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7 Money-Wise Tips When You Buy a Home

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With property prices rising, there’s a need to be more financially savvy when it comes to shopping for a home. Not so much as cutting corners but finding better and more efficient ways to shop for a house. Considering how much you’re going to need to shell out for one, being money-wise is a good, practical approach to take.

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Money-Wise Tips

  1. Use property listings. In a world where everything happens online, checking online property listings is certainly one way to save customers the time and money it takes to find available properties for sale. With sites like Property Guru, homes in OUG Parklane for sale can be found in a matter of minutes instead of the hours or days it used to take. You won’t have to pay a visit to the properties for a first look. You can do that online and generate a better list of prospective homes that meet your requirements. In the past, home shoppers could only explore a few homes so coming up with a prospective list of properties took time. Now, you can achieve the same results at your desk. You save on time, effort and travel, all with handy tools like property finders.
  1. Hire a real estate agent. You save time and effort when you hire a real estate agent to assist you. Navigating through one paperwork after another could take a lot of time, especially if you aren’t familiar with the process. Your real estate agent will guide you through it so you won’t have to worry about getting the information wrong. Also, they have the kind of negotiating skills and insight that could give you the lower price on the property you want.
  1. Take your time. Rushing through the entire home buying experience can lead to huge mistakes—the financial kind. You’re putting a lot of your financial resources into a home. So you need to make sure it’s the right one. Take the time to know everything there is to know about the property. You could be buying a property for a steal, but don’t shy away from asking: why is it available for a steal? Why haven’t anyone else bought it until you did? If you do your research, on the home, you might find out some unsavory details. So before you make a major buying decision, know the background or history of the home you’ve got in mind. This also means taking the time to find the right financing assistance you need. Can’t go for a bank loan? There are plenty of other ways you can finance buying a home.
  1. Read the contract, says Free Malaysia Today. Understand it. By knowing what you’re entitled to, you’ll find it easy to catch any signs that the seller might be in clear breach of the contract’s rules and regulations. You won’t be able to fight for your rights emphatically if you don’t know them at all. So learn and remember.
  1. Don’t overspend. Going above your budget can be tempting, especially given the slew of wonderful houses you saw. But overspending is never a good idea. You’re going to be saddled with enough expenses as it is. If you overspend on a luxurious unit instead of getting the kind of home that’s right for your budget, you could derail your finances in a major way. Imagine if an emergency were to happen. If you overspend, you’ll stretch your budget tight, leaving zero funds to take care of your emergency costs. That could push you to default on your payments and eventually lose your home. Don’t let that happen. Spend wisely.
  1. Build an emergency fund. There’s no telling what the future holds. You might have everything under control but life often throws you curveballs that tackle you behind the knees just to see what would happen. Make sure your assets are protected. Have enough funds to ensure you won’t default on your payments. By looking ahead, you can find a way to gain measure of control over the future.
  1. Location is everything. When you choose a home, The Malay Mail Online says to pick a property that’s centrally close to everywhere that matters. A home that’s convenient and within easy access is a great investment for the future, especially if you’re thinking about its resale value. Convenience, after all, is always at a premium. And the property value is only going to go higher as the years pass by. It’s a win-win for you.

In Conclusion

 It’s always best—and wise—to use a money-saving approach in your home hunting sessions. By saving more, you won’t have to worry about your funds dwindling any time soon. Or you could raise your ballpark to include a pricier home, so long as it won’t put you in terrible debt.

 

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Updated: March 21, 2016 — 1:04 am

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