It’s not easy buying your own home, there is a lot of thought that goes into it. Many people start planning for a new home years in advance; they save and make sure everything is in order before they go house hunting. Think before you leap There are many things to look into before you buy a new property. We have compiled a list of five things that you could do to prepare yourself:
- Having a checklist: Whether you are a first-time buyer or an experienced owner, buying a house requires a “pre-flight check,” this ensures that you’re always on track and know exactly what you’re going to do and when. This “pre-flight” check helps you to stay on schedule.
- Realistic debt-to-income ratio: For conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income this ensures that you always have money in the bank for any sort of emergency.
- Don’t forget loan fees: Another cash expense: closing costs. Whatever your loan source, you’ll also need money to pay closing costs. So don’t forget to pay any outstanding bills before you go into the market for a new home.
- Build a healthy savings account: Building your savings is something you should do over and above saving money for the down payment and closing. It’s always better to start saving for a new home at least a couple of years in advance. Keep money aside for all the necessary and miscellaneous expenses.
- Get preapproved for a mortgage: For serious home shoppers, “the No. 1 thing is they better have everything in order,” That means that, before the real home shopping begins, you want to get financing in place. And the preapproval process is “much more extensive” than it was a few years ago.
Skyline Skyline Constructions is one of Karnataka’s most trusted names in real estate, something we have achieved through sheer hard work, dedication and resolve. With a talented and dedicated team of architects and engineers, we have built world-class spaces and has earned the confidence of our clients’ with over 60 completed projects adding up to over four million square feet in industrial, commercial and residential space.
With all this in mind you can rest assure that when you’re out there looking for a new property everything will fall into place and go smoothly. To know more visit skylineconstructions.com