The early bird, they say, catches the worm. This holds even when you are planning to invest in your first home. We give you some simple tips to guide you along the path to a brand new home as soon as possible.
Start saving as early as you can
Normally, people wait for a couple of years after getting a job to start saving. Industry insiders say that this is not a great way to go ahead with life. Start saving as early as you can. Plan your expenses and start putting aside a fixed amount of money into your savings every month.
Rein in your impulsive habits
Everyone loves to indulge once in a while. However, if you are planning to invest in a dream home, it is ideal to rein in your impulsive purchases.
Visualize your dream home
Once you start saving and see how much you can set aside regularly on a monthly basis, you can visualize the type of home you can afford. Start doing research. Go out and research about the home you would like to live in.
Create your credit history
Once you start visualizing your home and doing the research, the most important part is to create your credit history. Ensure you do maintain a great credit score because that will affect your chances of getting a loan at a later stage.
Look out for deals on loans
Do research on the type of loans available in the market. Would you go in for a Flexi loan or a fixed loan or a blend of both? This is the time to read up and interact with people and banks to know if there are some deals available.
What is your budget?
Plan on your budget for a dream home. Assess the additional costs that you would have to incur such as registration and stamp duty charges, interiors, maintenance fees. You will have a rough idea of what you have in hand and what your target is.
Cut down the seemingly small expenses
Once you have your budget in place, cut the seemingly small expenses. Make a grocery list before you go shopping, buy only the essentials,
Invest your windfalls
A bonus, a huge amount as a gift, don’t splurge this extra cash that keeps coming in. Invest these windfalls in a smart way.
Do your research
Research is of absolute essence when you think about investing in a property. Read up on the real estate terms. Know the differences between the tricky terms like built-up area and carpet area. Go out and see as many homes as you can before you finalize your home.
Create an emergency fund
We are living in uncertain times and a contingency fund is the need of the hour. This will be your buffer fund in case you run across an unexpected emergency like the loss of a job.
At UTS, we give you guidance towards the best investment you can make. Give us a call for more details. https://www.underthesun.co.in/.