Are You Ready to Buy a House?

The markets are down and it is the perfect time to buy a house but are you ready to buy a house? There are a lot of factors you need to consider before you take this crucial decision.

 A serious decision

A house is a long term asset and it is a serious decision you have to take as till you get over your long term commitment (i.e. home loan), you cannot sell the house or move out.

Selling costs

Selling a house may seem simpler than buying one but I have heard sellers state that they find it even more troublesome and expensive as there are lots of things like agent fees, transfer fees (The transfer fees to be paid to the Building association is borne 50-50 by the buyer and seller in Mumbai city), packing and moving expenses, etc.

 Consider these points and then decide whether you should really buy the house:

i) Would you be living in the new house for a minimum 3year period?

ii) Do you have a steady employment and a good credit score required for the down payment?

iii) Do you have the down payment, around 10-20% of your house value?

iv) Is this the right time to buy your house? You have to decide this by seeing the prices at the chosen area.

v) Would the house and location be suitable even if you get married, have children, etc.?

 Once you have seriously considered these points, you can come to a conclusion as to whether you should really buy a house.