Buying a home is definitely on the priority list for young, newly married couples. But of course you know that buying a house, especially for the first time, is not an easy matter. You need to often discuss with your partner, also collect a lot of information and look for various home buying tips before deciding to buy the desired house. Do not let because of a lack of planning, calculation, and information, the building that should be a dream home, turns out to be an uncomfortable place to live.
Here are some home buying tips that you need to pay attention to:
Buying a house is a long term affair. In this first home buying tip, Fox Business advises you to carefully calculate how much and how much it will cost in total for the new home. The calculation includes a down payment, the amount of installments per month, taxes, long-term interest, insurance, and other utilities, starting from the installation of infrastructure, round-trip costs, or the costs of necessary repairs.
Don’t be tempted by the advertisement for cheap monthly installments, but it turns out that there are additional costs that have not been calculated and once they are added up the numbers become extraordinary. Calculate by imagining that you and your family will occupy the house for years, then adjust it to your household budget. Try to limit it to no more than 30 percent of your income or your combined income.
Make sure you have a good credit track record
You must pay close attention to these tips for buying a third home, so that it is easy to get a loan or credit. Why? Because the mortgage process and disbursement of loan funds can be complicated if you have a history of bad debt repayment before. Especially for those of you who have had problems with credit cards or credit without collateral before. You have to make sure you have cleared up your debt problems or don’t have a high debt burden before applying for a home loan. Because the fund provider will always see and calculate your debt ratio. If it is too high, the chances of getting a loan approval to buy a house will be lower.
Read the Contract Carefully
For this part of the tips for buying a house, you must be very careful in reading various contracts or letters and documents. Either the contract provided by the lender or your home realtor. If there is a term you don’t understand, ask until it’s clear. Meanwhile, if you want to change it, use your right to negotiate. If the agent or bank still refuses to explain, many experts recommend that you change the bank or agent. Because there are still many who want to make transactions more openly with you.
Survey and Study the Home Environment
Keep in mind that the house you will be living in is to raise your children and family. Make sure you have surveyed the location and know for sure the potential environment and your neighbors in the future. Adjust it to the lifestyle you dream of with your family later.
Don’t Forget Home Devices
Set aside some of the cost to buy equipment and household items. Tips for buying a house on this one does look simple, but no less important. At least you set aside around IDR 100 million to fill the house or it could be lower if you prioritize certain items, such as a bed, bathroom, and kitchen. Do not get after having a house but can not fill it.
Separate Expenditure Budget
Tips for buying a home from Prince Financial Advisory’s financial planner, Lauren Prince is to separate and categorize expenses as a couple. Categories are separated into three groups namely; survival, liveable, and comfortable. That way you and your partner will not be tempted to spend unnecessary and can still pay off the house installments.
Don’t Wait for the Market
The movement of the property market is uncertain. Never wait for the market to drop or interest rates to drop. If the value of the house is right for you and counts for you, don’t hesitate to buy. According to HGTV, if you wait too long for uncertain economic conditions, you may lose your chance to own the best home.
Big Doesn’t Mean Better
Choosing a home at its core is adjusting. So don’t get hung up on the big size. Take a good look at your neighborhood, if the big house is the only one there, the chances of it being resold at a high price are very small.
Avoid Emotions When Choosing
The last, but no less important, home buying tip is to always remember that you are choosing a home, not dating it. So don’t get hooked on emotional things like a nice backyard, interesting paint, and anything else that’s personal. After all, a house is a form of long-term investment, its value is determined by its location, structure, and other things that can increase the value of the house.
Well, those are 10 tips for buying a house for those of you who have just started building a household and are looking for housing. As we know, of course there is always a way to realize the dream of owning a dream home and DBS Bank answers that need through the DBS Home Loan.