Are you looking to buy Property maybe today, maybe tomorrow or the next year? Things to Do to Get Ready to Buy a Home.
it’s important to plan towards this important purchase by taking the following steps to ensure you understand your financial position and borrowing power.
What Things to Do to Get Ready to Buy Home?
Review / Assess your financial position:
At the time of buying the house, we did not think about financial a situation happens in future. We exhausted all our savings for the down payment while buying the house. House is one of the biggest investments you make, but it may not always be the best investment. You need to assess this asset class on the metric of affordability and future serviceability of any loan you take. Here are few factors that should help you decide if you are ready.
Unlike financial assets that are liquid—you can redeem your mutual fund units and realize the money in a few days. Any financial plan starts with ensuring a solid emergency corpus that will take care of any unforeseen circumstances. One should ensure that they have at least 6-9 months of emergency funding in liquid options. Make a list of your expenses—both monthly and annual. Also, note down the near term (up to 3-5 years) goals and funds you need for these goals. Whether you can afford the loan or not is a serious question you need to ponder upon. Your current financial position without touching your emergency corpus or disturbing your other financial goals—short- and long-term—should allow you to make a decent down payment
Arrange finance and seek formal pre-approvals:
It’s not a formal or unconditional approval, a home loan pre-approval gives you an accurate idea of your borrowing power.
By knowing your price range, you can spend time looking at properties that you could realistically afford.
You’ll also have the confidence to make an offer on a property and have the upper hand in a highly competitive real estate market.
It’s often the buyer with a pre-approval that gazumps ill-prepared buyers because the vendor or seller has more confidence that the buyer is serious and ready to act.
In some cases, the vendor will even take the sales listing off and accept an offer below the asking price knowing they can make quicker sale than dealing with someone with no pre-approval.
Understand the current market, what it’s likely to do, so you can make informed decisions:
When the local real estate market is on the verge of popping, many homebuyers and sellers can get wrapped up in the hype and throw caution to the wind. Understanding the market where they live or plan to buy can help them make an informed decision about when is the best time to purchase a home or sell the one they own.
While real estate agents can provide plenty of support and guidance, homebuyers and sellers can do a little research of their own to find out whether a local market is hot or cooling with rapid tepidness.
Call Us at BHATNAGARS REAL ESTATE, Pune’s most experienced REALTORS – +91 8055894455. / +91 20 26122293
How we help you be ready to buy a house?
- We’ll answer any questions and guide you through the purchasing process.
- Connect you with our recommended Loan Market Broker who will work with you to make sure you are in the best possible position to make an offer.
- Give you an end to end solution with your property buying process
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