Buying a property in your name is a dream for every individual, especially for those who are in the early stages of their career or who are newly-wed or who are about to get married. Talking about engaged couples, buying a home becomes a dream due to financial constraints and burdens of the pre and post wedding ceremonies.
However, with some simple tips, a couple can even own their dream house before their wedding. Scroll down and find the checklist to buy a property:
While entering to a new phase of life, everything starts with a discussion. Same is the case with an engaged couple interested in buying home. Have an open discussion on the finances, their management etc. before finalizing any property. This will eventually help in organizing EMIs and other finances during emergency time.
Who will own?
Before buying a property, it’s important to have a discussion on the ownership rights i.e. who will own the house. For example, taking home on the wife’s name will help in getting a loan on low-interest rates. It means that the property will cost them less as compared to taking it on the husband’s name. But then, another important aspect which needs to be kept in mind is that in future if you want to transfer the ownership right it may cost you more.
Another important tip for the engaged couples is to divide the financial burden beforehand. Buying a property come with lots of liability. And the same comes with the marriage. So, it’s better to discuss all the budgeting and expenses and prepare a proper plan. After that, apply for a loan.
Sign an Agreement
Every investment needs safety. Same is the case with a house. It’s better to get an agreement in order to safeguard ownership rights in case anything goes wrong. It also provides financial security to both wife and husband. It also helps in addressing financial issues and EMI disbursal on regular basis.
So, with these simple tips and discussions, an engaged couple can easily set a new beginning of life in their dream home