Home Buying: The basics of owning your own home

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Buying a house is a dream come true for many. A process that involves a lot of thought, anxiety, and careful decision making. There needs to be an understanding of the market primarily, current mortgage situation, affordability, accessibility to the property location and then you narrow down on the right house that would suit your family’s needs. Easier said than done, the course of action that goes behind buying a new house can be exhausting and cumbersome.

There is no definitive age when it comes to buying a new house. You could be newlywed, about to be a parent, or a senior citizen who had worked relentlessly to get a space of your own comfort and zen. Aimed at easing this decision making, the article throws light on some of the challenges and the factors that need to be looked upon for the above-mentioned social segments.

Marriage, a beautiful culmination of two souls. Moving into a new house for a newlywed is indeed a brainwork for the couples, starting from managing a house of their own to selecting a location closer to the near and dear ones. These decisions are however made much further into the purchase plans, here are few primary factors you should consider: –

Are you ready financially?

This is typically focused on figuring out the bare minimum credentials that a mortgage broker would require before approving the loan. To successfully meet your financial goals, it’s necessary you have a credit score of 750 or higher, have at least five to ten percentage of your purchase price as your down payment and an emergency fund for three to six months for household expenses.

Are you sure about the location?

Selecting the right location is of utmost importance. Make sure the daily commute is comfortable and not tiring. Is the area upcoming? Are there a lot of young couples around? Given that your house is going to be your home for quite a while, would it be the appropriate locality to raise your children? Also, the amenities should be such that it should help you enjoy and discover your marriage life, rather than worrying about maintenance and responsibility of mowing.

Parenting, a decision induced with various psychological factors and emotions. A responsibility that calls for a lot of nurturing, care, emotional and physical support. Knowing the present and future requirements of the family is a crucial factor that governs your decision-making process. Here are few other steps that you should also focus on:

Optimum Space

Before you finalize on your home, make sure the space is adequate for your children to play and grow. It’s also imperative that the house has a lot of open floors so that you can modify it per your evolving family needs. It’s of utmost importance to know if your house is ensconced in an educational hub.

Nice Neighbours and Appropriate Safety

It is important to have a good neighborhood and families with potential friends for your children. This gives them an opportunity to interact and learn. In addition, it’s imperative to make sure that there are no sharp corners, open stairways, and banisters with wide gaps in the house. This ensures the safety of the children.

As a retiree, you’re looking for a home surrounded by tranquility and serenity, looking forward to spend more quality time with your family. The driving factors in deciding the right house should act as a guarantee to your years of savings and a security factor to health. Here are few factors for senior citizens to consider:

Centre of Everything

Be sure of the location, amenities, ambiance and the overall living style of the community. Your house should be with-in minutes’ reach from hospitals and other emergency services.

Evolving needs

With every passing year, the requirements of the body are continuously changing. At sixty, your body is probably in a state to use a staircase but it wouldn’t be the same when you’re seventy. Ensure your house is subject to the modification that co-operates with the changing needs of your body. Also, an advanced calculation of the expenses and the working capital that would be required to meet the requirements of the daily household.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

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