First Time Home Buying Part 3/3 : The Buying Process.
Part 3 of 3 Making The Decision To Buy
In the earlier post, we covered preparing yourself to buy, then we talked about engaging with a real estate negotiator and checking your CTOS score and now that you are ready, here comes the final part! It’s time to decide which property you’re considering and narrowing it down.
Review Options : Condominium, SOHO, or Landed
- Do some basic research
- Discuss with joint decision makers
In this stage, you will have to spend time researching, compiling data and comparing information. However, if you don’t want all that headache it is better to engage an agent because you will save a lot of time. After that’s done, you can easily discuss with your family or spouse, or whoever may be affected by your decision. As a result, you will have all the information on hand to help them help you make an informed decision.
- Visit the show units
- Check out the actual location
For new projects, ask for a virtual tour or a physical tour of the show units with your agent so that you can have a more accurate look and feel of the project. It is recommended to view not more than two properties on the same day because you may feel overwhelmed and things will get muddled up. You may not remember which bedroom or kitchen belong in which property. Is the location convenient, accessible and safe? What amenities are nearby?
If it’s possible, talk to the neighbours or strike up a conversation with the local shop owners. Spend time in the neighbourhood to get a feel if it will suit your lifestyle.
Here are some factors you may consider:
6. School, if you have or are expecting kids
Making A Decision
- Place a booking
- Make the down payment
- Apply for loan
Decided on a specific unit? Make a booking to secure the unit! Have your property agent assist you in the booking process including loan applications and all the way to signing of legal documents. This is to avoid any hiccups that may hamper your buying experience. From the time of booking, there is a timeline to complete the sale. Otherwise, the developer has the right to cancel the booking and forfeit the booking fee. The bank that offered the loan can rescind the offer if you do not accept it in time.
“𝐈𝐟 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐲𝐨𝐮’𝐫𝐞 𝐠𝐨𝐢𝐧𝐠 𝐡𝐨𝐦𝐞, 𝐭𝐡𝐞 𝐣𝐨𝐮𝐫𝐧𝐞𝐲 𝐢𝐬 𝐧𝐞𝐯𝐞𝐫 𝐭𝐨𝐨 𝐡𝐚𝐫𝐝” –𝐀𝐧𝐠𝐞𝐥𝐚 𝐖𝐨𝐨𝐝.
Did you miss Part 1 & Part 2? Here they are:
If you haven’t found your perfect home yet, here is one of my favourite properties to recommend. Click to know why I recommend this.