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Get to know what you should be aware of when deciding to buy a car, build a house, investing for your retirement and many other activities.
In most cases it's better to buy instead paying a rent and to buy as soon as you can afford to do so. The only exceptions are for people who have very low rent, or who plan on moving in a few years.
Most people think the benefit in buying is to "stop throwing your money away on rent," but in fact the equity you build from buying is mostly offset by the money you will "throw way" on taxes, insurance, maintenance, and mortgage interest, which renters don't pay.
Therefore real benefit from buying is that you freeze your monthly payment for 15 to 30 years, and then you stop paying it altogether..
In addition buying or building a house is a good investment for your future. You can sell or rent your house if you are not planning to live in it.
You don't pay cash when you buy a house. If you had to do that then nobody could afford a home. Instead you make a small down payment in cash (10 to 20% of the sale price), and you get a loan from a bank called a mortgage for the rest.
You can pay the loan rental monthly for your Home Loan within a period of 15 or 20 years until the loan is fully repaid.
The higher the down payment you can make, the easier it is to get a loan, and the lower the monthly payment is.
When buying property, it is important to hire a lawyer, who will prepare the contract. No sale is considered final without the legal transfer of ownership from seller to the buyer.
The legal owner of the property is the only one allowed to sell his property; in cases where a more than one person is considered the legal owners of the land, each owner should agree to the sale. The deed of ownership must be checked by the lawyer in the Land Registry.
Both parties sign the transfer contract in the presence of the lawyer. The buyer also makes the full payment. Transfer is considered valid from the moment of signature by both parties. After which, the lawyer then registers the property in the buyer’s name.
1. Make your mistakes on paper
Every hour you spend with a piece of paper or a computer aided design (CAD) programme could potentially save you many hours and lots of cash on the job site.
Finding a problem or mistake in your planning means doing some erasing or re-programming.
If you only discover the problem after you've built it, you've got a much bigger problem.
When you have finished your plans, build a model house out of cardboard to help you visualize it in three dimensions.
2. Lower cost to build - construction tips and other ways to save big when building a house
No one wants to pay more than necessary when building a home. Here are 15 tips that may help keep your building budget within reason, without compromising on the home you want.
Apply for a Housing Loan
Who can apply
If you are a salaried employee or a freelance professionals over the age of 18 years with a regular monthly income (minimum Rs 25,000), individually or jointly with your spouse, you can apply for this facility
How to apply