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Are You Ready to be a Homeowner?

By 10:53:00 AM

Are You Ready to be a Homeowner?

For a lot of people, buying a home is a huge financial achievement, and a milestone. However, this milestone can become the biggest mistake of your life is you aren’t ready for it. Here are questions to help you determine if you’re prepared to be a homeowner or not:

Did you do your research?

The Malay Mail Online expresses the importance of investigating the property you’re interested in. They say knowledge is power and it’s the absolute truth. When you know more, you’re in control of the facts, you can make better decisions. For instance, if you’re raising a family or have kids, don’t see if the property is near a school or not. Find out if the property is a part of the kind of community you want your kids to grow up in. Do you see yourself putting down your roots? Then that property might be worth more than a cursory look.

Are You Ready to be a Homeowner?
are you ready to be a homeowner?
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Are your finances ready for it?

Buying a house isn’t just a one big purchase. It’s a series of payments made over time. Have you got enough to make those payments over the next seven to ten years? asks the Free Malaysia Today. And if you do, will your other financial responsibilities suffer? You’re going to stack those expenses on top of your monthly car premiums, your home insurance, and homeowner’s association fees. Then there are your monthly utility bills to consider along with your living expenses. Do you have the financial wherewithal to cover all those costs? If that’s a confident and definite yes, then you’re ready. However, if you often find yourself struggling to make ends meet, usually short on funds or have huge credit card bills you’re still paying off, you might not be in the best position to buy a house, from a financial standpoint.

Are you updated on the latest trends and tools?

If you’re buying a house, you have to be in touch with what’s happening in the industry, know the current trends and learn how to use better tools when you set out on your home buying adventure. With so many home-listing sites like PropertyGuru Malaysia, finding land for sale is simple, easy and convenient. Browse through properties that appeal to you anytime, anywhere you are. This way, you can save up on a lot of the expense of bopping over from one site to another just to have your first look at a property. If you’re still using traditional ways to find real estate homes, then you aren’t ready.

Are you doing this on your own?

There’s a lot of work—paperwork to be filed, people to meet, contracts to review and sign, among other things—that goes into buying a house. Do you have help? If you think you’re saving up on the cost of hiring a real estate agent by taking on this whole process yourself, you might want to reconsider your stance on that. Some first time home buyers start out that way, thinking they’re saving on agent’s fees. But the amount of time you need to put in as well as effort just to see results will quickly make you think otherwise. Also, agents have the connections, experience and skill that allow them to do a much better job at it than you ever will. Some might even net you an opportunity to view houses that might not be out on the market yet simply because they have the kind of connections that provide them with handy insider’s knowledge. If you haven’t got an agent yet, then you still aren’t ready.

Are your emotions getting the best of you?

Most buyers think finding the perfect home means falling in love with a house at first sight. But that rarely happens. And when it does, you might fall in love with a house that’s way out of your league, financially speaking. So don’t let your emotions rule your head. While you must buy property that appeals to you, make sure you choose among properties you can well and comfortably afford. Never let your heart trump your head and make you choose a house that’s going to put you in debt for many, many years to come. If you can’t control your emotions, then you aren’t ready quite home owner material just yet. At least not the sensible, money-wise kind you should be.

Did you explore all your financing options?

The best way to buy a home is to choose a mortgage with a short lifespan. The sooner you finish all the payments, the less you spend on the interest. The longer the mortgage drags on, the more you lose to the interest. However, if this isn’t possible, then there are other financing options you can consider. Make the rounds. Ask people you trust with financial training. This should prove helpful as you try to figure out which financing works best for your situation. However, if all the financing options leave much to be desired or you just can’t seem to find the right one, maybe it’s not the financing that’s the problem but rather your finances. If you’ve got too little savings at this point, even the best financing options won’t be able to help you out.

Are You Ready to be a Homeowner?
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Home buying is serious business. So make sure you go into it as prepared as you can be. Financial readiness is a huge part of it so keep that in mind.

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