Are You Ready To Buy Your First Home?

Not many of us are imaginative enough to entertain thoughts of property ownership when we are young. It is only after acquiring a certain age that we are sensitised about the concept. It is also only after attaining this age that we would realise that the need for having a house is as pressing as having air to breathe and food to eat. To make up for the lost time, we jump to achieve the goal — that is buying a house — as soon as the truth is revealed to us. This knee-jerk reaction could land you in trouble. Sample this.

While his family was occupied with chipping away at the last points of interest of his wedding designs, Rajesh Singh was caught up with taking rounds of a bank office where he had connected for a home credit. He would not begin his new life in a leased convenience, he had let himself know. Singh's arrangement was driven. He was not going to take any assistance from his family — they should as of now be squeezed considering they have a wedding to subsidize. Singh would himself make every one of the game plans. Along these lines, the house look started, a reasonable property was picked, and a home credit application was filled. The bank, in any case, revealed to Singh it would support just 80 for every penny of the aggregate estimation of the house. He should deal with the 20 for every penny of the aggregate sum, in addition to different costs that join a house buy. To formalize the exchange, the property should be enlisted (one for every penny of the aggregate esteem should be paid to do that) and stamp obligation should be paid (contingent upon the state one may need to pay a stamp obligation of 4-10 for each penny).

Under no circumstances, Singh would be able to bear this additional cost on his own. So he decided to take a personal loan.  He also took a loan against his car, his only asset at that time. After much hard work, the house was bought. Singh seemed to have made his family and the soon-to-be-wife extremely proud. The wedding took place, and Singh did start his new life in a house he owned, like he had promised himself. However, the financial burden is slow-killing him. When almost all his salary will be deducted immediately after arriving in his account, he would feel so helpless.  The house did cost him more than its actual worth, he would be forced to realise.

Singh’s example tells us that one must pay heed when one is in hurry. We often think that we have to give ourselves time before finalising the property or checking the related documents. We also make sure we are investing in a good brand. But, before we start checking out the things outside, self-assessment of our own financial standing is often skipped. Often, we do not give ourselves enough time to save the down payment. As soon as we are made aware of the benefits of home ownership, we make a run for it. The sooner a home is bought, the better. While it is true, you have to evaluate your financial standing.