Points need to be Considered If You Plan to Purchase a Property at a Young Age
May 18, 2017 Home Trading Steps
Purchasing a home is probably everyone’s dream no matter at which point of life you are in or what your age is or your income. It is something that everybody in their lives aims to purchase. Home is the place where you can unwind yourself, relax and probably forget all the worries and tension. But yes, as you are young you may tend to make mistakes while making any such decision so down are some points to look out for before you zero down on your dream property.
Try being quick with loan payment
Yes, you are young that simply does not mean you have all the time in the world to keep paying the loan. If you feel you are well settled and have enough of income to pay big installments don’t give it a second thought and pay the loan in big installments as smaller the installment more time it will take to repay the loan and the amount of interest will be upscaling. It’s always better to opt for shorter tenure if you have enough income to make payments in huge installments as if the dues of the loan are cleared you can plan about other things in better way.
Priorities will change with changing time
Remember that your priorities never remain same for entire life as time moves on responsibilities keep on increasing. What priorities you have at this point in time will change after say two years. If you want to go abroad for higher studies and you need an education loan so if this loan is not cleared than your other plans will take a backseat. Also, you may never know when you can get any emergency physically or financially. If you are planning to get married it is advisable to clear out everything before you plan to get settled. So don’t keep a backlog and keep clearing the things.
Have a long term vision while you make an investment
House purchase is something which cannot be done again and again so you need to be careful with it and take things into consideration by thinking about it through long term vision. While you purchase a property you may have a small family but after certain years say you get married and have plans to settle down it’s not necessary that same property will be enough for you as your family size may increase in future so take such things into consideration while you make a purchase. Purchase house in a good locality or with reputed builder so that if any such circumstances occur you may get good resale value out of it.
Cut down on unnecessary expenses and have clean credit history
It’s high time that you now cut down on all your unnecessary expenditure and try saving as much as you can this will help to clear the home loan as quick as possible and also provide relive in the amount of interest. Play safe has clean credit history pay all the installments on time and make arrangements with the creditor if you failed to make payment than explain the reason for such due and make such payments before the new due date.
Have emergency funds
Always have certain amounts of funds handy so at the time of need it can be utilised. It’s advisable to keep at least 6 months of installments in spare so if you go through any emergency than payment for installments are not affected.
Hence, be well planned and do all the possible research before you zero down on any property. Do not be impulsive or driven away by anything while making the decision because it’s the place where you will spend almost your entire life.
Try being quick with loan payment
Yes, you are young that simply does not mean you have all the time in the world to keep paying the loan. If you feel you are well settled and have enough of income to pay big installments don’t give it a second thought and pay the loan in big installments as smaller the installment more time it will take to repay the loan and the amount of interest will be upscaling. It’s always better to opt for shorter tenure if you have enough income to make payments in huge installments as if the dues of the loan are cleared you can plan about other things in better way.
Priorities will change with changing time
Remember that your priorities never remain same for entire life as time moves on responsibilities keep on increasing. What priorities you have at this point in time will change after say two years. If you want to go abroad for higher studies and you need an education loan so if this loan is not cleared than your other plans will take a backseat. Also, you may never know when you can get any emergency physically or financially. If you are planning to get married it is advisable to clear out everything before you plan to get settled. So don’t keep a backlog and keep clearing the things.
Have a long term vision while you make an investment
House purchase is something which cannot be done again and again so you need to be careful with it and take things into consideration by thinking about it through long term vision. While you purchase a property you may have a small family but after certain years say you get married and have plans to settle down it’s not necessary that same property will be enough for you as your family size may increase in future so take such things into consideration while you make a purchase. Purchase house in a good locality or with reputed builder so that if any such circumstances occur you may get good resale value out of it.
Cut down on unnecessary expenses and have clean credit history
It’s high time that you now cut down on all your unnecessary expenditure and try saving as much as you can this will help to clear the home loan as quick as possible and also provide relive in the amount of interest. Play safe has clean credit history pay all the installments on time and make arrangements with the creditor if you failed to make payment than explain the reason for such due and make such payments before the new due date.
Have emergency funds
Always have certain amounts of funds handy so at the time of need it can be utilised. It’s advisable to keep at least 6 months of installments in spare so if you go through any emergency than payment for installments are not affected.
Hence, be well planned and do all the possible research before you zero down on any property. Do not be impulsive or driven away by anything while making the decision because it’s the place where you will spend almost your entire life.
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