Often new home owners get easily trapped in the enthusiasm of purchasing, moving and designing their new homes. But, once you are well settled in your house, it’s an asset for you.
The properties of the Home owners should be maintained well for long term. Even if you decide to stay in your own property or not for your whole life, or you may purchase a bigger house later, but it should be ensured that the house ensures the same qualities as before.
Importantly, home owners for the first time should learn to maintain their home loan in an appropriate manner so that payment of huge sum of interest could be avoided.
1. Regularly check the exterior of the property
When for the first time house owners select their homes, they obviously choose a property which is well maintained. And, if one wants his house in good condition, it is necessary to take care of it. Here are some maintenance tips which should be avoided in order to prevent large renovations in future.
The house owners should keep a check on their properties each year. And if you are buying a house, be sure to take a look on the following issues:
- cracks in boundaries
- peeling of paints
- blocking of gutters
2. Search for better home loan scheme
Now a days, many home loan schemes are available for the home owners, but it is very difficult to select one which suits one’s needs.
It is advised that you make use of a bond originator to apply on your behalf as they can negotiate a better deal.
3. Changing the loan term
Payment of home loans for longer periods keep one’s monthly payment low but it costs more in long term. One should switch to higher monthly payments for home loans so that the loan term could be shortened.
4. Keep sufficient liquid funds
Nowadays, very few financial institutions offer home loans amounting to ninety percent of the total budget. And even if you do succeed in finding such an institution, it may not be necessary that they may grant you the loan. Hence, it is always helpful to keep yourself ready with at least twenty percent of the amount in cash at your disposal. Banks are now known to finance up to eighty percent, and some to even a lesser extent.
5. Do not settle for a deal right at the spot
If you find an offer by a financial institution very attractive because it offers you the lowest interests in its advertisements, you might want to reconsider your decision. These are some ways that are applied by the banks to lure customers. It is a common experience by many people that after attracted by an offer and commit themselves to the bank, they are informed that they can no longer be the privileged customer because the offer has expired. Always commit yourself only after you have filled in the application form and have submitted it. Also, be sure to check on the additional charges.
6. Keep all your documents ready and handy
If you want your loan to get approved without any hassles, the first thing that you should do is to keep all your documents updated and in order. Many a times, even if you are eligible for the loan, it does not get sanctioned only because either the proper documents have not been furnished, or they have been delayed. This could lead to unnecessary waste of time and efforts. Also, if you have all your documents with you, you would be free to apply any where you want.