This article will focus on the pros and cons of an EMI option when it comes to buying a new house and thus facilitate your decision-making process, according to Nick Statman.
The solutions that EMI offers Right
or Wrong For Your New Home - Nick
Statman
Created by: Nick Statman
Document Copyright 2023
https://statmannicholas.wordpress.com/2024/08/09/guide-to-transform-your-home-into-a-profitable-rental-property-nick-statman/
is exciting but often feels overwhelming. To get your money's worth, targeted
revitalization is the key. However, you do not have a steep learning effect as
such
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Purchasing a new house is a major act and it is always a large capital that
one has to spend. Another important decision that a home buyer has to make is
whether or not to go in for an EMI (Equated Monthly Installments) option.
This article will focus on the pros and cons of an EMI option when it comes
to buying a new house and thus facilitate your decision-making process,
according to Nick Statman.
Document Copyright 2023
Document Copyright 2023
The solutions that EMI offers Right or
Wrong For Your New Home - Nick Statman
https://nicholasstatman.net/
Advantages of EMI Option
Before knowing several things about this decision one should know about the
advantages. But why? According to Nicholas Statman, that can help you to make
better decisions.
1. Spreading the cost: Under the EMI option, the total house amount is
divided over a certain period of time, commonly ranging between 15 to 30
years. In turn, this makes the property cheaper for anyone who wishes to buy
a home since the prices are–in this case– easier to pay by stretching out the
monthly installments.
2. Budget-friendly: The mostly paid monthly amounts also make it easier for a
buyer to budget and plan in terms of the monthly installments. Thus, it
relieves the financial burden and assists in balancing cash inflow and
outflow.
3. Improved credit score: Its major importance goes to the fact that making
timely payments on EMI reduces the credit score, hence facilitating other
future financial decisions like getting a loan or other financial services.
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Disadvantages of EMI Option
Now, let’s know about the disadvantages of your decision. Also, know
about this because that can help you and your nearest one as well.
1. Interest: When it comes to EMI options the first drawback that
buyers are most likely to experience is the rate of interest on the
loan taken. Finally, commitment results in paying interest for a
longer period, and the whole amount spent on the house will be high.
2. No equity: Because you are not buying the house outright, or in
one lump sum, essentially, you don’t own the house until the loan is
fully paid. This means that you are leasing the house or any other
property for a long time, or imagine paying for a property for a
given number of years without possessing an ownership right over the
property.
3. Time-consuming: A housing finance loan has been known to take up
to several months to complete the processing of the credit. This can
be a problem, especially if you are hoping to be in your new home
https://www.threads.net/@statmannicholas?hl=en-gb
Conclusion
In conclusion, irrespective of all the given advantages and disadvantages of
getting a new house, whether an EMI option is completely ethical or not
depends on one’s financial and personal conditions. According to Nick Statman,
if you are employed and would like to spread the cost of your new house over
several months, then EMI will be ideal for you. Of course, buying a house for
cash is always a better option if you want to own the house without owing
anyone, and you get to pay a lower interest. Therefore, it is high time to
outline the pros and cons of each variant and use the information about the
peculiarities of your future to make the right decision.
However, always note that your home is one of the biggest investments you will
undertake, and therefore, it is essential that you select an option that will
suit your vision and, more so, your pocket.
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
https://twitter.com/statmannicholas
https://medium.com/@statmannicholas
https://www.instagram.com/statmannicholas/
https://www.facebook.com/statmannicholas
https://www.youtube.com/@statmannicholas
https://nicholasstatman.co.uk/
Visit my content
https://twitter.com/statmannicholas
https://medium.com/@statmannicholas
https://www.instagram.com/statmannicholas/
https://www.facebook.com/statmannicholas
https://www.youtube.com/@statmannicholas
https://nicholasstatman.co.uk/
Document Copyright 2023
or Wrong For Your New Home - Nick
Statman
Created by: Nick Statman
Document Copyright 2023
https://statmannicholas.wordpress.com/2024/08/09/guide-to-transform-your-home-into-a-profitable-rental-property-nick-statman/
is exciting but often feels overwhelming. To get your money's worth, targeted
revitalization is the key. However, you do not have a steep learning effect as
such
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Purchasing a new house is a major act and it is always a large capital that
one has to spend. Another important decision that a home buyer has to make is
whether or not to go in for an EMI (Equated Monthly Installments) option.
This article will focus on the pros and cons of an EMI option when it comes
to buying a new house and thus facilitate your decision-making process,
according to Nick Statman.
Document Copyright 2023
Document Copyright 2023
The solutions that EMI offers Right or
Wrong For Your New Home - Nick Statman
https://nicholasstatman.net/
Advantages of EMI Option
Before knowing several things about this decision one should know about the
advantages. But why? According to Nicholas Statman, that can help you to make
better decisions.
1. Spreading the cost: Under the EMI option, the total house amount is
divided over a certain period of time, commonly ranging between 15 to 30
years. In turn, this makes the property cheaper for anyone who wishes to buy
a home since the prices are–in this case– easier to pay by stretching out the
monthly installments.
2. Budget-friendly: The mostly paid monthly amounts also make it easier for a
buyer to budget and plan in terms of the monthly installments. Thus, it
relieves the financial burden and assists in balancing cash inflow and
outflow.
3. Improved credit score: Its major importance goes to the fact that making
timely payments on EMI reduces the credit score, hence facilitating other
future financial decisions like getting a loan or other financial services.
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
Disadvantages of EMI Option
Now, let’s know about the disadvantages of your decision. Also, know
about this because that can help you and your nearest one as well.
1. Interest: When it comes to EMI options the first drawback that
buyers are most likely to experience is the rate of interest on the
loan taken. Finally, commitment results in paying interest for a
longer period, and the whole amount spent on the house will be high.
2. No equity: Because you are not buying the house outright, or in
one lump sum, essentially, you don’t own the house until the loan is
fully paid. This means that you are leasing the house or any other
property for a long time, or imagine paying for a property for a
given number of years without possessing an ownership right over the
property.
3. Time-consuming: A housing finance loan has been known to take up
to several months to complete the processing of the credit. This can
be a problem, especially if you are hoping to be in your new home
https://www.threads.net/@statmannicholas?hl=en-gb
Conclusion
In conclusion, irrespective of all the given advantages and disadvantages of
getting a new house, whether an EMI option is completely ethical or not
depends on one’s financial and personal conditions. According to Nick Statman,
if you are employed and would like to spread the cost of your new house over
several months, then EMI will be ideal for you. Of course, buying a house for
cash is always a better option if you want to own the house without owing
anyone, and you get to pay a lower interest. Therefore, it is high time to
outline the pros and cons of each variant and use the information about the
peculiarities of your future to make the right decision.
However, always note that your home is one of the biggest investments you will
undertake, and therefore, it is essential that you select an option that will
suit your vision and, more so, your pocket.
Document Copyright 2023
The solutions that EMI offers
Right or Wrong For Your New Home
- Nick Statman
https://twitter.com/statmannicholas
https://medium.com/@statmannicholas
https://www.instagram.com/statmannicholas/
https://www.facebook.com/statmannicholas
https://www.youtube.com/@statmannicholas
https://nicholasstatman.co.uk/
Visit my content
https://twitter.com/statmannicholas
https://medium.com/@statmannicholas
https://www.instagram.com/statmannicholas/
https://www.facebook.com/statmannicholas
https://www.youtube.com/@statmannicholas
https://nicholasstatman.co.uk/
Document Copyright 2023