For most of us, buying a property is probably the biggest single ticket investment in our lifetime given the fact that we either live in the property or for investment to earn good profit by selling it at a later date. Whether you are a first-time buyer or already owned multiple properties, it is essential to know the domain you are investing in.
Real estate is a big sector, and there are plenty of things to know and understand before making the commitment. Unless you tread properly with lot of considerations in the field, you might get into unnecessary hassles. Here are some factors to consider before getting on with your investment.
1. Budget Planning
Purchasing a new property involves a lot of additional charges such as stamp duty, mortgage insurance, renovation and adding new furniture. You might think that all your money is going into the purchase of your home and the worries are over. However, you need to keep in mind the fact that purchasing the property is the first step of many steps. If you have been planning to buy resale property, you might need to pitch in more cash for renovation. Make sure you calculate every expense properly and have some extra cash just in case.
2. Financial Planning
Make sure you take a look at all your existing loans you have before opting for a property. This will help you to calculate the monthly mortgage loan that you need to service. Having little cash in hand after paying your monthly loan might not be a feasible solution, especially if you have a family to take care of. Make sure the loan fit properly in your monthly budget and plan accordingly. You should have at least one year of cash to stand-by for the mortgage loan just in case you are not employed. Click on the link to compare various mortgage packages offer by banks in Singapore.
3. Choice of location
Whether you are seeking convenience or serenity, your decision of location can immensely change the budget from a low budget condo outside the city to high budget one inside the city in prime locations. You need to prioritize your requirements. Whether you want to leave in peace outside the city but commute a longer distance to reach your workplace, or live in the bustling city and save time on travelling. Buying a property for own stay or investment would have different sets of considerations
4. Set realistic timeline
When you buy a property, it isn’t a one day task. It requires one to process the documentation followed by a verification process and handing over the ownership to the new owner. This would require a lengthy period. You need to follow a realistic timeline and ensure that you stick to it. To accelerate the process, get your documents ready in time and wait for the transition to take place in its original motion. Getting an agreement ready might take some time, so be ready and have patience. Delay in handling over could happen and be prepared for alternative accommodation arrangement. For housing projects under construction, time is needed to do the keys collection in batches.
No house is ever perfect, but you can make it look like one. Make sure you keep the house at its cleanest, especially when opting out for sale. Look for decors that look clean even when not cleaned for a long time. Contrast light colors with dark which will efficiently hide the dirt and make your house look cleaner in the pictures. However, during personal visits, make sure you clean it thoroughly.
6. Make a great first impression
The first impression is enough for a buyer to decide whether or not he is going to purchase the property from you. If you fail to make a lasting impression on the first go, you might be stuck with a property that isn’t selling out. Keep the place neat and tidy. Re-paint the house if necessary, change the curtains and add new furniture to enhance the place. This will surely attract buyers to purchase your house at a price tag you want it to be sold.
7. Use a neutral paint
Always opt for colors such as blue or white that appeal to a large number of people. While purple, orange or pink might not be the favorite of some, you can always count on the neutral colors. Make sure the décor isn’t too bright, or it might repel your customer. Neutral will always be on top, and this will allow a successful selling process for your properties.
8. Clear off any odor
This is especially true for the homeowners who have a pet in their house. We surely love our pets, but that isn’t true for everyone else. Even the mere presence of a pet can rub off a wrong vibe on the potential buyer. If you can, try to keep out the odor during house visits and maintain as much cleanliness as possible. If possible, ask help from your friends or relatives to keep your pet for a few hours so that you can sell out your home successfully without having to worry about the smell repelling potential buyers.
9. Fix the correct price
Proper research on current market asking price is crucial. Many sellers set unrealistic pricing and only to help their neighbors to sell their property. Do not pitch too high a price that could repel the customers and keep in mind the fact that you need to make a profit, so plan accordingly. Property agents have an established pool of network and buyers, so you might consider engaging their service.