Owning a home is a dream for one and all. Our well being and happiness is attached to homes. Homes are rightly called ‘memory machines’, for memories and people fade away but physical places endure in the long run. A place like home is all we need and we certainly can dream of having it while living on rent. Following are some key points to keep in mind if you are staying on rent and aspire to buy your own house someday.
1) Monetary Aspect – Let’s start with the basics which is savings. Saving enough for the down payment will help you in the long run. More the down payment less is the mortgage. When you submit the down payment to the builders, you will gain the trust of banks regarding loans. It reduces your monthly payment for your dream home. For this you must determine how much you can save from your earnings and find out the monthly mortgage amount.
2) Living Experience – Living on rent could be a major advantage for a prospective home buyer. You must try living in different apartments and societies and try to figure out which one suite you and your family the most. Try to see which amenities your family requires the most.
3) Location – Location is another important aspect while searching home. Location of your house determines how long would it take for you to reach your or your spouse’s office. If you have children then you also need to think about proximity of schools as well. Safety is also important, you need to see whether the area is safe for your kids and family. For instance, Bangalore Real Estate Market has many emerging pockets for investment. But not all of them may suit everyone’s needs. While Whitefield is preferred by IT professionals because of multiple offices, Mysore Road is preferred by Bangaloreans having close ties to other Bangalore cities like Mysore, Chikmagalur etc.
4) Affordability vs Need – Before buying your own house, you need to be sure of your requirements as well. While living on rent, you get a rough idea of what you want from your home. You must take care that your home is affordable and fitting within both your budget and needs. At the same time take note of the floor plans and interior of your dream home.
One must take full advantage while living on rent. It makes your pathway of owning a dream home easy. And makes you a more informed buyer.