[vc_row][vc_column width=”2/3″][vc_column_text]Having one’s own roof is everyone’s dream. The latest trends that have been observed in the recent years of the real estate industry is that the desire of millennial to have their own home. Youngsters, young couples want to take big decisions and investment in a long term asset. They do come up with different approaches for the down payment. This sudden rise in interest among the millennials is affecting the market.
But for millennials, they need to acknowledge the fact that, purchasing a house is not an easy task. They need to realize that – (i) Asset building is a long term investment; (ii) It restricts you from spending unnecessarily and doesn’t allow from accumulating any kind of debt; (iii) Unlike making rent payments, a mortgage payment is a huge responsibility since it affects your future and future credit score.
Hence, here is a comprehensive home buying guide for millennials for who are buying their home for the first time.[/vc_column_text][vc_column_text]
- Fear Not: Right now making such a huge investment sounds scary, but when you look at the broader picture, having your own roof over your head in the mid-years of your life is a huge achievement.
- Make a Goal and then Invest: In any type of investment, it is necessary to fix a budget before diving in. Setting a realistic budget helps you think straight and make realistic decisions. Do not overstretch your limits. Remember, your first home always need not be the only home that you purchase in your lifetime. Once you can afford a bigger place, you can shift. The whole idea is to make the first decision right and leave no regrets behind.
- Research on Home Loan Options: Do thorough research before you select your lender. There are a lot of options available in the market that gives you a loan on the basis that you can fulfill. Check such options carefully and scrutinize every line in the document.
- Start with Zero Debt: The most important factor that the lender looks at is your credit score (i.e.) Credit Information Bureau (India) Limited (CIBIL) score. CBIL is your 3-digit credit score 300-900, allocated by the credit bureau. Your credit score should be above 750. Henceforth, it is necessary to clear our debt and keep your score intact before applying for a loan.
- Search Online First: Before starting the house hunting physically, in this internet era begin your hunt online. It’s a great way to note down your requirements, search for places that you like, locality, etc. It’s the best way to shortlist your properties and compare them with your budget before you will put your foot out. You can visit websites that help you filter your choices.
- Be well-versed with Your Rights: When you start your house hunt you realize how real estate industry can blow your mind. It is important for you to know your rights and your preferences while looking for a home.
- Alas: Finally, now that you have taken ownership of your home put all the documents of the property carefully. Take photocopies and store them at three different places. You can even put your documents in e-safe by digitizing it. Next, do the following things:
- Update your official documents with the new house address.
- Transfer all property-related documents in your name.
- Get register in your society.
[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]We know how house hunting sounds easy, but in reality, it gives you nightmares. It takes a lot of time and patience to find the right place for yourself. Well, after all, a home is where a person creates most of his memories. Then why compromise when there are a lot of options available.
Start right, stay patient, the right home will find you!
Happy living!
[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text el_class=”post-contact-form”][fc id=’2′ align=’center’][/fc][/vc_column_text][/vc_column][/vc_row]