There are many things to consider when house-hunting, but what are some of the factors that are most important to evaluate?
1) Avoid the limits
Overall budget and whatever your marital status, you must determine how much you can borrow to finance your purchase. There are a number of on-line calculators you’ll be able to use, including tools like affordability calculator, loan eligibility calculator to get a good idea of what type of house you’ll be able to afford and therefore, the size of the loan for which you’re eligible.
Aside from this, obviously, you’re strongly advised to speak to a mortgage officer at the HDB or your bank, determined by the type of property from whom you prefer to take a loan and you need to buy. Even better, if you’re able to afford it, hire a personal financial advisor. But above all, remember that you simply should at no point borrow to your loan limitation. Some breathing room is essential in case of unforeseen situation that incur added costs.
2) Futureproof, not merely fashionable
While you may be able to afford that stylish two-bedroom apartment with a balcony overlooking the city or the sea, do consider the practicality of this kind of purchase. If, for instance, you are looking to sell the property after several years, you must consider its potential capital appreciation. One method to do so is to have a look at the master plan for the area in which the property is located: odds are that your home will increase appreciably in value, if there are major developments in the locality.
Such a home may not be the most suitable choice, especially when it comes to space, if, on the other hand, you’re planning to have kids. Many Singaporean parents also make it a priority to purchase dwellings near the schools in which they want to enrol their kids.
3) Different as night and day
Your potential house may have seemed great and felt like the right selection when you and your agent visited at 2pm last Sunday, but the same may not hold true at 8pm on a weekday. Since you will be residing there for several years at least, make sure to see the house(s) you’re interested in on distinct occasions: weekends and weekdays, daytime and night.
This will give you a feel of what life will be like in your house of selection and its immediate surroundings. Be it the weather, neighbourhood, or ambience, seeing at different times on different days will allow you to determine all these factors.