FAQ
Am I Ready to Be a Homeowner?
Buying a home is a significant decision, and it’s natural to wonder if you’re truly ready.
Is Renting or Buying Better?
Neither is universally “better.” The best choice depends entirely on your individual financial situation, lifestyle, and long-term goals.
What Is the Lender’s Formula?
There isn’t one single, universal “lender’s formula.” Instead, lenders use various financial ratios and calculations to assess your creditworthiness and ability to afford a mortgage
What Do I Look for in Homes?
Focus on location (proximity to essentials, safety, views, potential for appreciation), budget (affordability including potential loan, registration, and stamp duty costs in Srinagar), size and layout (does it meet your needs now and potentially in the future?), and condition (check for any visible issues or potential repair needs, considering Srinagar’s climate).
Do I Need a Home Warranty?
No, it’s typically optional, but it can be negotiated as part of the purchase agreement.
What Should I Expect at Closing?
Closing day is the final step in the home buying (or selling) process! It can feel like a big event, and knowing what to expect can help reduce stress.
What Is Pre-approval?
Pre-approval is an estimate from a lender indicating how much they would likely be willing to lend you for a mortgage, based on a preliminary review of your financial information.
Am I Ready to Rent?
You should have a reliable income to comfortably cover monthly rent, security deposit (usually 1-2 months’ rent), and potential move-in fees. Budget for utilities and renters insurance too.
What Should I Offer?
Research comparable recent sales (comps) of similar properties in the same Srinagar neighborhood. Consider the property’s condition, location-specific factors in Srinagar (e.g., views, access to amenities relevant to the city), and current market conditions in Srinagar (buyer’s vs. seller’s market).
Can I Ask You for Advice?
Real estate decisions are significant and require careful consideration of your specific circumstances. You should always consult with qualified professionals.