Its the ending spell of old year & we are standing on the threshold of a new one. Naturally many couples are aspiring to enter their new year along with the ownership of a new residence....or, to own it on the 1st month of the new year. Most of the aspiring home buyers have already, definitely, started making buying plans for a new home or estate. I only like to ask them to keep making the parallel finance plan also, to support & fulfill the home buying plan. To put it simpler, plan for a house in such a range which goes well with your affordability & your repayment capability. Make it pocket friendly!!
Indeed, there are a no. of financial factors you need to take care of, when planning for a real estate. The personal debt of both of you & your creditworthiness are 2 most important items to name. Many of you may not know it, but the fact is that your creditworthiness.....i.e. your credit score & credit profile have got a lot to do with your real estate planning. Your Credit profile is an important financially determining factor, & is preferred to be a handsome, presentable one for a great real estate plan.
On other hand, keep your eyes open to prevent unwanted accumulation of debt on your finances, in the process of home buying. I know about a lot of families, who have got undesired debt burden upon them due to lack of financial chalk-out on the verge of home buying. uncalculated, non-estimated investment on house has now cost them to suffer & survive in tension of look out for way outs, like-repayment, debt consolidation etc. etc. You need to be wise while figuring out the home investment amount, as per your capability. A solid, & more importantly,"practical" home financing plan can help you succeed with your home, yet avoid any debt. Don't nurture any Utopian real estate desire or encourage your partner to do so either, which go far beyond your joint financial capacity. That will get you with no home, ultimately.