Tired of paying rent every month? Or need some space away from family? Think it’s time to but your own place? Here are a few ways to know if you’re ready to take the plunge or not:
You Are Debt Free
: This is the most important criteria. It’s not that you can’t buy a home with other payments due, but if you’re in the habit of using your credit card regularly because you can’t afford monthly expenses – don’t buy. Ideally, clear off all other credit card bills, EMIs and loans before you decide to buy and if you can’t, then plan extremely carefully.
You Have A Steady Job
: Whilst you shouldn’t rely completely on your job to pay for your house, it is a good idea to buy one when you’re earning. It makes you more credible and eligible for a loan. It is also important that you have a good amount of work experience to back you up, in case you need to shift jobs, while you’re paying for your home.
You Have Solid Savings
: Be ready for any unexpected situations and emergencies. With a home loan, you need to be extra cautious. A part of your monthly income will already be used to pay off your loan. So in case of an emergency, make sure you don’t pay it out of your regular income. Ideally, if you have a years’ income in savings, you’re good to go. Also, do not spend all your savings on the down payment!
Your Have Reliable Information About The Real Estate Market
: It’s natural for people to pay more attention to interest rates and other real-estate happenings, before planning to buy. However, it’s best to get professional advice on the subject. Look for a reliable realtor you can trust, for this information.
You Are Clear On Why You Want To Buy A House
: Are you buying so you can accommodate a family? Do you want to buy because you need more space as a luxury? Or is it just for investment purposes? Only when you’re clear on why you want to buy, will you be able to get a house that suits your needs. Else, you may end up with a home you begin to resent.
You Like The City and The Neighborhood
: Even if you’re buying a house just as an investment opportunity, make sure you can see yourself living in it at some point. An investment should also work as security for you. And that means you should be able to see yourself living in the neighborhood and city you plan to buy your house in. Make sure the house is well located and accessible to hospitals, schools, shops etc.
You’re Ready To Settle Down
: If you’re planning a family, it is a wise move to have a house you can call your own. Maybe you live in a joint family and need more space. Whatever the reason, if you think you are ready to settle down, you should. However, don’t rush into buying a house. Plan it out well. Make sure your future goals are spread out in such a way, that they don’t stretch your finances immediately.
If these signs apply to you, chances are you are ready to buy your first home. RERA approved Sai Tirupati Greens provides perfectly planned modern homes at very affordable prices. We also provide a lifestyle which is conducive to growth and happiness. So come. See for yourself.