For you who belong to the millennial generation, which currently still stay at home parents or in a rented house, probably often wonder when would roughly the right time to buy a House? Did You Know? If the sooner you decide to buy it, then the value of the promised investment in the future will also be getting bigger. In addition, of course you will feel more comfortable and free to stay at home. But before you decide to buy a home, check the current financial conditions. Here are Buying a house checklist that you can start it from things here.
Buying a house checklist: Check Your Financial Condition First
- Have a reliable income.
When deciding to buy a House with installments, of course you have to be sure you really can afford it. If living alone, you should already be permanent employees at the company’s place of work. Or if you live with a partner, then one of you already sure of the position and the future of the company work.
- Do not have the big expense burden.
Buying a home is a big decision in life and also will affect your financial circumstances. In order to make its financial condition remains stable, make sure when buying your home not currently having another large spending expenses such as installing a car or land.
- Not being in debt problems.
In order to make the home buying process becomes easier, especially if you plan to install it, check back on the financial condition of the bank or other financial institution are well and not being debt arrears. This is so that the bank or financial institution can more quickly approve the loan applications.
- Have a sufficient emergency fund.
When having a home, there will be some spending in the future who might previously not taken into account, therefore it is important to have a sufficient emergency fund in anticipation of expenditure. A big emergency fund that must be prepared in the range of 4 to 12 months the value of the expenditure.
- Able to pay 5-10% of the total price of the house.
In buying a home, usually needed 3-20% to pay the down payment. It is also as the main determinant of whether you can afford to buy a house or not. It’s better if you wait until it could pay at least 5%, but still suggested a 10 – 20% of the total price of the home with cash.
- Able and willing to take care of the home.
Based on some of the experiences of people who recently had a home, in one of the first year there were only spending to fix some damaged things or buy new equipment in the House. In addition, you should also be prepared if one day home in need of some renovation. If you are accustomed to taking care of and doing the work yourself, then expenses would be more controlled.
Thank you very much for reading Buying a house checklist: Check Your Financial Condition First, hopefully useful.