Home Buying

If you are visiting this website then that means you have finally decided to fulfill a lifelong dream to buy your own homeā€¦ how exciting! You are ready to fulfill your dream of having a place to call your own.
Buying a home is one of the biggest emotional and financial decisions you’ll ever make. Prepare by learning about the process of home buying and the responsibilities of homeownership. The differences between renting and buying a home are vast, and there’s a long list of pros and cons for both options.

Are You Ready?

The biggest question is are you financially stable to take this obligation. There are simple ways to check how much you are earning and how much you are spending and calculate your GDS and TDS ratio. In short Your GDS should be less than 32% that mean you must be spending 32% of your total monthly income. The other calculation is TDS which should not be more than 40% and thats include all your debt including the housing mortgage payment.

If your both ration turn out exactly perfect than you are ready to shop for your new home. But STOP. You missed one important step in home buying. The first and far important.

Get Your Mortgage Pre-Approval

This is the smart way to judge what you can afford and what bank can lend you. As you can’t buy a million dollar home if your bank is only lending you 100,000 . So check with your bank and see how much they can lend and how much you can add then calculate your max budget. Most of the house hunters skip this step and start shopping for homes above their budget and when they eventually realized that banks are not lending than they are trapped as they have seen good and high end house and make them as there dream home but in realty they could never afford so they get dishearten and lose their interest in home buying.

Buying the Right Home

Buy what you actually need not less not more because in both situations you either get fed up with your choice soon or end up paying more for things which you are not utilizing.

Buying Process

Well this is the toughest but not for you if you are working with a good realtor. I am not going to write the details what need to be done and what not as thats not your worry to figure out. We are here to help you and we will make your buying process easy and smooth. The only thing you have to worry at this point is what colours you should choose for your curtains.

Good luck and happy home hunting :)

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