Things that First Time Real Estate Buyer should be Aware of

So you are planning to own your home. But before you make any serious commitment towards this end, we would like to present you this check list for you to ponder over your decision:

1. Buy only if you plan to stay long term If you are already aware of the fact that you are not going to stay there longer than three years, perhaps it is not time to own one yet. Because the cost of owning the property and subsequently selling it in short time would mean that you are likely end up poorer, even if you see your property has appreciated in value. When the market is bad, the loss you have to suffer could be even unimaginable.

2. Do you have good credit rating? Most of us get a mortgage for our new house and those lenders would discriminate against customer who does not have a decent credit rating to show. If you have this problem, make sure you spend effort to clean up your credit report by fixing any problem that may get reflected in the report before you go shop for a house.

3. Find appropriate home loan Banks generally can loan customers up to 80% of the purchase, or 90% for exceptional cases. But there are a lot of factors involved including payback period, your income, age price, locked in considerations, etc. For this reason, it is advisable you use the online calculator to have an overall appreciation of all possible combinations for the loan amount you desire.

4. Are you comfortable to put up to 20 percent of the purchase price? Again most lenders would want you to be able to foot at least 20 percent of the purchased price. You can try to negotiate this amount down if you have problem over that but we would not recommend it.

5. Buy into hot location with good schools If possible find a site where there are a number of popular schools. Reason is school districts are a top consideration for buyers who have school going children. When you want to sell your property, you can ask for a premium on top of a fair evaluation price.

6. Find a good property agent If this is the first property you are going to buy, consider using a professional property agent. In fact, try to go for those exclusive buyer agents where possible as they can help the negotiation process on your behalf.

Finally, when you choose to go ahead with the house hunting, get ready for some serious work. Always do a background check on the property that interest you, before you get to meet the prospective seller or the representative. You would want to find out the sales trend of similar housing type in the nearby area. Check the most recent transacted prices. This way you will walk into the negotiation confident and talk your way into buying that dream home of yours.

Want to find out more about Singapore Property , then visit our site on how to choose the best Singapore Property Elite for your needs.