How to Set a Budget For a New Home?



Buying a new home is probably one of the biggest financial decisions of any household. Having your own home empowers you. It combines dreams, future and responsibilities. Surat has a lot of properties to offer that fit all budgets. You can find a big list of the best residential projects in surat that will fit your budget. But the question is - ‘how do you set your budget?’ 

How do you know what your budget is? Sure, you must have saved some amount that you are willing to invest in a new abode. But that is probably just for a downpayment. How do you know how much you can afford to pay - including the EMIs and other costs? 

Set a Budget for Buying a New Home

If you are also thinking about the same thing, then here are some things you can consider while setting your budget.

Down Payment 

When you are buying a new luxurious apartment in surat, you need to pay a certain amount as a deposit while booking the property. Most new home buyers prefer to save up for their new home in order to pay the downpayment. The more your savings the more you can pay the downpayment. Remember, the bigger the downpayment the lesser the EMI cost.

EMI

Home EMIs take a big chunk of your income every month. So you better think about how much you can afford to pay for the monthly ownership of your home. Your home EMIs should not be more than 45% of your monthly income. Besides, you also need to think about your other expenses and savings. You must consider your monthly bills, savings, health security, your personal expenses, etc. the experts suggest saving at least 10% of your salary every month for emergency cases. So, let’s say if your monthly income is rs.1,00,000/-, your savings should at least be rs.10,000/- and you will be allowed no more than rs.45,000/- for your EMI by any financial institution. So, you must look if you can manage your other monthly expenses with the amount you are left with for the month after paying the EMI. 

Interior Decor

The cost of the interior design of the home varies from family to family. But it is suggested to put aside 1% of the total purchase value of your new row house projects in surat for expected and unexpected interior costs.

Rent

If you are buying a readymade new apartment in Surat or buying a house in an upcoming new project in Surat, then you must consider your current rent(if any) till the date of possession. You must consider the rental cost in your budget and how you will manage it till the possession. 

Other Costs

While looking for apartments for sale in Surat, the location and infrastructure of the area matter a lot. The accessibility of basic amenities like grocery stores, shopping centers, hospitals, schools, carpenters, electricians, etc. counts in the affordability of your new home. 

Buying a new apartment in Surat is a huge task. Matching all your needs and wants in one place which also falls under your budget is a little hard to find. If you have finally decided on your budget and are looking for your budget-friendly apartment for sale in Surat then you must visit Sangini group’s residential projects in Surat for your new home. Sangini group has various ready to handover and under construction budget friendly residential projects that you must visit. 






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