With the real estate rates rocketing sky high, finding a decent shelter has become a far cry dream for everyone. Unless you have an annual income of above 25L an annum making an investment in real estate industry would not be regarded as any more than sheer dim-wittedness.
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What should you be doing in that case? Let go of your dream of owning your dream home, which you could call totally yours?
Well! To your surprise, you don't have to. Here are a few tips for the first home buyers
Start Saving : It's easier said than done in today's world where expenses are ten folds of our expenses. However, it is not impossible. Short term temptations will do you more harm than good. The curved LED TV can wait or the MACbook for that matter.
Establish a Budget: Budgets usually fail, but that doesn't render them useless. Budgets help you mold your normal habits into a set of more financially responsible behaviors, nothing more, nothing less. A budget succeeds only when it becomes so transparent that you no longer actually need it, like a child learning to swim without needing any air tubes.
Improve your credit score: Your ability to borrow is closely knit to your credit score. Lenders, such as banks and credit companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.
Check Interest Rates: Interest rates differ for different kinds of loans. You can check your eligibility, interest rates, in fact you can do all your research needed for buying a house on various websites.
Do your homework on Property: Investing on a good locality is as important as in the property itself. If you are married and have a family you need to think about the proximity schools and other amenities, connectivity etc. If residing in Mumbai, Andheri makes a good option for you. Sky apartments in Andheri West are a treat for the ones looking a luxury apartment.
