Taking decision that goes into buying a new home?
"Great! After all, buying a home is the biggest purchase of life and everybody wants it to be a blessing for years to come. But, every step in this way must be taken very carefully.
Housing price these days are high up in the sky. Before your heart falls for a lavish mansion or there is any specific area that interests you. It is better to plan before than breaking your heart. All you have to do is to figure out how much can you afford to spend buying this luxury. Prices of Godrej Property Kharghar Residential Apartment are highly affordable for common masses. You can definitely think about it!
|Godrej Kharghar Navi Mumbai|
Ways to plan your budget when buying a home in Godrej Residential Apartment Kharghar:
Planning budget for your dream home does not require you to hold a degree in rocket science. This post will upskill you on budget planning for your home is such a way that it gives you a feeling of achievement and pride.
Here we go…
1. Sum up your income: budget making won’t be possible if you don’t know how much your pocket allows you to take out. To know the amount you can spend, sit down and sum up all the source of income you receive every month. The sum total should be excluding all the taxes.
2. Jot down your household monthly expenses: write down all the expenses from mole to the hill for which your money goes out each month. This includes your rent, electricity bills, daily travel, food, clothing, medical, savings, utilities and all that you can think of. If you don’t keep a monthly budget list and finds it difficult, look at your bank statements, credit card statements, and checkbooks to track these expenses.
3. Record the expenses you will bear when you become a homeowner: these expenses vary depending on the type of home you want to purchase. In your new home, most likely you will have to pay association fees that include (upkeep of common area, upkeep of recreational areas etc). You will have to pay property taxes, hazard insurance and if by any chance you are moving farther from your workplace then your transportation cost might increase.
4. Expenses that will be slayed: Figure out all the expenses that will go away when you move into your new house. Like, all the expenses that you have as a renter (trash, water and home maintenance) won’t be there in your house. If you are paying renters insurance, you can easily cancel it off after you buy a home. Or if you are moving closer to your office then your gas or oil cost will go down. To maintain a good budget, you can also cut back certain fun activities like going to pubs, bars or restaurants.
5. Determine the amount left after all adjustments: After squeezing out all extra expenses and tightening the pocket. Determine the amount you’ll be left over each month to spend on your house. Make sure that you arrive at this amount after considering the money you take home, the money you spend in a month and a little room for emergencies, retirement etc.
6. How many houses you can buy: Now you can figure out the purchase price of your house that you can afford based on the monthly payments at different interest rates. An easy way to do it yourself is to play with the apps available online for mortgage payments.
|Godrej Property Kharghar Amenities|
Down the lane… doing your own affordability calculations will save you from false hopes, wakes your way up and also save your time. After you know the budget you can spend on housing, you won’t look for houses out of your sustenance. Rather, you will start from bottom price and that way you will appreciate what an extra lakh can get you.
Have a happy housing at Godrej Apartment Kharghar Mumbai.
|Godrej Kharghar Navi Mumbai|
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