A proper budget has to be planned to know how much money will be left each month to meet your expenses. You should guarantee that the property you are getting will satisfy your present needs and be within your budget. As a property buyer, understanding your family’s present major needs will help you make the right decision.
It is essential to choose & Take a good look at the location and the locality. It is better to try a place adjacent to the prime location of your city. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment.
If you are planning about investing in a rental property, homes in high-rent or highly populated areas are ideal. Knowing the rental rate in the area helps you to choose the right property and location.
Resale sale Value is an important thing to consider before you plan to invest or buy a property. Property buyers never consider resale value when they buy. They make the mistake of focusing solely on a prime locality or the budget of the property.
This is an important expense or tax, much like the sales tax and income tax that are collected by the Government. Find out the stamp duty amount applicable to you as per the market value.
Even if this isn’t your first home buying experience, you will want to get help from a team of professionals. Fees or service charge by real estate agents, lenders or mortgage brokers, home inspector, land surveyor, lawyer or notary etc should be considered. Find out how much is the maintenance charge
Property insurance safeguards your financial future if certain damages occur to your property. The cost is relatively low and provides coverage in case of problems with the property title, certain damages or any legal issue. There are many different home insurance policies to choose from, with varying levels of protection. When making a decision to protect your major assets, it is important to have a resource you can trust, to guide you along the way. Choosing the right house insurance protects your property and makes the process of buying easy.
Beyond the purchase price of your new home, there are a number of additional costs to buying a home which can add more than 10% to the total bill. Owning a home also costs more than you might expect. Read on for all the costs of buying a house and running a home that you need to budget for.
Keeping in Mind all the above stated costs, Frame your Budget accordingly so that you and your family can undergo a smooth Real Estate Buying Journey.