A simple guide to buying a home.
There are many things to consider when house-hunting, but what are some of the most important factors to assess? We did our research, and now present you with three of the top tips home buyers should heed.
1) Avoid the limits
Whatever your marital status and overall budget, you must first determine how much you can borrow to finance your purchase. There are a number of online calculators you can use, such as PropertyGuru’s affordability calculator (bit.ly/1UeS1rs), to get a good idea of what kind of house you can afford and therefore, the size of the loan for which you are eligible.
Apart from this, of course, you are strongly advised to speak to a mortgage officer at either the HDB or your bank, depending on the type of property you want to buy and from whom you prefer to take a loan. Better yet, if you can afford it, hire a personal financial advisor. But above all, bear in mind that you should never borrow to your loan limit. Some breathing room is necessary in case of unforeseen circumstances that incur additional costs.
2) Futureproof, not just fashionable
While you may be able to afford that chic two-bedroom apartment with a balcony overlooking the city or the sea, do consider the practicality of such a purchase. If, for instance, you are looking to sell the property after a number of years, you must take into account its potential capital appreciation. One way to do so is to look at the master plan for the area in which the property is located: if there are major developments in the vicinity, chances are that your home will increase significantly in value.
If, on the other hand, you are planning to have children, such a home may not be the best choice, especially in terms of space. Instead, you might want to get a four- to five-room HDB resale flat, or at least a BTO flat. Many Singaporean parents also make it a priority to buy homes near the schools in which they want to enrol their children.
3) Different as night and day
Your potential home may have looked great and felt like the right choice when you visited with your agent at 2pm last Sunday, but the same may not hold true at 8pm on a weekday. Since you will be living there for a few years at least, make sure to visit the home(s) you are interested in on different occasions: weekends and weekdays, daytime and nighttime.
This will give you a feel of what life will be like in your home of choice and its immediate environment. Be it the weather, neighbourhood, or ambience, visiting at different times on different days will help you determine all these factors.
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This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now! | ||