Home buying is a big investment. So, before taking the plunge, make sure you know how to choose the best house. Begin with setting your priorities. Consider the amenities and features which are most crucial to the members of your family. Your spouse and kids should love it. If they do not find a particular house inviting and livable, then leave it and look for another house. Besides, research various neighborhoods and communities to look for an area which would suit your priorities. It should not be too far from your workplace or from the school of your kids. It should also be safe. If it is not, then no matter how beautiful the house is, the best would be to look for some other property. By searching house for sale Malaysia, one could survey on the required aspect of an idea home.
Schedule a time to talk about finances
Make a date to initially
discuss both of your general feelings toward your finances. Talk about how you
want to budget, pay for bills and save for the future. Then, schedule a weekly
or bi-weekly meeting to go over your budget together so you both remain on the
same page as your lives progress.
Think carefully about
housing
If you're planning on
renting, both partners should have their names on the lease. This will help
protect both parties legally in case anything goes sour. If you're making a
long-term commitment to each other and are thinking about getting a home loan, the same rules apply.
Make sure you both are legally protected if you decide to make this purchase
together. If one person is more financially secure than the other, they can
purchase the home and collect rent from their partner. It may not be the most
romantic option, but in the end it could save a lot of headaches. If you both
already own separate properties and are consolidating to one home it might be a
good idea to rent out the newly vacant home rather than putting it up for sale
right away. The newly generated rent income may reduce any unique financial
burdens you may uncover by living together.
Document
everything
Another important,
unromantic aspect of protecting yourself while living with another person is
making sure there is adequate documentation of every major purchase made. This
is especially important for unmarried couples who do not have the same legal
protections as married couples. Keep receipts for big ticket items and if the
payment was shared, include the exact amounts that each person paid. This small
step won't take much time to complete and then file away the receipt.
Hopefully, you'll continue on in coexistent bliss and will never have to look
at that receipt again.
Money can be a touchy
subject, but people in a relationship will often have to address difficult
subjects. A topic like finances should not be overlooked. Make sure you talk
with your significant other about your financial future before moving in
together - and definitely before buying a house together!
Financial Floaters
Decided that you are
ready to take the plunge in the real estate market? Then better check out if
you're really on board and have financial floaters with you to help you out.
It's easier than done really, in this case, it's much easier to say that you're
ready to be a home owner, but doing the process is all a different and serious
matter. Especially if you're going to buy a property.
Are you really prepared
to buy what can be considered a luxury home? Have you checked or assessed your
finances lately, that you're certain of your financial stability now and in the
next 3-5 years, so that you can regularly pay mortgages and other costs to
maintain this kind of house? Why should you buy a home anyways, and an
oceanfront property at that? If you are certain of your answers, then you truly
are ready to take another step in realizing that grand dream of yours. It's
better to address it now than being sorry after you have made the purchase.
If you had already chosen a
house among homes for sale, it would also be wise to know if that property is
structurally sound, meaning it's in tip-top shape. The house may offer a lot of
perks and may be gorgeous on its exterior, but you also need to inspect (most
especially) the inside of the house. You can ask the seller outright how old
the house is or if any home inspection had been done recently. If there had
been, then ask next what repairs or replacements specifically had been done in
the house.
You may also need to ask
and check how long the property has been in the market. If it had been in the
market for more than six months, it may be reasonable to renegotiate for the price. It may also be that the price
had been lowered down a couple of times because of this situation. How many
offers had the seller received since it was posted in the market? If the seller
had been receiving many offers, then maybe you're up for a competition and that
the house still has a great value. If the seller only had a few or even a
handful, then it'll be reasonable to just hold on that offer yet, better yet,
look for another home.
An investment property may
entail the same concerns as that of buying an ordinary existing house. However,
since oceanfront home costs rather expensive and its upkeep more extravagant,
then it's wise to address these questions first before purchasing one. It's
better to be a little particular, than being sorry later for acquiring a so-so
purchase.
Location is another very
important factor that you cannot afford to ignore.
A good location would be
the one with clean streets, well-maintained houses in the vicinity, nice parks,
safety arrangements, and close to multiplexes, shopping centers, grocery stores
and hospitals. If you find a location with all these features, then the only
thing you would need to worry about would be the features of the house.
You should also do good
homework to know if the asking price of the house that you want to buy is
right. There are many factors that determine the price of a property, such as
the current condition of the house, price of the other houses in the same
neighborhood that have been recently sold etc. Availing the services of a
credible real estate agent can be of great help here. He can actually help you
know if the asking price for a particular house is fair or not.
Home Inspection
Also, make sure to get the
house examined by a qualified home inspector, as he can identify many such
faults and drawbacks in the house which you cannot find yourself. Every
property seller wants to sell his property at a price as high as possible and
thus, at times he may try to conceal the features that can decrease the value
and appeal of the house. So, beware of such clever sellers and look for a
certified home inspector.
Once you decide to purchase a house, it is best not to hold off your plans thinking that you might get a lower loan interest rate or lower home price after few years. Delaying the home purchase with this idea in mind would do nothing, except for keeping you away from your dream home for years. The worst is when the property rates keep getting higher and you have to end up buying a house at a price higher than a few years back. Paying the installments of a mortgage is far better than paying monthly rent for a house that would never belong to you. So, what are you waiting for? Search online to see different types of home loans available, look for a proficient real estate agent and get started with your home buying journey.
#PropertyGuru
Know yourself well before taking the plunge of home buying.
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