There are numerous factors to consider before purchasing your very first home. From its location, size, and facility around the area. All of this is important to consider, because when you plan to buy a house you are also planning to live for a long time there. Thus you want to make sure that the house will support your every activity without a hitch. It should be the ultimate place where you can have a restful day after a long day working or doing other activities away from the house.
Can you imagine, if your house location is on the outskirt of the city –but your office is in the center? The distance is miles away, not to count the traffic! You may need hours commuting back and forth every day. This is not a good situation, it will only make you feel tired and stress-out!
You should also think about the financial factor. From the total budget, the down-payment cost, and the interest rates for your mortgage. Purchasing a home will be one of the biggest investments you ever make, thus it is crucial to plan ahead. You need to make sure that your financial condition is steady and that you have enough savings before you start the home-buying process. Find out what questions you need to ask yourself before deciding to buy your very first house.
How Much Is Your Budget?
You should consider how much budget you are able to spare, prior to buying the house. A house is definitely not cheap, it is very important to ensure you will have proper financing management to purchase your house.
You should be realistic about whether your income can cover your house purchase or not. Not only should you think about how to acquire the house, but there are also other costs that you should think of, such as taxes and insurance.
Will you buy a first-hand house from a developer? Or looking for a second-hand property? If you opt for the latter, you should think about the plan after you acquire the house. Do you plan to do renovation to the house? If so then you should prepare for more funds because it is not as affordable as you might think. For example, the cost to rebuild landed property Singapore will be around S$600,000 onwards!
Where Do You Want To Live?
Decide which kind of area you want to live in. Do you prefer to have a house in the city or in the outskirts area? Whichever you want, you should take time to consider it. Such as how far your commute will be, and how long it will take your kids to get home on the bus if they attend school. Take into consideration some of these factors before you decide.
Not only what you need, but budget can also play its part in deciding which area you can afford to live in. If you have a tight budget, your only option might be the outskirts area because it is much cheaper than the city’s central area.
What Kind of Property Do You Want?
Choosing the type of property you want and need will also be the first thing you decide before searching for a new house. Do you want a two-story house? A house with a big garden? Or a more opulent house setting that can fit a large family? There are many various types of homes available, and it is critical to know which one will suit you and your family best.
How Long Has The Property Been On The Market?
After getting the idea of what and where you want your house to be, and you already get the option of the house you want to purchase –the next step that you can do before making the final step is to learn how long the property is already on the market. You can do a hard bargain if you realize that the property has actually been on the market for a while. If this is the situation, usually the seller is in a much more hurried state to sell off the house and thus it will be easier for you to negotiate with!
And there you have it, the ultimate questions that you should ask yourself before deciding to buy a house. These questions will help you figure out what you need, and what house you can acquire with the budget you have.