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First Time Buyer Need To Be Careful Before Buying Singapore Properties
Posted on 01.28.2010 : Authored by Billy Chen
So family and friends have been told that you should buy his first new house, is not it? How busy weighing the pros and cons of the idea, this article will try to help you understand what it means to buy a new house.
1. Because the cost of owning the property and subsequently selling it in short time would mean that you are likely end up poorer, even if you see your property has appreciated in value. Buy only if you plan to stay long term if you are already aware of the fact that you are not going to stay there longer than three years, perhaps it is not time to own one yet. When the market is bad, the loss you have to suffer could be even unimaginable.
2. Increase your credit standing in front of the head to the bank for a mortgage application to buy a house, make sure that perfect credit report. If you have trouble spot in the report, try to correct and repair it. Your credit report is an important role in determining whether the lender will give you credit.
3. Find a suitable home loan 80 percent of the purchase price of the average amount of credit banks are willing to pay, and qualifications. But you can go online calculator to find out more information about the amount of credit is the bank ready to approve you. The calculator will require you to enter information such as your income, debts and expenses of work suitable loan for you or for you bank.
4. Down payment requirement as a rule of thumb, banks expect 20 percent down payment from home buyers. If you have problem putting up this amount, your only option is to discuss your requirement with those offering sub-prime loan. This is done on a case to case basis and there is also pre-qualification requirement.
5. Buy into hot location with good schools If possible finds a site where there are a number of popular schools. Reason is school districts are a top consideration for buyers who have school going children. When you want to sell your property, you can ask for a premium on top of a fair evaluation price.
6. Enlist the help of property agent While Internet is useful disseminating valuable information like home listings, when it comes to a time to follow up, like physical home inspection, negotiating terms and price, human type interaction cannot be avoided. It can be a good idea to get help from exclusive buyer agent as they can help to take care of all these hassles on your behalf and acting on your interest.
Finally, if you continue with the house hunting, you ready for a serious job. Always check the property you are interested before you get to know the future seller or representative. You want to find out the sales trend of similar types of housing in the neighborhood. Check out the latest transaction price. This way, you go to meetings and self-confidence to buy on the way to talk to you your dream home.
Related Topics :: Real Estate Investing
SOURCE :: Want to find out more about Property Elites , then visit our site on how to choose the best of Real Estates Portal for your needs.