Tips for First-Time Homebuyers
There are only two longest contracts that you will ever have in your life – marriage and homeownership. Both are not easy because it takes a lot of things to be successful. In this case, let us talk about homeownership. Here in Singapore, there are certain qualifications you must meet to buy a new home. However it is not that easy.
Choosing and buying a home can be very confusing and overwhelming experience especially if it is your first time but the rewards at the end of the day are all worth it. The good news is that with basic knowledge and planning, you can get through the process of home buying with confidence. With that, here are the three tips for first-time homebuyers:
Pre-qualify for mortgage loan
You have to realize by now that credit score is critical as it will serve as your gauge whether you can afford something or not. Good credit score will qualify you for better offers. It is better to review your score before applying for a mortgage loan. Before scouting for a house, know what you can afford or what you are approved of.
Gaining the right information, you will know what to expect. More importantly, you have to have a clear understanding of all terms. It is good to reveal your financial background at the onset.
Think of what you are buying
You actually need to see the house personally before making a choice. When you check a house, bring a friend or someone you trust to be with you. Your friends might see things that you do not. There is also an issue about real estate agents. The least thing that you can do here is to trust him/her but never forget about due diligence. Do your homework and ask questions if you are unsure. After considering it the first time, do not make hasty decision yet. It is always worth it to do second sweep.
You have to know if that is the house you will stay forever. If you have plans to stay there forever, find whatever you can about the neighbours and the neighbourhood in general. Learn services nearby, recreation, schools and other establishments. If you are going to stay there for at least five to ten years, plan ahead.
Buying your first home is fun no matter what because you get to finally have your own space free from other people where you can build your dreams. However, you have to think about it seriously before considering it.