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Making The Right Buying Decision

By Author: Pooja Agrawal
Total Articles: 53

One of the biggest questions in the real estate market right now is whether to rent a house or buy a new one. This is a major question among the millennials that consists mostly of working-class people looking to invest in residential properties. While the majority of Indians desire to live in their self-purchased home, renting is still the default choice for many. And though it might be a temporary solution for most of us, it might become a continuance of daily life in case of a shortage of funds to buy the so-called house.

Certainly, the promise made by the government housing plans has drawn the attention and hopes of the multitudes. Numerous plans and policies by the government have helped to shift up and fulfill the housing demands of many. That is why it is necessary to be prepared and ready for the opportunities. But, in spite of all the help that we get from our government, there are still a lot of things that we, as buyers, need to be aware of while investing in a house.

Finance is the determining factor between buying the dream home or settling for cheaper options with other elements revolving around it. It is very important to assess your financial situation and evaluate the available source of funds accordingly. Investing in real estate is a test of patience and self-control by suppressing the craving for spending on liabilities and investing money wisely.

So how should we make it all work for us? For starters, try to clear the existing debts. Any uncleared payment towards your debt could backfire and affect the credit ratings which could also affect your home loan eligibility. Clearing any and all partial settlements will help you to move forward with your home buying. Furthermore, investing in multiple assets in the market is also a wise move where the returns can be used to fuel savings for buying a new home.

Everything that we discussed so far was just a trailer and the curtain is about to lift on the most important aspect of home buying. For someone to buy a new house, there is a prepayment that needs to be made- Down Payment. This amount, for most of the first time buyers, proves to be the major hurdle and eats up a major chunk of their savings. This is a major factor why people go ahead and settle for cheaper options or renting instead of buying a home. For instance, if a property is priced at INR 30 lakhs then the down payment, at a rate of 10%, that has to be paid can be around INR 3 lakhs. For most of the working class people, this amount is still a big lump sum from their savings that needs to be parted at once. Saving this amount also takes quite some time with the added expenses for the family and their future.

To fulfill the down payment requirements, a buyer needs to make compromises with his/her lifestyle along with trying to maintain their day-to-day expenses. In case that doesn’t work, the so-called dream home may remain a dream for a long time.

HomeCapital with their zero cost Down Payment Assistance Program may yet save the day for many millennials. The program provides for interest-free down payment assistance matching your own contribution to support your home buying needs. The assistance is repayable in equal monthly amounts without any form of fees or interest during the subvention period. This unique program is an opportunity to buy your home today without having to wait for years to accumulate savings. Thus, by contributing up to half of your down payment needs, HomeCapital reduces the waiting time by half allowing you to buy your dream home earlier rather than later. A winner-takes-all situation for you!

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