As we approach the end of 2023, it is time for everyone to reflect on what they have accomplished this year and what they hope to achieve in the coming year. Just like the previous years, one must have fulfilled several dreams, while some would have remained unfulfilled. And quite possibly, buying a house could be one of them.
But if homebuyers make up their mind to follow some financial disciple and stay focussed on their goal, they can achieve their dream in 2024. Below are a few new year resolutions for homebuyers that can help them to turn their dream of buying a house into a reality in the upcoming year.
1. Save and invest as much money as possible
When a homebuyer plans to buy a house, one of the most challenging aspects may be arranging the down payment amount. Although home loans are easily available these days, one is still required to make a down payment on their new home. Lending institutions usually provide financing of up to 80 to 90 percent of the market value of a property, and the homebuyer has to cover the remaining 10 to 20 percent as a down payment along with stamp duty, registration, and other miscellaneous charges.
Considering ₹1 Cr as the average price of housing properties in India, homebuyers may require at least 15 to 20 Lacs to make the down payment. That is why it becomes crucial for them to save as much as possible so that they can have the resources to buy their desired property. This is only possible when one takes a resolution to cut down on unnecessary spending in 2024 and adopts a disciplined approach to saving and investing.
2. Take steps to improve your credit score
When a homebuyer applies for a home loan with a lender, the first thing that will be done is the assessment of the credit score. By maintaining a good credit score, one can not only secure a home loan easily from a lender but also opt for the best home loan interest rate.
Thus, every homebuyer must take a resolution to improve their credit score in 2024. For this, they will need to first know their credit score and then understand the factors that go behind the calculation of the credit score. Broadly speaking, start by paying all the credit card bills and loan EMIs on time and maintain a low debt utilization ratio. Also, avoid applying for fresh loans unless there is an emergency.
3. Start researching early
Buying a house is not at all an easy task. It can take at least a few months or even a few years. One of the most difficult tasks is to find the right home that suits one’s requirements and fits their budget. So, it is better to start researching all options from day one. One should keep searching for properties even if they are not ready to buy a house right away.
While creating a new house plan, one needs to list down all the criteria that they want their house to fulfill. For example, whether they want to buy a 2 BHK, 3 BHK, 4 BHK, or a villa, what are their preferred locations, what are the amenities that they want, etc. And then, they can keep looking for a house that fits all these requirements.
4. Start shopping wisely
Merely buying a house is not the ultimate goal; there are several things needed to furnish a new home, for example, electronic appliances, bedsheets, furniture, showpieces, etc.
Buying all of these appliances and items in one go can get quite expensive. Moreover, it wouldn’t be wise to wait until the purchase of the home is complete. To avoid last-minute hassles, one can plan and buy these household items slowly and steadily while looking for a new home.
5. Set monthly saving goals
Last but not least, a homebuyer should always set up monthly goals to stay on track with their homebuying process. For example, once the price range of the home has been finalized, setting up some monthly savings can help one reach their goal. A home investment plan can help one achieve their monthly goals without too many difficulties.
If one can diligently follow these five new year’s resolutions in 2024, there is nothing to stop one from achieving their dream of buying a new home in the coming year. With adequate research and patience, buying a new home can be simple! And if one wants to seek out some interesting options for a new luxury home, Piramal Realty has launched some luxury residential projects in Mumbai, such as Piramal Revanta, Piramal Mahalaxmi, Piramal Aranya, and Piramal Vaikunth.
Frequently asked questions
What is New Year resolution?
A New Year’s resolution is a promise you make to yourself at the start of the year to improve or change something. It’s like setting a goal for self-improvement, such as getting healthier or achieving personal dreams, often involving serious commitments for a better future.
What could be my new year resolution?
Think beyond the usual resolutions like going to the gym. Try unique ideas like learning to invest, volunteering, buying a house, or picking up a new hobby. There are many ways to make the upcoming year happier and healthier.
Why are new year resolutions good?
Embracing New Year’s resolutions contributes to improved mental and physical health, enriching your overall well-being. These resolutions act as a roadmap, providing clarity and fostering self-reflection. By setting and pursuing these goals, you clear your mind, stay focused, and work towards becoming the person you aspire to be.
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