A home of one’s own is everyone’s dream. At some point, everyone wishes to buy their own house. However, real estate experts say that once the decision to buy a house is made, one must be thoroughly prepared. They suggest that with a proper plan in place from the beginning, buying a home doesn’t have to be a difficult task. So, let’s find out how to prepare in advance for buying your own home…
Everyone wishes to own a home. Depending on their budget and flexibility, some people dream of building or buying their own house at some point in life. However, buying a house is an expensive affair. While some manage to buy their own home at a young age, others might not be able to afford it until their retirement. For many, owning a home remains an unfulfilled dream. According to real estate experts, the ability to own a home depends not only on financial stability but also on having a proper plan in place. They emphasise that with a well-thought-out plan for owning a home, this dream can be realized. Currently, many people migrate to cities and towns for employment or livelihood, with the priority being to settle down and establish a permanent residence. In this process, people are making efforts to own a home according to their financial capacity and status.
There is an opinion that affordable housing for the middle class is not available in cities like Hyderabad. However, construction companies are building homes in the outskirts of Hyderabad that cater to all classes. Despite this, purchasing a house is still an expensive affair. Therefore, experts suggest that individuals should be fully prepared with a comprehensive plan before making such a big purchase. Those who dream of owning a home are advised to start saving a portion of their income as soon as they begin earning. Depending on how many years they plan to buy a house, they should save a certain amount from their monthly earnings. It is recommended to save at least Rs 10,000 per month or more, depending on their ability. If one is taking a home loan, the monthly EMI should be treated the same as saving towards a home — starting from the very beginning. Experts suggest that once a person gathers the necessary 20% for the down payment, they can take out a home loan for the remaining amount.
Experts recommend that individuals who save money every month should invest it in high-return investment schemes. For employees, they suggest investing in the Employees’ Provident Fund (EPF), purchasing gold, investing in reliable chit funds, or opting for Systematic Investment Plans (SIPs) in mutual funds. Additionally, they advise investing in schemes with guaranteed returns and high yield, such as bank and postal schemes, wherever feasible.
It is also important to determine the budget for purchasing a home in advance. Once the budget is set, individuals should try to find a house within their price range. After purchasing a house, it is crucial to ensure that the EMI for the home loan does not become a financial burden. If an immediate need for a home is not pressing, experts suggest buying a plot first and constructing the house there in the future. In case of insufficient funds to build a house, one can consider selling half of the land and constructing the house on the remaining portion.
