Looking for the best apartment can be overwhelming. The best way to avoid panicking is to break down the process into steps so that you can have a clear road map of how you are going to do it.
Usually, the primary concern is how long it will take you to raise the cash for your apartment. If already there’s money in the bank, you shouldn’t be worried. Below are six steps to finding your perfect apartment in India:
1. Determine Your Price Range
There are two ways you can determine your price range. Firstly, you can divide your monthly income by three. For instance, if you are left with 360,000 Indian Rupees after taxes, you can place 120,000 Indian Rupees every month.
The second option is to divide your income (before all your deductions) by 40. For example, if you make 4,000,000 Indian Rupees every year, you can decide and place 100,000 every month. Any of the two can help you know your maximum budget.
The best of all is that you can now get affordable furniture on rent in Delhi, Mumbai and other towns. It all depends on the amount of cash you have.
2. Start Saving
After determining your price range, you need to start saving some cash. At this stage, you will have to avoid some luxuries. Deposit some money in the bank and have a savings plan
The advantage with savings is that you are not restricted on what you save. You can save from as little as 100 Indian Rupees all the way to any amount you can afford. If you save huge enough, you can secure refrigerator on rent in towns like Delhi, Mumbai, etc.
The only requirement you’ll need is to be financially disciplined. This is because when you start saving, you’ll experience some temptations which may force you to spend more.
Being financial discipline will help you avoid such distractions and only concentrate on things that matter.
3. Check Your Credit
Before you go for any loan, it is advisable that you check your credit. This is because most lending companies will check your credit score before approving any of your loan applications. You can always use the Annual Credit Report site to check your credit to avoid inconveniences.
If you have good credit, you shouldn’t get worried, but if your credit score has blemishes, you will have to look for a co-signer. A co-signer can either be your parent, your friend or your relative. Besides, you can inform your landlord about your bad credit score and tell him how you are trying to improve on it.
4. Settle on a Neighborhood
As much as you want to spend time looking for the cash, you will also need to settle with the best neighbors. The challenge is that you may not know at first glance whether someone can be a good neighbor or not.
The best way to determine whether someone is a good neighbor or not is by visiting that person. Another approach could be to ask some of your friends or relatives that are already within the area. They can always provide you with reliable information.
5. Start Looking
The ideal method is to find listings online, though, you can always ask for referrals from friends and relatives.
Sometimes the rental market in New Delhi or your city can be tight. You will need a broker to help you find your ideal apartment.
6. Put In an Application
Once you have found the ideal apartment, you need to do your application. If you feel all the factors you were considering are good, then you need to go ahead and apply.
Looking for the best apartment may be stressful, but with the above steps, you should know which step is next after you complete one. Looking for an apartment in India made simple!