Everyone knows that building a home is an expensive endeavor. The amount of payments to be made is not limited to the cost of buying the property and the construction only. There are always a lot of other expenses that need to be taken care of. Paying the workers, the architect, getting all the permits and payment of the agent, who has been hired to get the property, all these will be factored into the amount of money that is required for constructing a house. So even though most people have opted for a construction linked plan to get the finances from bank, it is always beneficial to keep an amount of cash in hand, in case of some unforeseen circumstances.
Many people think that since they have opted for a loan from the bank, money will not be a problem. However, they must remember that a lot of protocol and procedures have to be completed, before the money actually makes it into your hand. As a result, the construction of your house could be stopped for lack of money. As stopping of construction can lead to extra expenses, due to the rise in prices, most people like to finish off the work as soon as possible. Therefore, to ensure this does not happen, it is always advisable to keep thirty percent of the budget in cash, just for the sake of emergency. Though it seems like a large amount, this money will be used for a variety of purposes, some of which are mentioned here -
* When purchasing a house, the down payment has to be made before the loan is sanctioned to you. Therefore, keeping that in mind, cash should be kept ready. Also the costs for closing the deal will have to be paid.
* Once you get a loan, the mortgage payments and taxes will have to be paid by you. Therefore, having a constant source of income will enable you to do that. The good news is that most banks provide you with a payment that will be affordable in relation to the amount you are earning every month.
* All of the payments of the architect, inspectors and real estate agents are made prior to the loan amount being paid. These costs can combine to form a large amount which will require a substantial amount of cash from your side.
* It is not possible to exactly calculate the amount of money required for constructing a house. More often than not, you will go over the budget that you have set. Taking care of ฝากขายอาคารพาณิชย์ these costs will require extra cash from your side.
* When you start building a house, you have an idea in mind as how the house should look like. Though many times, during the course of the construction, you might decide to change some features or get some upgrades done to the house, which can cost you extra.
Seeing this list you can clearly imagine that the process of home building is an expensive and time consuming one. Never spread your finances too thin, as it can leave you in a precarious position. Instead, always arrange for surplus cash, which you can fall back on in times of emergency.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น