Property search and open homes
Most of us are still young and purchasing a house is too far into the future for us to give it some thought but after 4 hours of driving around and visiting open homes... i'm physically and mentally tired!
The idea of buying a house seems simple enough - if you've got the money, what's the problem right? But like always, not everything is as easy as it seems. How much money is enough? There's always the problem of location, location, location... Then there's the look of the house - whether it's impressive and practical. Some houses are like a maze... It'd be good to play hide and seek though...? *SiGh* Some houses have amazing architecture but the price range may be too high. Either way, there seems to always be a problem, or a downside to a property - the land area, type of building materials used, surrounding houses, level of maintenance required, layout, wear and tear of the place, etc. It's so tiring! *YaWn*
For those of you who haven't experienced the joy of property hunts, now at least you know you've got something to look forward to in the future. Isn't it exciting? *fAiNt*! Now, consider yourselves lucky when you've never had to face such a situation and everything has been given to you on a silver platter. No, consider yourselves damn lucky!
The idea of buying a house seems simple enough - if you've got the money, what's the problem right? But like always, not everything is as easy as it seems. How much money is enough? There's always the problem of location, location, location... Then there's the look of the house - whether it's impressive and practical. Some houses are like a maze... It'd be good to play hide and seek though...? *SiGh* Some houses have amazing architecture but the price range may be too high. Either way, there seems to always be a problem, or a downside to a property - the land area, type of building materials used, surrounding houses, level of maintenance required, layout, wear and tear of the place, etc. It's so tiring! *YaWn*
For those of you who haven't experienced the joy of property hunts, now at least you know you've got something to look forward to in the future. Isn't it exciting? *fAiNt*! Now, consider yourselves lucky when you've never had to face such a situation and everything has been given to you on a silver platter. No, consider yourselves damn lucky!
posted by Mabel Tan at
4:31:00 pm
5 Comments:
say until like that.... searching for property is fun! haha... i've done that a few years ago.. haha!!
By
Carolyn, at Sunday, September 04, 2005 10:01:00 pm
This comment has been removed by a blog administrator.
By
Carolyn, at Sunday, September 04, 2005 10:01:00 pm
MONEY101: Top things to know
1. Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start househunting, get copies of your credit report. Make sure the facts are correct. Fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of the Internet's many calculators to get a better handle on your income, debts, and expenses and how those affect what you can afford.
4. Don't worry if you can't put down the usual 20 percent.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, it's still a good idea to use an agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before househunting, get pre-approved
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
Doraemon ^^
By
Anonymous, at Sunday, September 04, 2005 10:51:00 pm
Babylyn: Oh ok. Without going into much detail... I think the situation is rather different? :)
By
Mabel Tan, at Monday, September 05, 2005 6:55:00 pm
anonymous: Thanks for the tips! :)
By
Mabel Tan, at Monday, September 05, 2005 6:55:00 pm
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