How does it feels to buy a house?

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    A lot is going on when you go house hunting. Exited, Nervous, Stressed, and maybe even a little bit Sad. These are all emotions you might feel when you are buying a home. 

    All of these feelings are normal. Knowing and understanding the emotions you may feel when you buy a home can help you manage and tackle them and may also help you make smart home-buying decisions.

    First, understand, why are you planning to buy a house?
    As you go around searching for a home, emotions will typically drive your desire to buy a home. You might be feeling annoyed with your current space or excited about the opportunity to experience life in a different area. Below are some of the common reasons for deciding to buy a house;

    1. You are renting for a long: You might feel a bit frustrated if you are renting for a long. It may feel like you are not using your money for building something for your future. But one should also keep in mind before deciding to buy a house that buying a house is always an expensive decision than renting.
    2. You feel like this is going to be an investment & you are too excited for the same: If you know that there is an underpriced home on the market, you might feel excited to dive into this investment. However, you should always remember to do thorough research before you make such a big move.
    3. You want to build a space for your family: Maybe you want to buy your home in a place where there is more security, a better home, good hospitals, and a good playground for your kids. No matter why you want to buy a house, you may want to embrace the joy of building a future and space for your family.

    You might be feeling lots of emotions, but remember that you still need to do your homework before you dive into a home loan.

    Are you ready for an investment right now?
    Are you ready to buy a house? Many new house buyers underestimate the true upfront financial cost of owning a home versus renting. 

    Several things might occur when you are in a rented apartment versus when you own your flat.

    Let me give you my example. I am living in a rented flat which is 2BHK and has decent space, maybe more than 1500sft. For most the people living on rent, if anything breaks down, their landlord repairs it.

    But when the same happened with my rented house, my landlord charged everyone living in the society for the breakdown, which increased my rent. This was sad because if we decided "X" amount for a flat, plus separate electricity and water charges, then maintenance and all should be bear by the landlord himself.

    Also, the breakdown was not because we did something wrong, but it was because the borewell gathers mud daily and he has to get it cleaned up after a few months, which he is not interested in doing.

    He didn't give us any fixtures like bulbs, fans, or Air Conditioning, or even any basic furniture like bed, etc, and then also if a landlord charges for any breakdown to his tenants that total exploitation.

    It is better to live in your own house than live in his apartment, as it costs us the same.

    Are you ready financially?
    Lenders require a large amount of financial information before they can approve you for a mortgage. Some of the information you might need to share includes:

    1. Your employment history: Your mortgage lender needs to know that you have a steady job and a reliable paycheck coming in every month.
    2. Your credit score: Your mortgage lender will want to see that you have a long, solid credit history. A high credit score indicates that you are more likely to pay your bills on time and manage your mortgage well.
    3. Your income: Your lender will want to look at your income to determine how much you can afford to pay each month for your mortgage.
    4. Your investments and bank statements: Many lenders require that you have at least a few months of payments in savings. It ensures that you will be able to pay your bills if you lose your job or run into financial hardship. Your lender may also consider retirement and investment accounts as assets that contribute to your overall savings.

    It can feel very uncomfortable to share this information - many people consider retirement savings and income to be very personal details. Try to remember that your mortgage lender isn't passing a moral judgment on you or your family when they ask for this information. They are simply assessing what you can realistically afford to pay back before they extend you a loan. The last thing you want is to receive a mortgage loan you can't afford.

    The Home Search
    For most buyers, the home-search process is the most exciting part of buying a home. You get to view potential homes, explore new possibilities in each space and weigh the pros and cons of each home. This flood of emotions can easily make shopping for a home overwhelming. Before you shop, create a list of "must-haves" for your future home and share this list with your real estate agent. This will help them customize your search and zero in on the perfect property.

    You might also feel nervous about any potential renovations and repairs certain properties may need. It can be tough to gauge just how expensive a kitchen renovation or electrical repair might be before you get an estimate. You may want to spend less on your home than you can afford if you are considering buying a home that needs renovation. This will leave you with a financial safety net in case your repairs turn out to be more expensive than anticipated.

    Making an offer
    Submitting an offer can be overwhelming and nerve-wracking. Sure, the seller might accept your offer outright, but they also might come back with a counter-offer or even a rejection.

    It is a good idea to let your real estate agent handle the bulk of the work when it comes to submitting an offer. Your agent is a local real estate expert who knows what homes in your area are generally worth and how to write a legally sound offer letter. Consult with your agent when you decide how much to offer for the home and leave him or her to draft the letter.

    Negotiating your home's price is often the single most stressful part of buying a home. It can be tempting to fall into a bidding war with other buyers and continue to up your offer. This can leave you with a mortgage you can't afford. Resist the urge to spend more than you can afford on a home, no matter your budget. Your real estate agent can help you know when to walk away - and can show you new properties you might love even more.

    Conclusion:
    Owning a home gives you that feeling of security and stability knowing that you have your place especially once you are done with your mortgage especially if you live somewhere you consider a good area. 

    Paying for your house will feel rewarding if you like where you live.

    I would say if you can afford to buy a house in what you consider as a good area then I say go for it, loving the location in my opinion is a bigger priority as house design and features could be tailored to your liking if you will be building your own home or through renovation, if you will be buying already built house.

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