If you are saving money to buy your first home, you must feel the excitement and urgency. But, read this article and analyze the points below to avoid any problem while buying your dream house. Please scroll down to get a step-by-step guide to understand the things necessary for your new residence.
Savings
If you are buying your first home, you are most probably moving out from your parent’s house or only starting your career. So, paying the total amount in cash is a tough call. You will need to start saving if you do not want a massive mortgage bill impending on your back for years. But, only keeping will not help much; you also need to follow some strategies to find your dream home.
Low down payment.
If you want to save some money from a home loan, you need to find a property that offers low down payment rates. It can go as low as three percent. But, here, the property’s condition is a significant factor. The dairy farm residences is in the heart of Singapore, with the three most famous educational institutions nearby.
The down payment rates are not very low here, but the deal is unbeatable if you think about the opportunities here. So, it would be best if you were good at calculating risk and benefit ratio too.
Closing bills
Most probably, you will buy your first home with home loans, and these days it is not easy to get a loan. So, you need to pay at least three to five percent of your asking loan amount to get sanctions. You can ask the property owner or the dealer to help you pay for the closing bills and keep a legal document. You can pay back at the end of the deal, and it will not only buy you some time but also save you from some extra loan issues.
Credit scores
If you are about to apply for a home loan, especially in big cities like Singapore, you must have a good credit score. Otherwise, the bank will probably assume that you will not be able to pay the bank back in time, and you may miss the best space in the Clavon Clementi or such places.
How to avoid it?
If you want to avoid such heartbreaks at the beginning of your journey, you have to be very careful about your credit score. Usually, if you regularly shop within limits and pay the bank back in time, it will be your favorable ranking on the credit list. Usually, a credit score over six hundred and ninety is good enough to get you a good home loan.
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Movement costs
You have to keep in mind that moving out is not very cheap, and you have to save money for it too. Usually, the cost depends on the size of the apartment and the amount of furniture. If you want a rough estimation, it may cost you about five hundred to six hundred dollars for an ideal studio apartment with a living space.
The price can go up to sixteen hundred to eighteen hundred dollars for a friendly and new condominium or four-bedroom house. So, you should also start saving for it separately.
Home inspection
You have to spend a lot to settle down in your new residence. So, it is better to look for the best available options. You can hire a professional property dealer agency and book an appointment before sealing the deal. It is very helpful to get the best property in the town. Watch & download most viewed movies, TV shows, web shows at “gomovies“.
