To finally own the official papers of a property and say that you own a place of your very own can be an incredibly gratifying experience. After all, this goal is not so easy to achieve, and unfortunately, a lot of people are unable to fulfill their dreams of finding the perfect residence because of a lot of factors outside of their control. However, there are certain things that you can still do about it, and despite all the odds, you might just be able to pull it off. All it will take is a lot of good planning and making deliberate decisions. You will have to put your critical thinking to good use here so that you can get the best deal possible. This planning stage is definitely something you can control, no matter what circumstance you might find yourself in financially, emotionally, and physically. In this article, we will discuss some things that you must know so that you can make the best possible decisions when it comes to finding the perfect new place to live in.
Do you really need to buy a brand new one or can you settle for getting a much older one?
You might be considering buying an older home rather than a new one in order to save a good chunk. According to an article on MarketWatch, you might be in for a slew of bills that you may not be prepared for. The older the structure you are looking to buy is, the more likely you will have to conduct a ton of repairs in order get it back in any respectable order. Wear and tear is a very real thing that all properties will go through, and the longer any home has been around, the more damage it must have sustained. The damage is not only on the outside of the house, such as peeling paint, broken roofs, and even rusty metal gates. The damage could also be found inside of the house as well, such as with cracked pipes, malfunctioning electrical systems, as well as wood that is infested with all sorts of pest.
If you are willing to put in all of the work necessary to make the home look great again, then this might be a good choice for you. However, you might end up paying way more than you should have compared to buying a brand new property instead. Sure, the newer home might cost you much more upfront, but if you calculate how many repairs you will have to do and how much each one of them will cost, you might just end up paying the same amount as a new unit, if not way more than a new place would have cost you.
Do you have a good enough credit history to back you up when and if you apply for a mortgage loan?
Some people unfortunately do not make enough of a living to really afford the payment for a house upfront. Even more people cannot even afford to put down a down payment, which is typically 20 percent of the total amount necessary in order to seal the deal. Besides saving money from your job, you will have to scrimp on a ton of expenses to have enough cash to spare. However, there is another option that is open to people who are willing to take the time to look into it. You could apply for a mortgage loan so that you will have the funds that you need to pay off the house in installments. However, it is not that easy to apply for one, as banks have to be very meticulous about the people that they approve so that they can continue to keep their business running.
First, try to compute how much you can pay each month by using a Singapore mortgage calculator, a good example of which can be found on useful sites such as PropertyGuru Singapore. Then, figure out what you need to do in order to get your home finance loan approved much faster. According to the website called Bankrate, there are several things you can do to improve your credit score. One of these tactics include making sure that you have paid off all of your credit card bills in full and do not leave any payments unsettled. Another thing you can do is to make sure that you pay all of the bills for your utilities on time. The more reliable you appear to the lenders, the more likely they will be to approve your mortgage.
Citizens of Singapore are eligible for buying from the Housing and Development Board (HDB) directly. Otherwise you have to include a direct Singapore citizen or a permanent resident of Singapore from your family nucleus. This is applicable even if you are buying a resale flat from the real estate market.
Now that you have a better idea of what you may have to do before buying a new piece of property, you have got the knowledge that you need in order to successfully get a mortgage loan approved. You will also be able to wisely pick whether you should go for an old existing house or a new one that was just recently developed. Whichever type of path you choose to take; you should go down that road knowing that you took in every possible factor that could affect the outcome of your purchase. This means always keeping on top of the news in Singapore, especially when it comes to the real estate market, and then making quick adjustments so that you will not be left in the dust. Good luck on your search for the residence of your dreams, and have a happy house hunting experience!