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Ready to Buy a house?

Posted on December 31, 2014

Ready to Buy a house?

It’s easy to buy an iphone, expensive shoes, an exclusive party wear impulsively. However, buying a house needs careful planning, head on shoulders and bravado.  What you also need is emotional and financial stability.

You must be thinking ‘why one needs to be emotionally stable to buy a house’? What we need to buy a house is money. What’s emotional stability got to do with this? The foundation of emotional balance rests on the following pillars. If these are stable, then you are well on the way to buy that dream pad……..

Stability in career – You should be very sure that you want to stay at a particular location for at least a few years. Go for a job, which will keep you rooted in a city for at least two years. If you have a transferable job or you are a frequent job switcher then the reasons to buy a house in a locality could be –

1.    You want your family to be settled and stable

2.    You want to come back after a few years on reasons like retirement

3.    Or for investment

Monetary Stability – The occupation that you are pursuing should allow monetary stability at least ten years further of your buying decision.  If not, then the repayment of loans feels like a big burden. Do calculate your budget and prepare for more expenses than the stipulated budget is advisable. Have a ready reckoner of documents needed for loans, mortgages and other financial matters to make things systematic, streamlined and easy at the time of application.  Be sure to maintain a clean credit record to avoid any disappointments later when you go in for application of loans and mortgage. It is better to get all the necessary documents pre-approved.

Need for buying the House – You should decide your requirements before you buy the property. You will have to ponder over the following points:-

1.    Depending upon the number of members in the family and your future plans one should think about the size of the house and the basic amenities in the house that you would need.

2.    Decide the locality you would really like to live in. This could be based on the proximity to the workplace, school (if required), safety needs, convenience etc

3.    Other important criteria to be concerned are the neighbors. This point may seem to be very insignificant but if not thought about before the purchase may turn out to be a living nightmare, which you would rather avoid.

The more you understand your priorities of buying the house the easier it would be for you to take decisions

A well planned and proactive approach towards buying a house helps you avoid emotional stress later during the buying process. Alternatively one can take the help of professionals. There are many sites on the Internet and many professional agents who can help you with your decisions.

Emotional preparedness- check, career stability-check, monetary security-check. Are there any other checklist points you want cross out before taking the big home leap?

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