Excited to buying a new house? Indeed, buying a new house is one of the best experiences. You feel so delighted with your change in lifestyle, your career path , your family growth, your business growth, or whatsoever reason that makes you dream to have your ideal home or upgrade your existing home. However a silly mistake might turn your best experiences could just turn to the worse in buying a new home. In order to ensure your buying process goes well, here we share 4 important things you should know and always keep in mind;
Don’t commit until you are ready:
Buying a home is about a commitment. You need to commit your time, efforts, finances to it, only after which you will get the desired home. However, if you think you are not ready for it or want to wait before you think you are finally capable of paying your monthly instalments, do not commit to buying a home.
Financial Health Check:
It is always advised to the first home owners to ensure that you are eligible for a housing loan. Most of the bank will take account your current commitment and the new commitment to be applied are not more than 60% from your Net Income (Debt Service Ratio). Besides, to approved the loan, Banks’ also will look into your credit scoring. Therefore to gained a higher credit score you have to ensure all commitments/ loans are well served. To get your credit scoring check, you may direct to https://www.mycreditinfo.com.my/ and you may also check your CCRIS via link https://eccris.bnm.gov.my/eccris/pages/sec/login.xhtml#!
Always consider down payment:
If you want to stay financially fit after buying your first home, the first importance you need to pay is the down payment. Even if you get full loan or 100% loan for the entire value of the house as a loan, it is a must to pay down payment. It is the best investment you make for your home. The more you pay the less you avail the loan and thus the lesser you pay the interest.
Property Inspection and the neighborhood plans:
Another important point that we would like to highlighted is a property inspection. It is a necessary thing for every home buyer to ensure that the house or property to be purchased is in good condition to be occupied or in repairable condition.
Besides, a buyer it is advised to perform the neighborhood inspection as well. You must check what is around your home and what the future plans are. There might be construction planned in the area that would affect your day to day living. To make sure you have a comfortable life, you must do a deep neighborhood inspection.
Self-checked for a first homeowners! These 4 primary things needs to be in mind before buying decision take placed. If all set, you are ready then!
Credit to : Syafa Kamis
