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Things to consider when buying a new house

Factors to consider in Singapore for a new home

When buying a new house it is important to plan ahead before making a decision on the purchase. However, in actual fact many families in Singapore may face the issue of rushing into a bad housing purchase. Therefore, let us share on some of the things you should consider during a home purchase.

1. Finances

The number 1 most important factor is to review your current financial status. Almost everyone will take up mortgage loans as it has a low interest rate for a long term repayment. Thus, with proper financial plans, home owners can estimate through a property loan consultant on the max amount they can borrow. Thereafter, find a house that fits the income level which is comfortable even if income is affected. If you need proper advises on property loan, ping us through our home loan page.

2. Investment or Long Stay

As property is a great investment in Singapore, many people have the thought of buying it to make money. Which is why you need to know the purpose of buying your new home. If the purpose is for investment, most likely a new home owner will consider co-sharing the space or buying a private property. On the other hand, for long staying families buying a new house is important to last at least 5 – 10 years. Hence, you need to have a future proof plan whereby all the members can enjoy in the space.

3. REAL cost of the house

Some buyers forget to include the real world cost into budgetary when making the purchase decision. A house is just the space where you live in, you will need to renovate and buy furniture to complete it. Therefore, a good planning is to add in the renovation & furniture cost into the budget.

4. Traveling Distance

Even if the home owner owns a car, traveling distance between work and family plays a big part to consider. Singapore is a small country however, traffic is mostly busy and travel time consumes into a part of our lives. Living far apart from workplace means the house owner will need to travel and time means money.

5. Convenience of the area 

Does the house location have all the facilities you require? Even though a quiet area is most ideal when considering the property purchase. It is important to keep in mind on the facilities in the area. Furthermore, it helps a bit in driving up the selling price of the property.

Ultimately, there are lots of planning to make when you decided on making your first home purchase. However, the wise plan is to make sure the main factors are checked before signing the purchase. End of the day, one can find happiness in the right state of condition. Do not fall into the situation of impulsiveness and short sighted decisions.

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