Written in partnership with DN News Desk
Photo Credit: StackedBuying a house is one of the most significant decisions you’ll ever make. Indeed, a lot of money is at stake. Therefore, you must ensure that every step you take circumvents the common mistakes that most people make while buying a house. According to Stacked, an online editorial for home buyers and sellers, you should study the following factors to ensure that buying your dream home won’t turn out to be a financial nightmare.
1. Financial condition
Are you financially stable to buy a new house? If not, what are your options? Will you be able to pay off the home loan? It would help if you found answers to these questions before getting in touch with a real estate company. Remember, there is no shortage of properties, provided you have money to buy one.
When you consider your financial condition, you not only need to think of paying the loan along with your monthly expenditure, children’s education, medical bills, and electric bills. Do you earn enough to support all these expenses? If you do, go ahead and buy that house.
2. Size of the house
This is often a tricky situation for interested buyers. You need to decide whether buying a 2-bedroom house now is financially better than buying one with 3 bedrooms. What will you do if you have kids or have guests staying over at your house? On the other hand, you also need to think of the price hike with an additional bedroom.
Sometimes a small house is suitable for elderly couples looking to spend the last few years of their lives together. On the flip side, if it’s a new couple, they may feel comfortable with a 2-bedroom apartment but want a bigger house because they plan to have a baby in the next couple of years.
3. Choosing from a project
This is where your real estate agent will play a crucial role. Stacked reviews a plethora of real estate projects in Singapore that will leave you excited and spoilt for choice. Their Instagram and Facebook accounts are full of comprehensive studies, updated market information, and useful tips that any home buyer would find beneficial. You can sift through the list of projects and decide which one suits your budget. In addition to your account, you also need to consider the project’s proximity to your workplace, your children’s school, and the market. Also, don’t forget to compare the amenities available to make your life comfortable once you buy the house.
4. Apartment possession
Delay in residential plans often results in delayed possessions. As the buyer, you must have a clear estimate of when you can get full possession of the house you want to buy. Home developers in Singapore usually ask for a six-month period within which they finish the final touches. But they should have proper explanations if they can’t meet their deadline. Make sure you talk to the developer before signing off the loan agreement.
5. Hidden charges
Cross-check for hidden charges, such as additional cost for documentation of your property’s papers. Talk to the real estate agent about the cost breakdown because even a few hundred bucks could make a massive difference to your loan amount.
It’s always exciting to buy a new house, but many people commit mistakes somewhere along the way, causing them to shell out more money than they should. Stacked aims to help home buyers by equipping them with timely information about the real estate market and useful tips for finding their dream home at a price point they won’t regret.
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