Nimmadhi Guide to Buying a New House

Nimmadhi Guide to Buying a New House

It is a dream of many to own a comfortable home, here are some things a buyer needs to know before purchasing a house.

Budget:

A proper budget has to be planned to know how much money will be left each month to meet your expenses. Remember that your first property will seldom be your final property, so search after your present property getting needs first, and let the long term take care of itself. 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.

Location:

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 so that the price is not that high. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment.

Good Resale Value:

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. If you choose the wrong property or location, it is possible that your future sales price will always be less than the other homes around it.

Rental rates in the area:

If you are 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.

Loan eligibility:

Home loan eligibility depends upon the repayment capacity, income, existing loans or debts and age of the loan applicant. The lending company or banks provide online services such as home loan eligibility calculator to calculate loan eligibility of the home loan borrower. The maximum loan that can be sanctioned varies with the banks and the eligibility criteria may vary according to the bank or RBI regulations. As home loan rates increase, the loan eligibility for a borrower becomes stiffer.

Nimmadhi tips to Buying a new house:

• Start Your Research Early.

• Determine How Much House You Can Afford.

• Get Prequalified and Preapproved for credit for Your Mortgage.

• Find the Right Real Estate Agent.

• Shop for Your Home and Make an Offer.

• Get a Home Inspection.

In conclusion buying property or buying homes is very easy for NRI’s. If you have clear documentation and get your home loan sorted, Nimmadhi can help you with everything else.