Real estate news on It's time to plan your home purchase

Investors/ Investment proposal, Real Estate services, Bengaluru
Posted on Sep 13, 2016

Evaluate options and plan now to make the most of the attractive festive season offers.

With the festive season on and the major festivals of Dasara and Diwali coming next month, prospective homebuyers who have been evaluating options need to gear up and begin the decision-making process. This is the time when prospective homebuyers get attractive offers on both properties and home loans. Working on short listing the property and arriving at the best home loan option for you will help in getting the best deal.

Here is a simple guide for prospective homebuyers:

Evaluate options shortlisted
Those who have shortlisted options need to begin evaluating each one and arrive at the final project. Take into consideration, the location, design, amenities in the project, construction and price. Make a comparative study of all projects shortlisted on these parameters and move towards the best one for you.

It helps to visit each project ahead of drawing up a final evaluation. Check out the flat or villa for a first hand feel.

Once done, lose no time in meeting the developer to close the deal. While doing so, ensure you are updated on all festive season offers that come around the Dasara and Diwali festivals.

Get finances in order
The next thing to do is get your paperwork and financial planning in order. As soon as you close the deal, you will have to make a down payment. This amount is not part of the home loan. Get started on raising funds for the down payment now. It will take some financial planning as you may need to liquidate some investments from your portfolio.

The down payment you make has a bearing on the home loan EMIs. A large down payment will mean a lower loan amount and consequently lower EMIs. Evaluate your investment port folio and liquidate investments that are not doing as well as expected. Compare the returns from the investments as against the benefit of lower EMIs and thereby lower interest cost, and then take your decision on liquidating investments.

Plan for cost of interiors
In case you are planning to buy a ready-to-move-in home, you need to set aside some funds for the interiors. You need to plan funds to meet the costs of furnishing and decor.

Also, begin choosing the items of furniture, fittings and decor accessories. Plan the interior decor.

Planning your purchase early will make your home acquisition process easier, and repayment of the home loan more comfortable.

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