New Year Homebuying Resolutions!
The start of a New Year is usually associated with the new beginnings in your life. Buying a home is one of the most significant steps people take in their lives, and there’s no better time to start a new beginning than the beginning of a New Year. Home affordability in India was at its peak in 2021, owing to the record low home loan interest rates and government-sponsored incentives for improving the homeownership percentage. This affordability was further boosted by developers offering benefits in the form of stamp duty or GST reduction as a festive promotional offer in 2021. Monetary incentives with a change in sentiment about housing ownership in the year prompted many buyers to purchase and move into their new homes at the beginning of the New Year.
Homebuying Resolutions
For the new homebuyers, this is just the beginning of a new era, where your financial management skills will be put to the test. Here are a few resolutions that will help you handle your expenses effortlessly.
Adjust your monthly expenses
Owning a property involves taking care of it and all of its necessities. Many new expenses will come your way in the form of EMIs, maintenance charges, utility bills, repair costs, upkeep bills, etc. The changed fiscal scenario needs you to adjust your expenses so that your bills payments aren’t late without causing too much strain on your monthly finance.
Furnish your new home slowly
Furnishing your new home in one go might be disastrous financially. It is necessary to follow a detailed plan according to your priorities and go about the furnishing gradually.
Track the interest rate movements
RBI decides to make changes in key lending rates, following which banks alter their respective interest rates in its bi-monthly policy review. Banks never intimate you about changes in rates. Hence, in your interest to keep track of these things.
Do not take additional loans
Overburdening yourself with new loans would amount to poor judgment, as the economic conditions also pose a risk to job security and business safety. It is advisable to sit tight and maintain a wait-and-watch mode. Only when a significant portion of your home loan is paid off that you should think of applying for a new loan.
Do not opt for too many insurance policies
Taking excessive insurance makes a huge dent in one’s yearly earnings. Unless you understand the policy and its intended benefits, do not purchase home insurance and home loan insurance products only because your bank recommends it.
Save money for small repairs and maintenance
Keep saving additional money every month to address common issues in the new property like pest control, painting, minor fixes in the plumbing and wiring, etc. If left unattended, these issues could significantly impact the property’s health.
Limit your social life to minimize the miscellaneous expenses
A new home also makes it incumbent upon the owner to revamp n one’s social life. You may have to significantly cut down the number of movie outings, fancy dinners, and trips to malls meant for leisure activities. Even if you reduce your parities and celebrations by half in a year, you will easily save up a significant amount of money that takes care of your new responsibilities as a house owner.
At Kanchan Developers, we aim to build a safe and convenient environment for you and your family. With the utmost focus on improving the quality of your life, we include world-class amenities in our luxurious projects and promote a sustainable way of life. We are here to help you out through your new beginnings and ensure that your journey will be seamless and hassle-free. Visit www.kanchandevelopers.com to know more about us and our projects.
