6 Things To Look Out For When Buying Your First House
Buying a home for the first time is like being in a good dream, except you are in reality. It will most likely be the biggest purchase you make in your life. Here are the 6 things you need to know when buying your first home.
Study About The Property Developer
Most of us will put our trust in a property developer according to how presentable their showhouse is, how often we have heard of the name and watch their advertisements.
Even though they are well known developers does not mean that they can be trustworthy. You need to do thorough research on their history, are they financially stable and have big financial assets? Study the property developers’ previous projects and check if there were any issues or controversies during the whole project.
Plan Your Finance
In this case, money is everything. Yes you want to buy your first property, but do you have your financial status planned out accordingly? For instance, you will need to ensure that you have the 10% to pay upfront. You need to also ensure that you can afford to actually buy your dream house at the same time to be able to afford your commitments monthly and daily life activities. Not to forget that there are also additional charges such as stamp duty, legal fees and government service tax.
Location, Location, Location
First thing first, you do not want to buy a house in the middle of nowhere, with no grocery stores, restaurants, public transportations, shopping malls and highways.
Before purchasing a property, ask the developer about future plans for the area. The area should be accessible to basic necessities and not as busy as the area around KLCC. Strategic places like KLCC are popular living areas which means there will be congestion. The property prices will also be much higher.
Know Why Is The Owner Selling
Buying a house does not mean you have to buy from a property developer or agent, you can also buy from an existing owner. If you are doing that, find out why the owner is selling.
We have heard stories about previous owners selling their houses because the crime rate is high, or there have been serious termites problems for many years and could not get rid of them completely, or there were plans in building a highway right next to the housing ares (this will cause a lot of noise and disturbance). Sometimes finding out from the owner is not enough, you will have to do a bit of research like asking around the neighborhood.
Look For An Experienced Real Estate Agent
Working with an experienced and friendly real estate agent will help you open up your mind and consider many more things in the property field. They are dedicated to serving you and finding you a house within your budget, and taking care of your needs. An experienced real estate agent should also know everything of the location you are eyeing for from local convenience to future plans around that area. If you are looking for an experienced real estate agent, click here.
Let The Huntings Begin
After ticking off your checklist from the above, you can now start your property search online. List down areas that match with your preferences and needs. Talk to friends and families to help you see a clearer picture, as the saying goes, “two is better than one”. Make sure you also ask people from the property industry and read up on Malaysia’s current property market trend.
So there you have it, the 6 things to look out for when buying your first house. To know more about property, SHR Properties is here for you. Feel free to contact us for any queries.