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Things to be known about buying a home

Here are some important factors that you should know before buying a new house

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Things to be known about buying a home

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  1. Things to be known about buying a home

  2. Introduction: • Buying a home is one of the most significant financial decisions that anyone will make in their lifetime. • For young people, buying their own house is too tempting a thought. • As buying a house might also involve taking a good amount of loan, followed by monthly installments flowing out of your income, you need to be extra careful. • The following are some of the important things you should know about buying a home.

  3. Use a trusted realtor: • Potential buyers should keep in mind that a listing agent who represents the seller does not protect your interests and that agent would simply pocket both sides of the commission. That means that you're not saving money. • It is obvious that realtors get a cut of the sales price of a home which makes some buyers hesitant to use a realtor, they believe it drives up the overall cost. • Hence it is consult a well-known realtor that you know before looking for a property for sale in Singapore.

  4. Remember about the contract • When you're buying a house, there are more papers to sign. • Many of those papers - which are actually contracts look like a "standard" home buying contracts with no room for negotiation, but that isn't true. • If you want more time to review your inspection or want to make a purchase subject to a mortgage approval, you can make that part of the deal. • Contracts are meant to be negotiated, hence you dont have to sign a standard agreement. • That is where a trusty realtor can be more helpful

  5. Look beyond paint: • It is often the case that your dream house has that one room that you're already fantasizing about changing. • It is important to remember that it is fairly inexpensive to fix cosmetic issues a bit of paint or some wallpaper but making changes to kitchens and baths can be expensive. • Some people tend to focus on the cost of cabinets, appliances and counters but forget about the cost of labor which can double the cost. • That doesn't mean that you should give up on a house in need of a significant fix but it is also important to factor in those costs when determining whether you can afford to buy or not.

  6. Buy the house you can afford: • This can be quite different from the price that your mortgage company believes that you can afford. • There are some lenders who suggests you to afford mortgage payments totaling about 1/3 of your gross income but others suggest closer to 28% for housing related costs including mortgage, insurance and taxes. • There are also a number of factors including your projected income, interest rates, type of mortgage and the market.

  7. Conclusion: If you are planning to buy a new house now, the best strategy is to contact top property agenty in Singapore. By doing so, you dont have to be so worried about the property, your realtor can protect your interest and guide you through the buying process.

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