So family and friends have been telling you that you should buy your first new house, right? As you busy weighing the pros and cons of the idea, this article would try to help you understand what it takes to buy a new home.
1. Are you prepared to stay put for at least 3 years at your new home? If you are not ready to stay in your newly purchased property for minimum of 3years, perhaps you have to put off this idea now. The reason is the kind of investment with property purchase and the associated fees charged on both buy/sell transaction would simply makes it impossible. You will end up lose money no matter it is a rising or falling market (here you end up losing even more money as your property will have depreciated in price).
2. Do you have good credit rating? Most of us get a mortgage for our new house and those lenders would discriminate against customer who does not have a decent credit rating to show. If you have this problem, make sure you spend effort to clean up your credit report by fixing any problem that may get reflected in the report before you go shop for a house.
3. Is your dream home within affordability? As a general rule of thumb, most lenders are happy to lend up to 80 percent of purchase price. But to have a better idea on the kind of loan amount you can be approved on, make use of those online calculators at the bankers' sites to check this in relation to your income, debts, and expenses.
4. Size of down payment As mentioned above, banks expect you to put up at least 20 percent of purchase price. When you are not able to pay that amount, you may have to talk to some other lenders like the sub-prime folks.
5. How accessible are public amenities and facilities for the family? This is probably the one most important factor the market look at. This is because property that is strategically located is a top choice for many home buyers, so this will allow you to add value to your property when it is time to sell.
6. Enlist the help of property agent While Internet is useful disseminating valuable information like home listings, when it comes to a time to follow up, like physical home inspection, negotiating terms and price, human type interaction cannot be avoided. It can be a good idea to get help from exclusive buyer agent as they can help to take care of all these hassles on your behalf and acting on your interest.
When all above considered and you are even more determined to find your new home, get ready for thorough research on the property market. Past transactions conducted in the area and/or housing type of your choice should give an approximate indication of the real value of the property you are interested in.We are one of the real estate companies in Singapore and we have served our customers in South East Asia Region for years. Our network of agents is strong and we can help you to find your ideal next home for you. - 29969
1. Are you prepared to stay put for at least 3 years at your new home? If you are not ready to stay in your newly purchased property for minimum of 3years, perhaps you have to put off this idea now. The reason is the kind of investment with property purchase and the associated fees charged on both buy/sell transaction would simply makes it impossible. You will end up lose money no matter it is a rising or falling market (here you end up losing even more money as your property will have depreciated in price).
2. Do you have good credit rating? Most of us get a mortgage for our new house and those lenders would discriminate against customer who does not have a decent credit rating to show. If you have this problem, make sure you spend effort to clean up your credit report by fixing any problem that may get reflected in the report before you go shop for a house.
3. Is your dream home within affordability? As a general rule of thumb, most lenders are happy to lend up to 80 percent of purchase price. But to have a better idea on the kind of loan amount you can be approved on, make use of those online calculators at the bankers' sites to check this in relation to your income, debts, and expenses.
4. Size of down payment As mentioned above, banks expect you to put up at least 20 percent of purchase price. When you are not able to pay that amount, you may have to talk to some other lenders like the sub-prime folks.
5. How accessible are public amenities and facilities for the family? This is probably the one most important factor the market look at. This is because property that is strategically located is a top choice for many home buyers, so this will allow you to add value to your property when it is time to sell.
6. Enlist the help of property agent While Internet is useful disseminating valuable information like home listings, when it comes to a time to follow up, like physical home inspection, negotiating terms and price, human type interaction cannot be avoided. It can be a good idea to get help from exclusive buyer agent as they can help to take care of all these hassles on your behalf and acting on your interest.
When all above considered and you are even more determined to find your new home, get ready for thorough research on the property market. Past transactions conducted in the area and/or housing type of your choice should give an approximate indication of the real value of the property you are interested in.We are one of the real estate companies in Singapore and we have served our customers in South East Asia Region for years. Our network of agents is strong and we can help you to find your ideal next home for you. - 29969
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