Basic Tips for House Buyers
STEPS TO TAKE AND QUESTIONS YOU SHOULD ASK BEFORE BUYING A HOUSE
For most of us, buying a house for own occupation is probably the biggest investment we would ever make in our lifetime. Regardless of how small or big our budget is, one should never go through the process casually or treat it lightly as one would buy a, say handbag or pair of shoes. Whether you’re looking for a first home for own occupation, to start a family, upgrade to a more spacious home or add to your property investment; determining your wants and needs is the foremost important initial step.
|Steps to Take||Some Pertinent Questions to Ask|
|Determine your budget||Does my saving / salary sufficient to pay for the price / monthly instalment?|
|Determine the type of house that you want||
Where do I want to live?
What type of home will suit my lifestyle?
"Window-shop" for your home first by perusing through all the available advertisement media ie newspapers (Star metro ad is the best), magazine, online.
*Hire the services of a licensed real estate agent or negotiator
|Do I have plenty of time to shop around or am I in urgent need to buy a house?|
|View as many house as possible unless you are under time constraints. For house under construction, make sure to view the show unit and the actual site of the house.||
Is the property leasehold or freehold?
Does the house have the features that I want?
Does the property already have individual/strata title or still under master title?
|Once you have short-listed or pick a property, it is prudent to go for a second viewing to note the details of the house you have chosen||
Does the house have any unseen defects such as leaking roof, clogged plumbing?
Does the house need to be repaired or renovated? What additional works and cost do I have to put into the house?
Check the current Market Value of the property chosen
*Consult a registered property valuer
|Is the asking price higher or lower than the indicative Market Value?|
|Negotiate the price *The service of a real estate agent / property negotiator will come in handy||How low can the price go?|
|Decide, to buy or not to buy||What are the total incidental costs ie legal fees, valuation fee, stamp duty, processing fee etc. involved?|
This article will be followed up with a related article on an Estate Agent’s (Property Negotiator’s) role in assisting a home buyer.