A Quick Guide For Tenants To Become A Home Owner

By Jay Dee Infra In Rent No comments

A Quick Guide For Tenants To Become A Home Owner

The fact is, Every tenant wants to breathe in his own home instead giving the rental amount to the home owner.  The curse of wasting hard earn money over rental often pinched him.  But the sooner he plan and take the action, his possibilities to become a homeowner will come closer to him.

Home buying process includes budgeting, down payment, and saving money for future. Every tenant has to take care of his finances to owe his dream house.

Buying a home is one of the single and most important decisions of your life so better if you plan everything while keeping below things in his mind:

Your budget: Neither you should go too far nor too close to your budget, you have to consult with financial advisor about it, In general, your EMI should not exceed to 40% of your in hand salary.

For instance if your salary is 50,000, you should not go beyond 20,000. If you have other liabilities to take care of, then make sure you have settled them before. Don’t ignore hidden cost while buying a new apartment also.

You can also club your spouse income to get higher loan amount, however, this move is not recommended by the veteran home owner, because sooner you start a family and your kids grow, your spouse may leave the job or she might have to take off for some time.

In this case, your household income might get into the trouble. If you have a huge sum in your bank, better give a lump sum down payment.

buying house

Down payment amount: you have to save money for down payments. Generally, you have to deposit 20% of the amount that can vary, but if you still have a time of three to five year, just invest your money in safe banking instruments, like FD’s, mutual funds, and monthly SIP plan for the higher return in future.

Good down payment unburdens the load of EMI in future, so its better you save more.

Save money for education, retirement also: Don’t make a home a single priority in your live; you have to take care of your family, education, retirement plan as well.

Divide your budget to Childs education, marriage, travel, retirement, and other unexpected incidents. Remember another goal as well.

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