Can We Buy A House?
If a question can we buy a house has started popping in the brain and the thought of how can we buy a house keeps bothering, this means the time has come to go through the checklist and check whether it is the right time for buying a house or not.
Certain life-changing events such as marriage or increase in family size(newborn baby) and even purchase of the new house by a member of a peer group or a continuous nagging from near and dear ones put pressure on an individual for buying a house of his own. This pressure may result in making of some hasty decisions regarding the purchase of the house which will further end up costing high losses. For many people buying a house is a milestone in life. Hence requires lots of planning and decision making.
Every buyer has his own imagination for his dream house. Owning a house is very emotional, as feelings of all the family members are attached to it. It is said that each house tells its own story that too in its own way. Moreover just by looking at house number of things can be made out about the owner.
Buying a house is a complex process, hence extensive research and planning should be done before taking any final decision. Buying a house is always accompanied by a question can we buy a house at this time? If the answer is yes, then there will be an immediate question that needs to be answered and i.e. how can we buy a house? Question can we buy a house, itself is a compilation of various questions like: is it the right time, what are ongoing debts, is there enough amount in bank to pay down payment, which will be the best locality for buying house, which house to select, credit score, managing finances, and list goes on and on…..
Some answers are given below:
Maintaining a balance between the amount to be paid and loan availed
Long-term planning for buying a house will be very beneficial. Every month, an individual can save some percentage of the earnings which can later be used for either paying down payment of the house or any other purpose. However long-term saving is not everyone’s cup of tea. For answering the question can we buy a house buyer should always keep a check on the going debts? Well, planned savings always provide a helping hand in process of buying a house. Down payment is the first installment given at the time of buying a house. Down payment amount is higher than the other installments. Sometimes people lose their dream house for the very simple reason of unable to make down payment.
Be strict with the budget
Most of the times people end up buying a house which is much more above the decided budget. This may further result in buying a house above the purchasing power. This will further result in higher loan amounts/mortgages. This will be a matter of concern and may create problems in long-term. Before finalizing the house always answer the question can we buy a house at this price. Check whether the house is affordable or not. All this will result in shattering of a dream. So it is always better to look for the house within budget only. Think twice before spending the money as there will be some post expenses attached to the purchase of a house. These may include repair/maintenance work, modifying interiors, renovations, etc.
Decisions should be practical and not purely emotional
Buying house is an emotional affair. But don’t let emotions affect your decisions. Try to be as practical as possible. For example, if family members ask “How can we buy a house, which has no swimming pool/ tennis court” ? just relax and try to handle things patiently and try to talk things out. If they don’t get convinced then just wait for another good deal to come up on the market. Right home will surely come up.
Clearing up of earlier debts
One of the major factor that might affect the decision of can we buy a house will be the ongoing debts. By making sure that all the earlier debts are cleared and enough funds are available for any emergency purpose in future, making payments for buying a house will not be an issue. If there are outstanding debts in the account then taking more debts will not be a smart move. This might result in various problems in long-term. A beautiful house can be made only if the foundation is strong.
After clearing debts and even saving money for down payment, there will still be a requirement of money for paying the rest of the amount of the house. For this, the option of loan/ mortgage is always available. The maximum amount that can be given on credit is based on the Credit Score of the buyer. Credit score plays very important role as it also affects the amount of down payment. Buyer should make sure that no penalty has been charged against settled or old loans. All the penalties charged will affect the Credit Score. More the credit score better will be the deal. Buyer should try to avoid applying for new credits at least one year prior from the year of buying of a house. Buyers can always go to professional and ask them “Can we buy a house, based on my credit score?”. If the credit score is low, they can even ask them “How can we buy a house with low credit score”?
After answering the questions can we buy a house the next step involves finding answers for another milestone i.e. how to buy a house? Buying a house is no less than running a marathon. It is very easy to look at various ads and start dreaming about the future in that house. Things are very different in the real world. Before getting in the car and visiting various sites go through the checklist of how to buy a house. Besides taking care of finances, the major factor involved is taking professional advice.
In order to run the process of buying a house smoothly, one should always look for professional advise. Buying of the house involves decision making in various fields and the buyer may lack sufficient knowledge in one or other aspect. Hence it is always better to ask the experts will be in better position to answer the questions such as can we buy a house and how can we buy a house? In the process of buying a house, the buyer may need expertise in the field of real estate, legal as well as financial sector. Buyer may hire a real estate agent, escrow company, and a mortgage broker.
Role of real estate agent
There are a variety of houses available on the market. Houses vary from flat(1BHK/2BHK/3BHK/4BHK), studio apartment, penthouses, bungalows, villas, and many more. Before selecting a house buyer keeps on asking various questions like can we buy a house of that size? Can we buy a house in that locality? How to buy a house in that country? A good real estate agent will answer to all those questions. However, selecting a good realtor is another tedious task. Buyer should make sure that the realtor selected should be qualified enough. Realtors fees should also be a major point of consideration. Buyer should always discuss his requirements in detail with the realtor. In this world of digitalization, one can always use internet for finding solution to all his property related issues.
Deja Vu Properties will be one such site which will help in finding dream house that too at the best price.
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