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Finance Real Estate Things that First Time Real Estate Buyer should be Aware of
Finance Real Estate Things that First Time Real Estate Buyer should be Aware of
| Things that First Time Real Estate Buyer should be Aware of |
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| Written by Billy Chen |
| Friday, 04 December 2009 10:03 |
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So you are planning to own your home. But before you make any serious commitment towards this end, we would like to present you this check list for you to ponder over your decision: 1. You must be ready to stay put at the new place for at least 3 years. From cost perspective, the high cost makes it impractical to own a new property if you can stay there for only under three years. And if you choose to sell away the new property within this short time frame, you very likely to end up poorer due to the high transaction fees charged on buying and selling a home. It does not matter if it is a rising or falling market, it is going to be a losing game for you. In fact when price falls, it is a double whammy as you not only have to foot the charges related to buying and selling, you will suffer from lower property price as well. 2. Boost your credit rating Before you head to the bank for your mortgage application to buy a house, make sure you have an impeccable credit report. When you spot problems on the report, make an effort to correct and fix them. Your credit report would play a big part in deciding if a lender is going to grant you the loan. 3. Find suitable home loan 80 percent of the purchased price is the average loan amount banks are willing to disburse, subject to qualification. But you can go to the online calculator to figure out more about the maximum loan amount the bank is willing to approve you. The calculator would require you to input information like your income, debts, and expenses to work out a loan comfortable to you, or to thee bank. 4. Down payment requirement As a rule of thumb, banks expect 20 percent down payment from home buyers. If you have problem putting up this amount, your only option is to discuss your requirement with those offering sub-prime loan. This is done on a case to case basis and there is also pre-qualification requirement. 5. Convenient public amenities and facilities for the family. The point cuts both way as buyers would want easy access to amenities and facilities while sellers knows they can charge a premium on their properties that are suitably located. 6. Can you find the new home yourself or do you need professional help? While Internet has touched on almost all aspects of human activities, home buyer/seller still prefer physical interactions. Do you have time to shop around the properties that are put on the market or do you engage the help of a professional real estate agent? Sometimes it is worthwhile to get professional help as the agent is familiar with the processes and when he represent your interest, you find yourself don't have to worry about a lot of hassles. Finally, when you choose to go ahead with the house hunting, get ready for some serious work. Always do a background check on the property that interest you, before you get to meet the prospective seller or the representative. You would want to find out the sales trend of similar housing type in the nearby area. Check the most recent transacted prices. This way you will walk into the negotiation confident and talk your way into buying that dream home of yours. About the Author: Want to find out more about Singapore Property , then visit our site on how to choose the best Singapore Property Elite for your needs. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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