Buying a house that is on sale in Selangor is one of the best and biggest investments that you will ever make in life. However, it is a move that needs to be handled with extra precaution by both first-time buyers and serial real estate investors. The huge financial risk that is involved in the process of ownership does not give room for mistake. It would be very painful to buy a house today only to discover a month later that you made a big mistake purchasing it. During such situations, you start regretting why you did not remember to highlight some of the most important issues before making that big decision.
Planning to buy a house? Here are the vital questions that can help you decide on whether to buy that home.
- What is the price of the house?
Of course, before you proceed to any other steps, the first thing that you need to ask about is the price of the home. Will you be able to buy the house without straining or is the price far much above your capabilities? It is always prudent to buy property that is within your means. Even if you are purchasing it through a bank loan, your monthly income should be able to sustain the continuous repayment of the loan. But as much as you would like to buy an affordable house, you should not rush to buy the cheapest house that lay your eyes on. Take into deep consideration other key factors and do as much of research as possible with online property portals with the likes of PropertyGuru.
- What are your long-term and short-term goals?
Your personal goals in life can also be used to determine the type of house that you should own. Are you gearing up for major changes in your career, financial or family life? These are just some of the changes that can have a direct impact on your home ownership.
If you are anticipating raising a big family in a few years to come, you have no option but to purchase a bigger house with more rooms. Are you planning to work far away from your current city? You should reconsider the decision of buying a home. If you predict severe financial years ahead, then you have no other option but to purchase a house whose price you will manage.
- How Will You Deal With Home Repair and Maintenance Issues?
Owning a home is one thing, and managing is another. Once you have been given the keys to your dream house, you should ask yourself how you will navigate through the issue of home repair and maintenance. Will you do it yourself or will you delegate the duties? Some of the home maintenance issues that may arise after you have purchased a house that include fixing electrical faults, repairing appliances among others. Knowing how to deal with home management issues in good time will give you adequate time to plan for the budget. Besides hiring handyman, having these basic repair skills are prudent to saving for rainy days.
- What does your credit report say?
Just like the way an academic report card reveals your performance in school, credit report gives the actual status of your financial health. Most of the financial institutions will look into your credit score before giving you financial assistance to buy a house. The report also plays a significant role in determining the interest rates that you will be charged for the mortgage. A poor credit status will result in high-interest rates while good credit status will make them lower the rates. As a new home buyer, always strive to have a clean credit report.
- Will the transport cost go up?
The location of the home that you are planning to buy will have a direct impact on your transportation expenditure. If it is located far away from your workplace, you will have to deal with the issue of high transport costs. The situation can be worse if the area does not have a good transport network. Your children should also be included in this issue of transportation. Will they cover long distances to their schools or you will you have to enroll them in nearby schools? If there’s a toll road next to your home, then you should be prepared to part with toll fees on a regular basis.
- How is the location?
Try to analyze the location of the new home before purchasing it. Does it encourage someone to live in or will it give you more problems? For example, if there is a railway line that passes nearby, you should prepare yourself for constant noise. It will be difficult to stay in such a place with toddlers as they will never have enough sleep, and neither will you. Does the place look quiet with no signs of disturbance? Are there any signs of environmental pollution? Will you be woken up at 3 a.m. by siren from ambulances? Is the home that you intend to purchase close to an airport?
- How are the neighbors?
Your neighbors can give you peace or make your life a living hell. Try to ask about the nature of your potential neighbors. How do they behave and will their behavior affect your life? Are there any toxic neighbors who will negatively influence your children? The landlord or your real estate agent may find it difficult to answer this question, but you can still get the right information by asking other people who live in the area. Is there a serial sex offender in the area? Are the neighbors racist or hateful towards specific groups of individuals? It is no brainer that most people want to have calm and peaceful neighbors throughout their lifetime.
- Are there any social amenities nearby?
You should ask yourself whether there are enough social amenities nearby or you will have to drive for miles to access them. Are there good schools nearby and how do they perform? Your kids deserve to get a good education which can only be obtained from the right schools. Does the area have good shopping malls where you can do your shopping? Are the health facilities in the area well-equipped and have the capacity to handle any emergencies? If you are in a fitness program, check if there is a local fitness facility around that can suit your needs.
Buying a house that is for sale is not something that you should do in a rush. You need to take your time and look into various factors before making that final decision. Instead of just accepting every offer that you receive, try to be inquisitive. Ask all the questions, including those that seem to be of less importance. Your efforts should not just stop at questions. Try to get comprehensive answers to all the questions that you ask.