Question

Speak with someone you know who has purchased a home, or your personal experience, and share what you learned in this discussion. What was the process of searching, settling on a price, and financing the purchase? What surprises or challenges occurred during the home buying process? What tips would help potential homebuyers go through the process smoothly? Then share your personal opinion on which would be better for you at this time, renting or buying. Give examples of disadvantages and advantages to either renting or buying a home that have influenced your decision.

Answer 1

Thanks for this question, I happy to answer this question. To purchase a house there are so many things should be considers carefully. You have to be aware & careful while dealing in property transaction. It would be a little difficult to search our desired house, you have to consider area, nearby developments, future developments, roads, transportation facilities, water facilities, cleanliness & the market rates. At present there are online platforms available to search properties by visiting property web sites & choose your desired house within your budget.

A home & marriage is said to be indefinite expense, so you should do a little mathematics & prepare your house budget accordingly. If you do not have sufficient amount of funds in hand then you should go for financing. Nationalized Banks & Non-Banking Financial Institutions provide various home loan at different rate to different person. You should apply to Bank or NBFC to finance your home loan. Please note home loan is a long term loan, i.e. 10 to 25 years. You have to manage your income properly to repay home loan.

The properties are available at different rates in different locations, you have to choose location wisely as per your requirement. The dealers insists you to book the deal ASAP but you should check all relevant paperwork & permission before getting into the agreement. There are so many frauds now days, dealers sold single property to multiple person & take the money & run away. So you should be careful & aware about these types of fraudulent activities. You must meet with real owner of the house & check all relevant original paperwork’s.

You should decide the location, size of house, affordability, financing, future cashflows, so this will give you a blue print of your search. If you choose to finance your house then you should met the loan sanctioned eligibilities.

Now, Buying or Renting both options have pros & cons, you need to decide which option is best for you. Buying a house is not affordable for all at todays inflated world, hence some people unable to buy. However, some people like to live in rented premises, they are free to walk at anywhere not only to their native area. If you have a house then it is an asset in your balance sheet which will be appreciated in future & give you a huge capital gain. But you have to maintain your house timely, so the building looks new & increases its life. Timely maintenance is necessary & this requires a good money to take care of house. If you live in rented house then there is no burden of maintenance, further you can move on, one house to another & have a opportunity to live in new place & new environment with new people & neighbors.

Suppose you are doing a job in a city & live in the same place in your own house financed by bank, but if you get a career opportunity in other city you will not willing to relocate due to your self-occupied financed house. You have the obligation to pay monthly EMI you cannot expand your earning casually. In case of rented house you are free to relocate in other city as well as country. So in my opinion it depends on you, what do you have plan for your future, your home buying decision effected.