Nine Simple Steps To Acquire Your First Property
Think you are ready to own your very first house in Singapore
? Here is a checklist for you to evaluate your readiness.
1. Know how much You can Afford Always gauge a property based on how much you can afford to come out with the down payment and subsequently pay down the housing loan. Conduct your own research; as a rule of thumb, Singapore laws necessitate that a buyer must come out with a minimum of 10 percent of the value of the property. We suggest you work on 20 percent instead as sage guard.
2. Work towards your goal.Remember every one dollar counts, so make an effort to cut down on unnecessary expenses no matter how tempting these may be.Start Saving If owning your own house is a new endeavor, chances are that you have not accumulated enough money for the necessary down payment yet. In order to realize your goal, you should start and keep you habit to spend prudently.
3. Check the internet, check the local classifieds, and talk with your neighbor, in short, keep yourself aware of properties that may be available in the market.House Hunt Once you are clear on the affordability range of properties, go search for the property types that falls into this range.When you come across a house that matches your fancy, you should go down to the house for physical inspection. Expose yourself to as many likely properties as you can so you can compare and make rational choice.
4. While on a visit around the house, how to measure care of their own family, there are other factors in your opinion, for example around the house, the availability of public facilities and medical personnel.
5. Get Help Sometimes you may be too bogged down with day to day work and it may not be possible to do all alone. Fortunately professional help from the industry professionals is not far away, property consultants, personal financial adviser and/or property agents are there ready to help.
6. You can see the broker also to the signing of your local representative as the representative of the buyer. You can potentially save much time as he is now acting on your behalf to find the perfect apartment. But be careful, because the employees in the country a bad reputation in terms of work ethics and lack of accountability.
7. Negotiation After you stumbled upon a house that is close to your expectation, research prices of properties transacted in the neighborhood for the last couple of years. This would give you an indication what is the likely price for the owner to let go of his current home before you enter into a negotiation.
8. Approach Bank Go shopping for a bank that is willing to lend you the maximum amount possible and offers the most appealing loan terms. You need to be familiar with the qualification bench mark for the bank in question so as not to waste unnecessary time. And before you enter any arrangement with a bank, make sure you read the terms and conditions thoroughly.
9. Now it is time to enjoy your labor.Sign Off Paperwork When you approach your home acquisition plan systematically, you are ready to execute the sales and purchase contract with the seller.
by: Rick Chen
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