In this series of “Buying Real State in Sri Lanka”, you are about to discover “Are you ready to buy a house?”. If you haven’t read the previous article “Cost of buying a home in Sri Lanka”. You can also find the entire series on “Buyers Guide”.
Buying a house in Sri Lanka comes with many important factors including your finances, savings and many more. With these factors, you could start thinking about whether you are ready to buy a house.
Spending your time and money on buying a house will be a lifetime investment and that is why we have listed down some guidelines to make it easier for you to make your decision on buying your own home.
07 Signs that indicate you are ready to buy a house
Check out below signs to ensure that you are 100% ready to buy a house in Sri Lanka. Even if you don’t tick everything off your list, don’t worry as these signs will be a prep for you to take that decision later in your life…
1. You don’t have significant debts to worry about
Having debts could be a real hassle when it comes to deciding on buying your own home. So, before buying a house, settling your debts will ease your future payment plans. Once you think that you are ready to buy a house, try to keep some extra funds as well. This is because there will be numerous unexpected costs that come with owning a house. To avoid this kind of stress that will come your way, it is ideal to ensure that sufficient savings are allocated towards purchasing your home!
2. You have a good credit score
“Credit Score”, this is an important scale to banks and other financial institutes. When you pay your loans and other payments without a delay and have been dealing with the same bank for years, you gain a good credit score!
This credit score will be checked by banks to ensure your financial credibility and would be helpful if you are planning on applying for a housing loan; having a good credit score without any blacklisted debts will be highly helpful! If you want to find out where you stand to apply for a good credit score, you can now request and obtain a credit report through CRIB (Credit Information Bureau of Sri Lanka)
3. You have a steady career path
It is always a good idea to have a stabilized job/income before planning to buy a house in Sri Lanka. Without having a steady career or a stabilized business it’s difficult to reach your housing dream. Even if you are planning on obtaining a housing loan, the banks will also consider this as an important factor before approving the loan request. So, ensuring that your income is stabilized before you plan on buying a house is a must to avoid any issues afterwards!
4. Have a solid saving and an emergency fund secured
Don’t forget to consider whether you have saved funds towards unforeseen expenses such as theft or natural disasters, which might come your way in the future! So, having secured savings towards emergency funds will assist you when buying your house to ensure you have enough savings to live a stress-free life after buying your house!
5. You have already planned your future goals
Planning your future goals is a stepping stone towards a prosperous future. However, you need to identify when you are planning on having a family or starting a new business. Because some investment plans may interfere with your decision to purchase your home. Hence, ensuring that you plan your future right now is essential if you are planning to buy your home.
6. You know where you want to settle down
If you have already selected your location of preference to settle down, then you are ready to make a move! However, if you are still unsure about where you should have your dream home, you can talk to our experts to get a better idea about a suitable location for your dream home. With over 35 years of housing excellence, Kelsey Homes select some of the best places to live in Sri Lanka for gated housing developments.
7. You have already selected your type of house
Even if you have all the above boxes ticked, if you are still unsure about what type of a house you want to buy, maybe you need more time to ensure that you are ready to choose from what’s best for you. Doing more research will help you in selecting your dream home. However, if you know exactly what you want to buy, then go for it! This is your time!
If your 07 signs are ready, you are in a position to make your dream come true! And now you might be thinking of how much it will cost to buy a home. If so, you can find more information by looking into our other equally informative article “cost of buying a home in Sri Lanka”.
Also, if you have not reached through all 07 signs don’t panic! Take your time and prepare for your big dream, as it’s never too late to buy your own home whenever you can!
If you have any doubts, feel free to reach out to our real-estate experts here at Kelsey for any doubts or queries – Kelsey Homes; the premier housing developer in Sri Lanka with over 35 years of housing excellence!!!