Do You Know How to Set a Budget Before Buying a Property

Buying a home is really a big purchase for most people, so you should do a complete homework by thoroughly researching the house you are willing to acquire. India is becoming a big real estate market and due to this there is a glut of commercial units along with locations. Metro cities of India are one of the major places where people are taking interest and investing in property. If you also want to buy a residential flat in every city of India, then be sure to check your budget before signing any work. Once you find out your budget limits and other expenses, you will be able to buy your dream home and live happily there with your family. Therefore, some tips are being discussed below that will help you manage your budget and in this way you can apply for a mortgage and get a dream home in your preferred location.

1. What is your household income after tax?

You need to find out how much money you get after all tax deductions. To know about your expenses and savings, you can take help of online income calculator and know your salary stub. Finding out about the money left each month can help you a lot in the future.

 

2. Write down all monthly household expenses?

It would be great to note all monthly household expenses such as bills, utilities, insurance, as well as groceries. The amount you have will be expendable income. You can check some tools online and make a monthly budget plan, which monitors all expenses and savings. If you plan your personal budget, you will be able to buy a house of your choice.

 

3. Find out where you should cut back?

Once you know about all the expenses, you can find ways to cut it. Sometimes, people are unable to know how much extra money they are spending on other things that they are not going to do. For example, eating out, paying extra money for a service that you may not need further. By adjusting slightly, you can save so much money and pay all other outstanding credit cards and debts.

 

4. Payment of debt

If you buy a house on loan, and do not need to make any other payment, then paying EMI will be so easy for you. This will not only increase your CIBIL score, but also increase the chance of getting a home loan from the bank. If you have an impressive credit score, you will get some exciting offers from banks.

 

5. Saving

Savings are especially important for middle-class families. If you take a SIP scheme or other plans that are guaranteed to give you excellent results, then you are on the right track. It is a good decision to invest in mutual funds. Apart from this, you can find some other ways to save your hard-earned money. The more you save for today, the more you will have a good and prosperous future.

 

6. Do Market Research

It would be great if you examine the market properly before finalizing a property. There are many ways to know details about property such as checking on property portals, where you will get lots of information along with photos. Be sure to check out similar housing units in your area or you can talk to the person living there. In this way, you will be able to know the true value of the property and buy it after examining all the aspects.
 

Nothing is beautiful your home. Therefore, you have to find ways to set your budget so that you do not face any problem while buying a house. You need to know what you are spending your money on and how much you can save. If you make a reasonable budget plan, you will be able to buy your dream home with confidence.

You should consider carefully before renting a new flat with your children...

Renting is an excellent solution to live a peaceful and comfortable life without spending large amounts of capital. Although moving to a new home can be exciting, you need to make your choice more carefully to avoid many problems in the future. If you have children, your rental decision should include many important factors so that your younger people can live their lives to the fullest. While searching for an apartment for you and your children, you may come across a landlord or two who will inform you of the ban on children. There may be some restrictions for their safety, but others often pressurize them to avoid sports and socializing. Well, you need to avoid such foolish landlords who will act like a monopolistic dictator for your children. In this writing, we have shared some important factors that have to be considered before renting a flat with your children.

1- Set your budget

This is the most important consideration that you should do before searching for a rented house. Ideally, your house rent should not exceed 10% of your monthly income. But this should not be the only consideration when choosing a budget for your rented flat. Rather, you should calculate the total expenses including utility services, insurance fees and taxes before allocating a fair share of the money to be deposited at home.

2. Search the right way

Finding online flats for your children can be difficult because you, not every owner or agent, openly states the level of child friendliness on websites. But still, the real estate portal is a good place to start your property search. Many reputed real estate portals offer classified options for child-friendly independent apartments for rent in any area of any city. Advertisements on these websites usually provide contact details of the agent or owner. You can contact the person concerned to book a home inspection schedule. 

3. Check the features

Living with their children follows a long list of needs. Thus, you need to set your priorities and write them on a piece of paper. You may need a home that is close to school or workplace and has child-friendly policies. Ensure that the apartment has all the basic facilities like water and electricity. Also, find out society's provision for safety so that your children are safe at home, even if you are out for work.

4. Rental Agreement

Most of us sign an agreement before reading it well. But this should be avoided in the case of a lease agreement as the success of your kidney period depends on it. In addition, the rental agreement will serve as a valid proof at the time of any dispute with the landlord  or other tenants. The agreement will provide information about the start and end date of the rental agreement. In addition, it will provide information about rental prices in society, rules to follow, and the reasons why your landlord may terminate your lease contract.

Do not let your eagerness to find a rented flat for your children result in poor judgment. There is nothing worse than finding a flat that would be unsafe and inappropriate for your younger people. Therefore, after checking the facilities required for the good of your family, make this decision carefully. And, make sure you get a property that comes with child friendly policies.

Do you know how to negotiate your rent as Tenant

It can be difficult to find a perfect flat in any city. And, even if you find a home that suits your needs, a high rent is something that can hold you back. But most people have no idea that the rent can be reduced. After all, leasing a property is a business for the landlord. And, he / she often quote a higher price because there is a common belief that the tenant will negotiate the rent below.

In our opinion, it is worth negotiating and getting the property at the best rental price. By saving on a small percentage of rent, you can save thousands of rupees a year. This will open many opportunities for you and your family.

If this is the first time that you are negotiating a rent, you may be a little nervous about being bothered for rent. So, to help you in this endeavor, here we have shared some useful tips.

How to Negotiate Rent as a New Tenant

When you go in for a home inspection, do not give immediate satisfactory comment, even if the property is like. It is better that you take a family member with you while going for home inspection. And, instead of saying what you like about the house, try to find some defect in the property and talk to your partner about it. This will make the landlord feel that he should reduce the rent.

If you think about understanding your situation, the landlord will deduct the rent himself, it will never happen again. Therefore, you have to start a conversation. Once you start it, don't be too stiff. Let the other person feel that he or she is also winning.

Also, think about what your landlord will cost you in return for a lower rent offer. You should give him some attractive offers, how good you are as a tenant. For example, you can assure that you will keep the house clean and well. Also, you can tell him that you will pay the rent on time.

How to Negotiate Rent as an Existing Tenant

After the expiry of the 11-month lease period, the rent of the house can increase by 10 percent as discussed in the rental agreement. This can be a major reason that you are changing homes every year. But if you are not comfortable with the rental increase, it is better to discuss the issue with the landlord.

By now, you can already create the impression of being a good tenant. Therefore, the landlord will definitely want you to continue living in the house.

Before negotiating rent with your landlord, check the rent of comparable apartments in your area. If you find that other flats in your area are available at a lower price, start making a list of examples. The more data you have, the better. But if you are already paying less than the standard rate for your flat, then it may not take much luck to negotiate.

Ideally, you should negotiate before your current lease expires. Make sure your landlord doesn't understand that you ran to find a place. In addition, it is difficult to say no to someone sitting on the phone with a person, because talk to him in person.

Important- Negotiation can be difficult, especially when you have no prior experience in bargaining. Just be confident in your expectations and be realistic with your expectations. Also, maintain a polite tone and respect your landlord during the entire process.