Are You Planning to buy a new home? Here are the quick budgeting tips

Everyone desires to accomplish one achievement in their life which is buying their dream house but, it is not an easy task to do, since it requires a huge financial commitment and that too for the long term. So, before you get into that commitment, you need to plan your finances well to ensure that you have a smooth sailing in your coming days. So, if you are planning to buy a villa in Whitefield, Bangalore then there are certain basic budgeting tips which can make a difference in the long run:

Check out your home loan eligibility

Before you go ahead and plan for your dream house, first of all check on your home loan availability. There are numerous portals with home loan eligibility calculators to provide you with the insight of the loan amount.

Home Inspection

While buying a house, you need to get that inspected by the experts and this comes with a price tag

Agent’s fee

If you have decided that you will be appointing one of those real estate agents, then you will have to keep aside his fees or else you can check properties available on sale on which has the Verified listings and photo gallery to ensure you with the virtual tour, thus making you save on this aspect

Miscellaneous Cost

While buying a house, there are other costs involved like registration fees, paying the advocate, maintenance, bills, the down payment (since the bank will only finance 80% – 85% of the value of the house and other expenses) which also sums up to a good amount. Hence while you are planning for the new house expenses, consider these instances

Emergency Expenses

You should have resorts for emergency expenses, to take care of the unforeseen situations. Life is very unpredictable so; it is not a good idea to take chances with it

A penny saved is a penny earned

If you are planning for the bigger picture, then yes, try to cut down on the unnecessary expenses and impulsive shopping. This does not mean you start compromising with your lifestyle, but yeah, if there are pockets wherein you can save, do opt for that

Credit Score

Do work on your credit score which reflects your financial character. If you are already having dues from other financial institutes do pay them and enhance your credit score, since this aspect has been considered while the banks consider your loan proposal

Apart from all these, another important aspect is to sit with the excel sheet and try to figure out your exact expenses and the upcoming liability and to strike a balance in such a way, that the monthly EMI should not hit you massively and leave you penniless. If you are a family person with kids and elderly people, keep the certain amount aside for contingencies. Make calculative moves for each purchase you make and don’t forget to cover the loan with a proper insurance plan.

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