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Imagine you are standing in an empty house surrounded by four blank walls. Does it feel welcoming? Can you see yourself living in it in the foreseeable future?
It is important for every homebuyer to be careful when making a decision and take into consideration the features of the house before staking a claim on it. This will save you from a lot of future regrets.
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1. Purchase price and budgeting
First things first, get a pre-approval on your housing loan. This helps you determine how much you can borrow from the bank. It is important to note that each time you get rejected from the bank, it leaves a bad record and decreases your chances of approval. In general, for your first and second property, you can get a 90% loan from the bank. For your third property and so forth, you can get a maximum of 70% loan.
If you are purchasing a property through direct sale by a developer, you may get a rebate on the price. But before you get too happy, remember to be ready for additional costs like legal fees (if you are lucky, some developers might give you a waive), maintenance and utility deposit!
Remember to have realistic budgeting expectations and be prepared to make financial adjustments.
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2. Location of the house
If there is one thing more important than buying a house, it is deciding where to buy a house. Do you prefer a quiet residential area or do you prefer somewhere closer to all the action in the middle of a bustling city?
Next, calculate the distance between your workplace and the house. What about the traffic? Does it provide easy access to schools, places of worship, shopping malls and supermarkets? Is it too far away for your friends and family to come to visit, or vice versa? You wouldn’t want to miss out on gatherings and dinners!
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3. Property Types
There are plenty of property types for you to choose from, but how do you decide which one is the best for you and your family?
If you prefer a property with compact facilities and do not mind waiting for elevators or not having your own outside lawn, a condominium might just be the thing for you! Or if you do not mind skipping on the facilities to save more cash, maybe an apartment is your next bet.
But if you have a growing family and would prefer a suburban life, you may consider linked homes. It provides outdoor space within the safety of your compound for children to play in, or pets to catch the sun. If you are making big bucks, go for a corner lot!
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4. Size of lot
This feature varies greatly for each homebuyer. Some prefer a small and cozy home where they feel safe and relaxed, while some prefer a vast space with a lot of furniture.
There are many factors that come into play when it comes to choosing the size of the lot for your dream home — if you plan to have a big family, of course, you would need a big space to accommodate your children but are you ready to keep up with the cleaning and tidying?
A bigger house provides more surface for dust to collect. Be ready for a lot of sweeping and mopping!
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5. Number of bedrooms and bathrooms
Most houses come with three or four bedrooms, with maybe three bathrooms. Consider the number of children you have (or planning to have), and whether they are comfortable sharing.
Next, think about your hobbies. Perhaps you would like an office room? Or maybe you would like to convert one of the rooms into an art studio? Or do you need one room full of exercising equipment as a gym? Or as a storage room?
What happens when you have guests over? Wouldn’t they need a room too?
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6. Security
How will you be able to feel safe and sleep soundly at home without guaranteed security?
Run a background check on the crime rate index of the neighbourhood. See if they have CCTV and guards filtering outsiders from entering the neighbourhood residency.
Bonus points if they have security patrolling the area 24 hours!
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7. Privacy
Need to keep out prying eyes and potentially nosy neighbours? Look out for properties with tall fences so you can do your gardening in peace!
Or if you really like your privacy, opt for a cul-de-sac. There are definitely less cars passing through so you can walk your dog or take an evening stroll without running into many people.
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8. Age of house
Older houses have “character”. It provides authenticity that sets them apart from the identical modern architecture of new houses. If you are lucky, your vintage property might even come with its own interesting history!
But old is not always gold. You may need to be prepared to spend extra money on making it habitable. This includes fixing faulty pipes, old wiring, and maybe rotting timbers.
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Now that we have listed down these features for you, make your own list and have a long, hard think. Discuss with your significant other or family members and listen to what they have to say. Before making a final decision, ensure that the house fits your priorities and lifestyle in the long run.
And if you plan on making renovations to further customise the house to your preferences, it would be wise to reconsider your budget and decide if it is a worthy investment.
We wish you the best of luck in making your dream home a reality!
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