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Can I afford to buy a house with my current income?

Your name on the nameplate outside the house is a lifetime dream of most of the individuals. Although, buying a home could be an overwhelming experience but it is still considered as the best investment option. The hard-earned money should definitely be effectively and productively utilized. This time-consuming task of hunting a house becomes more challenging when the ratio of budget and facilities is considered. There are several affordable flats in Mohali from which one can choose based on their home-budget.


Extensive and in-depth research is required before purchasing a home. One should understand the need and do a thorough financial analysis before signing the house agreement documents. Based on your monthly salary, the following tips will help to make the right decision.


Total House-Hold Income


The first step is to calculate the income from all the sources. One should have a clear idea about the total income. There is no scope for any vague idea of the amount. There are several calculating apps online which help to understand the income analysis. One thing which also should be considered is to eliminate the tax amount from the total income. Deducting the appropriate tax would help us get the net house-hold income.

Budget and Monthly Expenses


One must then analyze the monthly expense that are done on the vital aspects of the life. This includes expenses on utilities, bills, insurance, and other household things. These get extended if you have children with expenses such as tuition fees, groceries, school\college related expenses. Every penny that goes out of the house should be recorded so that one can analyze the expenses. Financial tracking apps online can help to maximize the balance sheet and help in making a stable investment. As per the experts, one should validate and check their credit score. A good score helps for a smooth loan process and other necessary requirements.

Control The Excitement


One thing about dreams is that they do not have a limit. While the experience of selecting a home could be exciting and overwhelming at the same time. The builders make it look more fancy and luxurious. An individual should first define what luxury means to them and then strategically imply it. The focus should be first on the basic needs like space, location, surroundings, and future market prospects.

Explore All Options


The first home searched and explored could actually meet all your requirements. But it is very important to give a chance to other builders, locations, and size types. Each option will give its own benefit and would help you make a wise investment. This also increase the knowledge of the home-owner and helps to bargain and make a reasonable investment.

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