Buying a house is one of the most important financial decisions that you will make in your life ever,once you decision wrong with affect your continue investment or second property.In the pages that you will find information that will help you to better understand the buying house process
Step 1
Decide on your budget and match it to the type of property you want.
Step 2
If the property is from the secondary market(sub-sales), be period of four to six months for the deal to be concluded. Avoid leasehold properties if possible as the transaction will test your patience. Normally leasehold properties trade at discounts to freehold properties and it also takes longer, about seven to ten months for the transaction to be completed as state authority approvals are required.
For properties acquired from a developer, the duration will be base on property construction. The developer will progressively bill the owner or bank as the construction progresses. Normally delivery of the property is scheduled within two years for landed or three years(condo or apartment) from the launch of the development.
All developers have to allocate 30% of all units built to Bumiputras at a 5% discount to the listed price. If unsold, most developers are able to get a ‘Release from the authorities if they show proof that they were unable to sell the units. Foreigners are allowed to buy these units in the secondary market, however potential problems may arise if the property is leasehold and has yet to receive its strata title, the state government still has to approve the sale.
Step 2.5
Mortgage Pre-approval
A pre-approval is a simple calculation that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. A pre-approval also provides the "seller" some comfort that you have the financial means to purchase their house.
Once you know the amount of money the bank will lend you, you will need to determine how much cash you should save for the down payment. This will help decide the types of houses that are within your budget. Bear in mind that your monthly costs not only consist of mortgage payments, but will also include at a minimum real estate taxes, house owner's insurance and utilities.
Step 3
After purchased the property, decide is for own stay,rental market, leave the property empty and investment.
Step 4
Once the type of property, location, price and other particulars have been identified.
-The Down Payment
-The Mortgage
-Closing and other additional costs
Final stage
Have to evaluate and final decision for
-Property Conditions
-Market Conditions
-The Inspection
Last have to surf my blog and choose the property to suit you.
Enjoy!!!!!!!!!!!!!!
