long is not a great way to look at a house to ensure that you do not lose good home loan deals. You may have to compromise on some not too bad front which is ok if you are finding a good home at a decent price.
Tip 5: Don’t get carried away
While buying a new home one thing that everyone has on his or her mind is that you need to buy a brand new furniture, new fabric, new curtains, new décor – the question here arises is; is doing all this feasible or needed? Buying a new home in itself is an expensive affair, and on top of it decorating is another pocket monster to deal with. If your old furniture is not a bad shape it should be taken along in the new home, and then you can gradually come up with new décor in the later stages.
Tip 6: See through the drama
The prices of the property are really high and to add to it the builders to spike the prices by making some cosmetic fixes to attract you. It is true that the cosmetic fixes change the entire look of homes; however the point to be a given thought is if it is really required. No matter how unique the cosmetic fixes might be you can get the same fixes at almost half the price of what the dealer is offering you.
Tip 7: Pick and choose
It is ok to keep a flexible outlook while looking for a house but be mindful of not making wrong choices. If you have a big family then buying a 3 BHK would make sense however if you are a nuclear family it is better to go with 2 BHK and live within your means.
A quick note always helps, therefore make a quick note on things that you would not like to compromise upon while buying a property. This will help you in making the right decision. There can be basic choices you wish to make such as if you want to buy an independent house, a flat or a villa; which part of the city you wish to purchase this house; etc.
Tip 8: Keep an eye out
You must keep a keen eye on the house if you are purchasing a property under construction. If you have to make a down-payment on a property, ensure that you keep visiting your home regularly to monitor the progress of the project. You can prepare a timetable that would remind you of the progress of the project. If you are monitoring the property you would know the drawback, you can look out for damages behind the wallpaper or an expensive painting. Check if the house needs extensive repairs. This will help you know the real value of the investment you are making.
Tip 9: Find your own agent
A property seller will be able to help you in finding a property that would fit your budget. Since he gets his commission he will do his best to crack this home loan deal. Therefore it is important for you to ask, you will not know of perils that strike the property and the adjacent areas in monsoons, or know about the water pipes that would run dry during summers. It is best tohire a property agent who is known to you through you will have to pay the fee. But, you will be certain of getting the right guidance which will be true and very much in your favor.
Tip 10: A look into the future
It is not possible to predict the future therefore you must learn if an airport or an IT Park is scheduled to be opened near your property. Having information of this sort can really help you take theright decision. A neighborhood that is poised to grow will set your home prices soaring in future. You must try and find out unwary developments as well.
With all these questions answered you can make the purchase a lot more confidently. Buying a home is one of the most expensive transactions of anyone’s life therefore you need to be more careful while making all such decisions. Buying a home is easy with Home Loans. Get to know about the best home loan deals in town by visiting Letzbank website. Apply for ahome loan online and avail a 100% waiver of service fee on all online applications.Main Category: Loans