Buying a house ? Tread cautiously
It is the dream of every person to have his own house. Buying one’s dream home is certainly one of the greatest events and one of the most memorable ones.
The feeling one gets when one moves into his own house however humble it may be and spends his first day in it is difficult to describe in words.
However in today’s complicated world one should be very careful in arranging for home loan and buying a house lest one’s dream should become one’s nightmare. One should pay attention to every step involved in owning a house.
The first step is to decide how much one can afford to spend on his house. This depends on several factors- whether the person is single or married, number of children, other dependents, age, health status and how much cash one has.
While calculating the amount of money one can part with every month one should also think of the increase in other expenses-for example child’s education and marriage and medical expenses which are inevitable as one grows older. Any other existing loan (for example vehicle loan) should also be taken into account.
Next one has to decide where one wants to buy a house. Buying a house in a well developed area will certainly cost more. But buying a house in a less developed area far away from one’s workplace and other amenities like school and hospital can increase the monthly expenditure. Hence a decision should be taken only after weighting the pros and cons.
The next and the most important step in buying a house is to make absolutely sure that there is no legal problem. Laws may very from country to country but some fundamental issues are same. One should ensure that the house is built on a legitimately purchased land.
This may sound simple and straight forward but believe me- people have purchased houses from those who have constructed their houses on lands not owned by them!