5 Signs That You’re Ready to Buy Your First Luxury Home
Metro Group | 5th Feb, 2019
Purchasing a new home takes a lot of stamina, desire, and commitment. Whether it’s a simple 2 BHK flat in Chembur or a mega 5 BHK apartment at Palm Beach Road – being a homeowner requires certain financial and mental preparations.
Here are 5 signs that tell, you’re ready to buy your first home:
You Are Aware Of Your budget
Owning a new home comes with a slew of new expenses, so good money management skills and good job security are a must-have. You need to know where you stand financially – where your money goes every month and from where is it coming from. This will indicate exactly how much you can afford to spend on a new home.
Your Credit History Is Good
You don’t need to have a perfect credit history to become a homeowner; however, a decent history can definitely help you get a decent loan from the bank at a lower interest rate. So be sure to find out what lenders think about you. If your credit history is good – you are in a good position to buy a new home. But in case you find any flaws in your credit history report, amend them as soon as possible. A flawless record will surely help you, during your new home purchase.
Your Debts Are Under Control
Lenders like to make sure you have enough money each month to pay off your obligations. So before they give you a mortgage, they take a look at your so-called debt-to-income ratio. If your debts are under control, you are great to go. However if not, make sure you fix the issue, to avoid any hassles in future.
Amount Available For Down Payment
You need to pay at least 10% – 20% of the cost of the home for the initial down payment. Do you have that much cash available without neglecting your other home expenses? If not, you need to consider saving for your future house purchase.
You’re Ready For The Responsibility
Even if you think you can afford your new 2 BHK flat in Chembur or 5 BHK apartment at Palm Beach Road – don’t just buy simply because you are financially stable. You need to make sure you’re ready to take the new responsibility. Owning a place comes with new accountability and costs. In short, you need to be ready to be the landlord of your new home.
Maybe you want to start a family, or perhaps you’re moving forward in your career. Whatever be your motivation, if you are planning to make your living exciting and enthralling for the next five to ten years, then you might want to settle for a home that is unique and distinctive from the rest.
In this case, you need to opt for Metro Group’s luxury residential projects. Owning a property at Metro Group India, will not only make you feel great but will also offer you the true experience of being a landlord of a luxury apartment.
Metro Group India has been at the forefront of developing innovative projects of the highest quality. They believe in doing good by offering the best of living that will make your dreams come true.