Buying your own home is an intimidating task especially if you are a first-time home client. Owning a home and to make it a fruitful investment, it requires a truckload of work. Here, in this blog, we will share 3 things that you must not forget if you are going to buy your dream home. These 3 things will help you to understand the home-buying process, save some money and avoid mistakes that every first-time home buyer makes.
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Know if you can really afford it
Do not buy a home just because someone is saying that to you or if everyone is doing it. Analyze your expenses and set a budget. Cut down all your unnecessary expenses. Know how much you can spend on your new home each month. When you are calculating the budget, use a mortgage calculator to examine the interest rates. Doing this will give you an approximate mortgage payment that you will have to make. - Explore
Buying a home is not a temporary decision that you can change in a day or two if you do not like it. It is a decision that will make you think a lifetime about the decision you will take. Therefore, before finally making your decision on the biggest purchase of our lives, explore the area you like. You can also get a CMA (Comparative Market Analysis) that will compare the price you are asked to pay with the prices in that neighborhood. Research about the reputation of the property developer and ask the developer to provide you with all his projects. - Check your CIBIL score
Credit Information Bureau (India) Limited (CIBIL) score is the most important thing that you should check before buying a home. CIBIL is a company in India that collects and maintains the credit records of commercial entities and individuals. Before approving a home loan banks check your CIBIL score. This score tells how efficient you have been in borrowing and payments related to credit cards and loans in the past. Higher the score better are the chances of bank approving your loan.