Since RBI has kept the repo rate unchanged, the real-estate sector hopes that the recovery in demand would continue in this sector.
The housing demand is expected to maintain its upward trajectory through this year. In this regard, factors like reduced home loan rates, reduced stamp duty and other rebates have also contributed to sustaining this demand.
The market for affordable housing has been growing, and in the coming months, there will be a higher demand in this sector as more individuals realise the importance of owning a house. Thankfully, due to convenient access to credit options, one can avail a home loan that helps fulfil one’s dream to own a house.
Nonetheless, when a borrower decides to buy a house in 2021, there are a few factors apart from affordable home loan interest rates that one should consider before applying for the credits.
Essential factors to consider while buying a house
Along with the best real estate agent like parc clematis, there are several factors to consider while purchasing a house to ensure that the investment is a profitable one in the long haul. Read on to know the crucial points that should be considered before buying a house.
- Proper location
While buying a house, location is one of the most important factors to consider. A great location will continue to remain as an asset even if the real estate market fluctuates in the future. Properties in a good area will always be a profitable investment. It is convenient to find a location near your workplace which will save transportation costs and time. Finding a property with great transport links and good schools, etc. is not only beneficial to homeowners, and families, but makes the property more appealing should you wish to rent it out in the future. Property company, RWinvest offers more information in their buy to let property investment guide.
- Infrastructure
When buying a house, it is essential to consider the accessibility of basic infrastructures near your house. Before buying a house, one should check whether the location is well-connected with the roadway or train station. Also, the availability of basic amenities such as water supply, internet connectivity, recreational parks, etc., should be considered while investing in a property.
- House inspection
Sometimes, real-estate agents frame property to look its best when you view them. It is a borrower’s duty to check its renovation, repairs and maintenance in detail before finalising the purchase. The expenses to fix the cracks and other renovation works should be calculated and considered beforehand as it can significantly increase the purchase price.
- Budget
A borrower needs to know how much cash they will have every month to meet monthly expenses after paying the EMIs. This will, accordingly, help avail a home loan that he/she can service each month without getting into a debt trap.
Apart from considering these factors, there are certain things to take note of before applying for a home loan to purchase a house. Most financial lenders set certain home loan eligibility criteria which all the interested borrowers need to fulfil.
The eligibility factors and the documents required for a home loan differs from one lender to other. Hence, it is crucial to inquire about every possible detail before proceeding with the home loan application.
Furthermore, few reputed financial institutions extend lucrative pre-approved offers to expedite and simplify the loan application procedure. These offers are available on various other financial products such as loan against property, home loan etc. One can check his/her pre-approved offer by entering name and contact information.
Taking note of these factors certainly helps simplify the application process to avail housing credits.
Finally, if you are looking to avail a home loan to buy a house, property resale value is an important factor to consider if you decide to shift after a couple of years.
So, whether you’re buying a home or marketing one, you can count on Ray White Wetherill Park to provide you with the finest in technology, commitment and client service.