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Is finance the most important factor to consider when buying a home?

Published on Thursday, June 15, 2017

A home buying dialogue begins only when you are financially secure and stable or when can afford to pay a chunk initially as downpayment followed with EMIs - Instalments that can extend to years or decades. So yes, money is a very important factor in deciding whether you are prepared to own an apartment or villa.

However, is money the only factor that needs to be considered? And the answer is, not really. Simply because there are many other factors, important ones, that need to be taken into consideration before taking the biggest decision of your life.

Here’s a list of things we’ve put together that you must consider when buying a home. Irrespective of the brand name you choose when it comes to real estate developers in Bangalore.

1) Your child’s future:
If moving to your new home demands a change of school or college for your child, you must consider if the move is worth it. A good house at the cost of your child’s education will do more harm than good. And if it’s practical enough for your child to move and he/she is in the early stage of schooling, you could consider. Else, it’s a no-no.

2) Your family’s needs:
Buying a home is always a tempting choice. After all who doesn't want to own one? What you need to makes sure is, if it’s the right time. Your home buying shouldn't coincide with another significant expense in the family; like an engineering degree for your child, or the marriage of your daughter or anyone else in the family. Carefully understand the impending commitments and then make an informed decision. You’ll be glad you did so.

3) Market study:
Buying a home is always right. But is the time right? That’s what you have to look into. For, anytime is not the best time to buy a home. If the market is down, the finance options may be better. On the other hand, if the market is up, the prices may be high. The future may hold promise in comparison to today or vice-versa. The possibility could be anything, and until you have done your research
you will not be able to judge whether the time, place and decision is right or not.

4) Unanimous decision:
You might be initiating the home buying process. You may even be financially responsible for it. But you’re not buying it just for yourself, in fact it’s for the betterment of every member of the family. Put in effort to ensure everyone is happy about where they are moving. Make sure everyone has something to look forward to. And more importantly, see to it everyone in the family feels it’s their home. And not just yours or hers. It’s much better when the decision is collective. Isn't it?

There's more you can take into consideration. It depends on your situation, age, location, family and many such factors. And the best person who can consider the important aspects before taking this big decision is, you yourself.
Consider what you must before you take the plunge.

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