Only a few people out there really take home purchases seriously. Many others take this for granted and end up making major mistakes that they will likely regret in future. Whatever you do, remember that purchasing property is no joke: the time and money you invest in it are far too much to justify buying homes without doing a proper research first.
Doing research also involves avoiding a few pitfalls that catch a lot of people before they even know it. If you want to know more about what these mistakes are, keep reading the following points to find out what you should avoid at all costs:
Not Doing Proper Budgeting Work
A limited budget is almost always the only barrier that keeps you from buying a luxury villa or bungalow. While standard apartments cost much less than ultra-luxury buildings, their starting prices are still way above what most people can afford to spend in one go. In fact, most of the budget is built up by the way of a housing loan. Since you will have to pay back this loan (with interest) you only need to go for a loan scheme that allows you to cover your monthly instalments without issues.
Forgetting About Maintenance and Repairs
Homes are not just about their initial purchasing costs. Most of the time, you will need to invest some money to carry out some repair and renovation costs just after moving into the house. Even if your home is perfectly fine, maintenance work will still need to be attended to if you want your home to last longer.
Buying The First Property You Come Across
Even if the first few properties you come across seem to tick all boxes when it comes to equipment, location, price and available facilities, you are better off continuing your research than settling down for something so early (unless the seller is in a hurry). Most of the time, you should be able to come across a few better options if you keep looking in the right places. You can then work out a housing loan in Singapore in your favour by talking with interested parties.
Don’t ever think inspections are a waste of money. In fact, they are quite useful for detecting problems that have been hidden from view, thus saving you a lot of trouble in the future. The most important ones are the pre-purchase inspections since you can use them to finalize your purchase once and for all. If inspections reveal problems such as water damage, you can use this information to your advantage to bargain with the seller.