You’re finally ready to move into a place of your own, but where do you begin? With an overwhelming number of decisions to make and factors to consider, we clue you in on what you should take note of as a first-time home buyer.
- Weigh out options
Finding the perfect home is an arduous process, but don’t let the countless apartment viewings befuddle you. Having multiple home options to choose from is a positive problem to have, so take your time to seriously consider all the factors that would affect your selection. Choosing your first home is a life-changing decision – make sure you don’t make the wrong one!
- Carry out research
Knowing all about your potential home and neighbourhood is vital to your decision making process. Scour the internet for information on amenities and landmarks in the vicinity, or speak with trusted friends and relatives for a second opinion. Other valuable considerations can also include the apartment’s appreciation value overtime.
- Manage your finances
Paying for your home is a long-term commitment, so it’s important to know what you’d be able to afford for the down payment and mortgage. Getting a house loan is perfectly fine – as long as you’ve accessed your financial readiness beforehand.
- Have a sharp eye
BTO hopefuls won’t have as much to worry about regarding their upcoming flats, considering that they’ll be brand new upon receiving the set of keys. But for those eyeing resale apartments or second-hand private condominiums, having a nose for details will come in handy. Before signing the paperwork to confirm your home purchase, inspect closely to ensure that everything is functioning as the previous homeowner presents – pipes in order, walls undamaged, flooring intact. You wouldn’t want to be surprised with construction issues during your renovation.
- Think ahead
Your first house is not necessarily your home for life. Many variables may change over the course of your future that will affect your decision to stay or move – an expansion of your family, kids starting school or a change of work location. Planning ahead for the possibilities of change is essential to have a better understanding of which home to aim for. You might also be considering renting out your space after a few years to live elsewhere, and if so, aim for a location that’s appealing to possible tenants too.
- Get organised
Having a firm grip of being a first-time home buyer requires you to have your paperwork sorted out, especially since you will have different documents liaising with various parties. Be it with the Housing Development Board or your property agent, having your documents sorted out in an organised manner will ensure a smoother process of securing your first home!
- Communicate with your agent
Don’t forget that house-hunting isn’t a solo affair! Engaging a trusted property agent provides security and advice attributed to their wealth of experience, providing a seamless procedure for you. For that to happen however, reciprocate their assistance by communicating with your agent on a regular basis, making sure they have a clear understanding of your goals and requirements.