Buying a house is different from buying your groceries. In fact, it is perhaps one of, if not the biggest, decision in life for many Singaporeans. Here’s what to consider before taking the leap.
Do your homework when it comes to choosing your Bank Loan
Walk into a bank and simply getting a bank loan sounds convenient. However, with as many as 50 different home loans available in the market that cater to different individuals’ needs and situations, walking to your nearest bank is not a wise option. Because every detail count, it is important to compare all the available loan options. Comparing over 50 bank loans on your own is going to make your hair fall out, so why not approach a Mortgage Specialist like KeyQuest to help you get the best loan on the market, for free. A simple discussion is all it takes to assess your situation and get you the best deal, helping you to save thousands of dollars.
Have an emergency fund in place
Saving for a rainy day is a popular idiom and it is indeed an important one. Setting aside sufficient money is crucial because you never know when you may be unable to work due to a retrenchment or an injury. Of course, touch wood. But you never know when crisis will strike. Without an emergency fund in place which will help you sell your house at a decent price, will mean that you may be forced to sell your house at a price far below valuation.
Consider your needs
Fancy restaurants, accessibility to a MRT station, a gym and what not may sound impressive. However, are these the amenities that you actually need? Your lifestyle may not involve dining at expensive restaurants, or taking public transport (because you drive) so what’s the point of having these seemingly-attractive amenities? As such, it is important to consider your lifestyle needs and check out the surroundings before you commit.