How to start planning to buy dream house ! Top 7 Financial Tips

The year has changed Home prices have changed but you've not decided how to start planning to buy a house. The dream of a home remains intact. Declining house rates are not seen in the Real estate market except for the fact that house prices are rising due to delays.

If you're planning to buy a house this year and postponing every-time due to lack of financial planning and strong determination then this is the right time to make the decision to buy a property in your area or nearby within range of your job, relatives or having good amenities for your family to reside.

In this current scenario, you need at least more than half a crore i.e fifty lakhs to purchase a house in metro cities. 

If you've decided to buy a house then approach the builder or property dealer and explain your budget. Is there any ready property, they will be able to guide you to better for your dream house to enter in the new year. Home loan interest rates are currently very low.

How to start budget Financial planning

Buyers shared their experiences If not now the more difficult ahead have to face to buy a property or house/flat. 

The decline in home interest rates is positive as house prices rise. So first you need to decide how much to budget. 

What is the income? How Much Down Payment Can I Make? How Much Money Does a Debt Make? How long can the EMI build? Depending on these the budget can be decided.

Choose where you can get the best house for your money

Once the budget is clear we need to look at where houses and flats are available in that price range. Within half a crore houses are mostly under construction in the suburbs. 

Such houses are available in North, South and East Hyderabad except West Hyderabad. How far is it to the workplace? Will there be growth in the future? The decision can be made by assessing the things.

Which type of property is best to buy?

Buy a house in a suitable area: There are many options like private house, flat in apartment, gated community. How to buy a house in a gated community

One of these is to decide in advance whether to take the house. Otherwise if the budget is one the house you see will be another this type of mentality makes you down to postpone further to never buy. 

If you can afford a little more money besides your target budget can be purchased in the gated‌ community. 

Private homes can also be found on this budget if you go a little further. So if you are clear in advance on the desired budget you can buy a house in a suitable area.

How to start planning to buy a house with financial planning in advance

The experience of those who have already purchased a house shared that every new buyer needs to plan ahead before owning a house this year.

Employees are more likely to rely on home loans to build a home. Home loan Vs Mortgage loan: which is better and Why? So it is better not to take new personal loans, such as credit cards, and borrow money from others at higher interest rates. Using credit card is good or bad: Learn Art for Credit card bill payment. A loan can be obtained to the extent required by repaying the loans already taken out before applying for a home loan.

For small traders, even if they have been transacting in cash for years, the transition to digital form will enable them to qualify for a loan by transacting through a bank. Business and home loans can be taken depending on the need.

A home loan is less likely to give more than 85% so buyers have to provide some amount. Therefore, the savings should be kept available for a while and the expenses should be reduced. It is better to postpone things like vacation. Make sure not to exceed the limit if you go. It's a small house, but it's a dream home.

What to look for before buying a house

• It is advisable to buy in projects approved by Government owned Corporations, Government approved layout local municipalities, Development Authorities etc. Before you buy, It is better to take legal advice by verifying the documents to avoid double registrations.
• If you're purchasing from the builder, you should examine the track record of projects undertaken in the past and quality of completed projects.
• Make sure the structure is of good quality. You can go directly to the site and take a look. Purchasing ready-made flats inquiry the flat owners who already purchased and residing the apartment about the builder, total amount they've spent, maintenance amount, privileges what they are getting, pending works, lift working capacity, security etc.
• Prior to purchasing home appliances, the facilities provided in the community should be written in the builder's contract rather than in words.

Compromise is a must

Most people can not afford to spend more on their home budget. So in some respects some compromise must be made. 

If you want a house in the desired location on a budget, the area of ​​the house can be reduced a bit. Other times there may be a place to buy a house away from the office. 

Infrastructure may not be available in the area unless it is two to three years old. It is not fair to make some compromises on such matters as the area has the potential for growth in the future. 

Not fair to make some compromises on such matters as the area has the potential for growth in the future.

Before landing at home

• Those who want to buy house property should know these facts
  
• It is advisable to go to the construction site yourself and get a clear idea of ​​the current situation and when it will be completed.
• The project will include a clubhouse, a swimming pool, a gym and other facilities, some of which will be handed over to buyers when they are incomplete and will be completed very soon. The price to be paid is determined by all of these so make sure you do everything before you go.
• Fitting in a new home is also important. Should be inspected carefully the quality of material used rather than poor quality equipment. Starting with the electrical switchboard, door knobs, make sure the appliances in the bathroom are as indicated.
• Doors, windows, etc. the price of the house varies depending on the items used. Make sure the correct items are used and installed perfectly. Should also check the Tap knobs by rotating once to see if they are working properly. This will let you know if there are any leaks anywhere.
• Before moving into a new flat, make sure that the water is flowing properly through the drainage outlets. Cement‌ may fall and clog during operation. Check that water is flowing properly from the outlets in the balcony, bathroom, kitchen, etc. washing areas.
• Walls, ceilings should be inspected for cracks even if they are wet, especially where there are electrical sockets. These should be repaired and brought to the notice of the builder to complete.

Conclusion: Hold some amount of money before your landing at home, after all the above works are done perfectly and you're satisfied then take possession certificate, apartment layout etc. from the builder. Coming to the conclusion that further delay is not a good idea.