While most homebuyers plan for their housing futures, a good number of buyers often just dream ahead. The difference between these two types of buyers is that the dreamers fantasise without articulating realistic plans. They may have prepared an adequate amount of money but unfortunately failed to uncover and factor in the hidden costs of purchasing the home.
On the flip side are those who have succeeded in purchasing good homes that they have never regretted investing in. They have planned and used the following home buying secrets to guide their purchase.
Before you purchase a home, accumulating knowledge of property and their respective prices is crucial to make the best decision. Speak to real estate agents to know the real market value of various properties. While you do not need expert knowledge on all property prices, you should familiarise yourself with the basics and general prices of homes that you are interested in. While it is not impossible to do all the research yourself, there is always the option of hiring a trusted property agent to perform the necessary market research and guide your purchase.
Choosing the right home can be an overwhelming process due to the number of factors you must consider. Identify a specific budget and features you desire the most in your new house. Choose at least six properties with similar features and price beforehand and evaluate from this reduced field to arrive at the best choice available to you.
Get a Mortgage Loan
It’s important to get your loan pre-approved. Consider talking to your mortgage lender early on in this process, as this determines your available budget for buying a new home. Besides, most sellers will not consider your offer if you don’t have assurance for a loan. Your real estate agent can connect you to a mortgage broker but also consider checking with financial institutions. Ensure you compare the different mortgages available.
Make an Offer
Sellers can ask for any amount of money they want, but this may not reflect the true selling price of their house. If you have estate agents, then they will help you compare the prices and other costs likely to be included. Compare rates of homes that are similar, are situated in the same location and are in the same condition. Then proceed and make your offer. Remember to start at the lowest price point to leave yourself room for negotiation.
Inspect the Home
In some countries, for instance Singapore, inspection of homes is done before buying them or even making the purchase offer. Make sure you are not locked into purchasing a house with structural faults. In case there are issues with the building, ensure you discuss it with the seller before signing any papers. The seller can either agree to repair or reduce the selling price. However, it is advisable to stay away from such deals if you can.
Buying your dream home should give you great joy because it’s something you’ve worked hard for over the years, however, any slight mistakes when undertaking such a project can leave you bankrupt and frustrated. Buying property at an established development or condo will save you from pain and sleepless nights. Head down and check out Martin Modern’s showflat to gain a framework for a buying home in Singapore.