1. Review Your Financial Health
Before you start scouting for the perfect house, you should first take a serious look at your finances. Purchasing a home is not an easy feat, as there will be ongoing expenses even after moving in. Make sure that you have an emergency fund that can cover at least six months’ worth of living expenses. There will be unforeseen costs along the way, and having savings on hand will prevent you from facing these unprepared.
You should also check if you have healthy streams of income. If you are employed, try to augment your salary by having other streams of income, which can help provide for your forthcoming expenses.
You should also consider getting an insurance plan, as this can help further enhance your profitability while giving you the assurance that your beneficiaries will be well provided for, in the event of illness or death.
You should research the different kinds of life insurance policies available in the market, so that you can choose which best suits your lifestyle and investment objectives. For example, if you are looking for a way to be protected but also want to start an investment fund, you may consider availing of variable unit-linked plans (VUL). Apart from getting to enjoy life insurance coverage, VUL plan holders have the opportunity to grow their income through strategic investments made by professional fund managers.
2. Know Your Goals
3. Prepare for the Upkeep
4. Work with a Professional Real Estate Agent
5. Define Your Plans
6. Consider the Location
As a working professional, location should be one of your primary considerations when purchasing a home. While houses outside the city are marginally cheaper than those within the metropolis, you also have to consider whether the area you are looking to buy property is accessible, and would not have you stuck in traffic for hours on end. Moreover, check out the general community as well - will your future home be near commercial areas, schools, and hospitals? It would serve you well to survey the area, as this will be your new home moving forward.
Is the house located near a fault line? Do the roads get flooded during heavy rains? You should also consider how the area is affected by the forces of nature. You wouldn’t want to buy a cheap house, only to realize later on that it’s right in the middle of a landslide-prone area.
Do you have kids, or plan to have children? If you do, then you should think about which schools are closest to the house. Is the environment safe for children? Are there any hospitals nearby? When you buy a house, you’re not just buying the structure. You’re moving into a new community.
7. Watch Out for Other Fees
8. Scout the Market
Take all the time you need to ensure that you’re fully prepared before deciding on a house, especially as investing in one requires significant thought and preparation. To help supplement your income, and make you even more prepared to purchase your very own home, you may consider investing in Maximal Power, a single pay, unit-linked insurance product that provides for superior lifetime insurance protection while growing your wealth through investments in a variety of expertly managed funds.
Following these strategies will help make the process a lot easier, so make sure that you implement them well. However, remember that purchasing a house is just the first step - the next challenge is to be able to cultivate your home.