We have just entered the new financial year of 2017-18. And with the buzz going around the country on affordable housing, it seems like the perfect time to plan your dream home. Tax planning and investment for new financial year are also very adaptable.
For all of you who have a dream home in their mind, they should get ready right away with the preliminary work.
Home-buying is a very significant decision which you take in life. And every decision needs some research, planning and systematic order to make it a successful one. Therefore, we are providing you five easy steps to consider and follow while striving towards the dream of owning your home.
Preferably, apart from the five steps that are to be followed, the first thing that you have to do is decide your budget. This is because all the latter steps will be completely framed from your budget. After that, go with these steps for your dream home –
• Start with the calculations for new financial year – Roughly calculate your every income and expense, keeping in mind the hike in salary and any kind of profit that you’ll earn in the new financial year. You should also consider the investments that you had in mind to make this year and also the expenditures that will be incurred during the year.
• Consider the coming years too! – Similarly, roughly calculate the approximate income for the next few years. This way you will be able to decide the budget of your home.
• Time to give way to your choices – Now after the budget is decided, the most obvious step is to look for the projects that suit your need as well as your budget. You have to follow this in an organized manner. Pick and choose the localities that seem suitable for your choices and then analyze the projects available in them. According to your preference, make a list of all the projects, so that later you know how much alteration you are ready to make in your budget for each of those projects.
• Identifying Lenders – Once you are done and satisfied with the project of your choice, paperwork related to the home loan comes into the picture. You have to look around for the lenders who are willing to lend money to you. Their conditions and requirements need to be seriously considered before the documentation takes place. This is because, once you approach a lender, the process will become less time-consuming.
• Estimation of EMI (Equated Monthly Installments) – When you have decided the amount and all the formalities are completed, you will have an approximate idea of the amount of EMI you will have to pay. And after that, complete financial planning for financial year can be done for the latest financial year with even the minutest of details.
You will always have to keep in mind that to achieve the maximum value for your money, you have to be organized, systematic and methodical in your approach of finding the best suitable home for you. Moreover, it makes the process of home-buying stress-free, tension-free, accurate and reliable.