SELECTING PLACE TO BUY A HOUSE
MONEYMONK WEEKLY MESSAGE 17/2019
Selection of place
to buy a house in cases where employer provides a house/ house rent allowance
Place selection is
critically important and will affect your long term financial planning as well
as achieving the goal of Financial Freedom.
Many such people
are in jobs which are transferable and away from their native place.
Here are some key
points to consider when buying a house in such cases :
A.
Cost of the
house, EMI and rental value as well as tax benefits for housing loans.
B.
Located at
a place where some one close and trusted can look after it while you are away
on job. Looking after will involve repairs and maintenance as well as follow up
for rent recovery.
C.
Availability
of margin money to raise housing loan.
D.
Cost
benefit analysis at the selected place and time it will take for the rent to
repay the housing loan. You may need to supplement with your savings for some
time.
E.
Local laws
and rules which are favorable to rent the house safely.
Once the place
selection is done and a house is purchased don’t forget to take insurance cover for the
loan as well as the house property.
Note:
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