How To Make Your First Home A Risk Free Investment
10 Mar 2017
So you’ve decided to take that big decision of buying your first home. Don’t worry, the slight nervousness is just a part of it. But just like every investment, it is important that you do your homework, figure out the risks and opportunities and then take your first step.
Here are 5 tips that will help make the process smoother:
A) Understanding the ‘Credit Score’ System
1. Your credit score plays an important part when it comes to the procurement of the loan and finalising the repayment period.
2. Several factors like the number of credit cards in your name, credit limit, outstanding payments and previous loans affect your credit score.
3. Having a good credit score will ensure you get loan sanctioned easily and help in getting a longer repayment period.
B) Preparations before making a commitment
Before you meet the developer or make any sort of commitments, take a look at the steps you need to take before signing that dotted line:
1. If you’re buying a home with the help of a loan, make sure you’ve got enough money to cover at least 20% of its price. You’ll need it for down payment, moving and upgrades.
2. Getting a pre-approval for your loan is extremely important. It’ll give you a clear sight of your purchasing power and the mortgage payments.
3. Properly analyse your job situation. See that you’re in it for the long-term as it’ll be a major income source. If not, make sure you have proper options ready.
C) Healthcare Insurance and income protection will go a long way
1. Income protection is an insurance policy that provides benefits to its holders who are unable to work to due to an illness or an accident.
2. Not only does it provide your family with funds to meet immediate liabilities but also provides them with a steady income in your absence.
D) Always consider the social & civic infrastructure of your preferred location
Always find a home that is well-connected to the rest of the city and is located close to malls, schools, hospitals, grocery shops and other conveniences.
This ensures you’ll enjoy a comfortable lifestyle and high returns on investment in the future.
E) Choosing the right developer
Choosing a reputed developer means good construction quality, better customer service, fewer delays and a more transparent buying process thanks to strict process adherence.
If you are looking to buy a home in Pune, check out Sai Ganga by Goel Ganga Developments – premium 1 & 2 BHK Residential Apartments in Undri, Pune.