With a step as big as this comes a lot of responsibilities and obligations which could be daunting, especially for first time homebuyers. Before you commit yourself to buying a home, here are a list of five (5) things you should know. Owning a home is a milestone that many hope to achieve. It signifies that you are ready to have a space to call your own and perhaps settle down with your family.
Your Personal Finances
Buying a home will take a chunk of your savings. Be sure to consider your budget before and after you buy a home.
You will need to fork out at least 10% of the property’s price for down payment. There are also other costs involved such as legal fees, stamp duties and valuation fees. In total, you would have to prepare about 15% of the property price before you even purchase the house.
Remember, buying a house does not stop the moment you purchase it. There are the one-off costs for repairs and renovation, splurging on furniture and fixtures update to get your home live in ready. Other periodic costs apart from your monthly home instalment includes costs such as maintenance fees and quit rent and assessment tax should also be taken into consideration in managing your monthly cashflow.
Once you are given a figure to work with, the next step is to look for your dream home.
Assess your credit eligibility.
Before you start looking for a home, know first the range of property prices you are able to go for. This gives you an indication of how much you can afford to spend on your home. All you need to do is bring all the relevant financial documents that you have to the bank and they will perform a check on your credit.
If you’re looking to reduce your commute time, find somewhere near the office. Look for amenities and facilities that are important to you. You should also consider your future needs such as finding the right school for your kids. Staying near your parents or in-laws will also come in handy when it comes to looking after the kids (though your parents might say otherwise!)
List your priorities for your home
Before making the big jump, take a step back and list out what you want for your home. If you’re looking to expand your family, find somewhere with enough space for everyone. Are you the designated host for parties amongst friends and families? Perhaps you might want to look into somewhere with a big kitchen or living room to entertain guests. If you’re worried about security, choose somewhere that is gated-guarded or high-rise.
Of course not everything in your list will be met. There is no perfect home that will tick all your boxes. But listing out your priorities for your home will help you in better sourcing and selecting the home of your dreams.
Still not sure about buying? Don’t worry – Try HouzKEY!
The choices that people often think they have are to buy or to rent only. But we have a solution that will offers you more than these 2 options; HouzKEY.
HouzKEY is an alternative solution to finance your dream home, initiated by Maybank Islamic. It is designed for customers who would like to own a home someday but are not yet ready financially, need some time in building their credit track record, or in deciding on what their dream home may be. Whatever the reason, HouzKEY is the solution for all. HouzKEY offers customers a wide selection of properties within Klang Valley (and on selected projects in Penang and Johor) with minimal upfront cost (that is even refundable!), with no payment required during underconstruction whilst monthly commitment is managed at an optimal level.
To find out more about HouzKEY or your eligibility, visit us at www.maybank2own.com and chat with us online!