07 January 2011

Properties: 6 Important Things to Remember Before Buying Your First House

If you are planning to buy your first house, you can look through classified ads or browse through relevant listings online (Here are some online listing in Malaysia). From there, you will see that there are a lot of homes for sale, each with different specifications and corresponding price tags. However, here are some important considerations that you should remember to avoid unnecessary troubles.

1. Work on your credit rating
If you are planning to get a mortgage to pay for your new house, you should put attention on your credit scores. Since financial institutions will be reviewing your credit history, it is important that you review your personal credit reports to ensure that all the figures and details are correct. Work on this prior to getting the mortgage so you will not have problems later on.

2. Consider hiring a home inspector
Being a first-time homebuyer, you will need all the help you can get. It is generally a good idea to have a licensed home inspector to check the property you are going to purchase. These professionals are knowledgeable about the technical features of the house, such as the electrical and plumbing works, structural elements and many others. An inspector may be able to identify potential problems that could affect the house’s value or the quality of your time there.

3. Make sure that you really need it
Buying a house involves lots of money and commitment, so it is wise to review your decision before you start looking for possible options. One of the considerations you should make is whether you are really planning to settle in a home for a considerable period of time. It might be an impractical and expensive move to buy a house if you do not intend to stay in it for more than a year.

4. Know what you are looking for
There are abundant properties for sale on the market. As a result, you might easily be swayed into buying something you do not really need. To avoid making a bad investment, you should always have a clear idea of what you are looking for. You can list the specific features you want the house to have, such as the number of rooms and so on, as well as how much you are willing to pay for it. Refer to this list when you start your search.

5. Consider the neighborhood
The neighborhood you live in will definitely have an effect on your stay in your new home. The neighborhood should also be safe and accessible.

6. Location
Last but not least, it is also very important for you to decide what type of location you want the house to be in. If you work out of the home, consider factors including convenience and distance with respect to your place of employment. Moreover, if you have school-aged children, you might want to make sure that your new house is not far from your kids’ school. You might also consider what other infrastructure and facilities you want to be present in the area. These will not only add comfort and convenience to your life, but they can also significantly increase the value of your house if you plan to sell it in the future.

Your first home will be one of the biggest purchases you will make in your lifetime. Therefore, every effort you make to ensure that you make the right investment is indispensable.

Edited by: Xaivier Chia


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