Buying your first house involves meticulous planning and consideration. You could start by establishing your budget and analysing your monthly income and expenses. Ensure that your housing costs do not exceed 28-30% of your gross income. Save at least 20% of the property’s value for a down payment and factor in additional expenses such as stamp duty, registration charges, and maintenance fees. Select a location that offers good connectivity to your workplace, schools, and healthcare facilities. You could also consider aspects such as safety and future development prospects that might enhance property value.
When choosing a house, focus on details like its size, layout, and essential amenities such as parking, security, and water supply. Make sure that it meets both your current needs and future growth potential. You could assess your finances and apply for a Home Loan. Consider options like Home Loan Balance Transfer to secure better terms and interest rates. Moreover, if you’re planning for repairs or renovations, you could also get a top-up on your Home Loan. Before finalising the purchase, review contracts and property titles with a legal expert to ensure everything is in order. Additionally, account for hidden costs such as property tax, legal fees, and maintenance. Verify the property’s legal status and compliance with local regulations to ensure a smooth and secure transaction.
Determine your budget by carefully analysing your monthly income and expenses
Make sure that your housing costs are not more than 28-30% of your gross monthly income
You might be required to save a minimum of 20% of the property’s value for your down payment
You could choose a location with good connectivity, safety, and potential for future growth
Focus on essential features like size, layout, and necessary amenities of the house
Assess your finances thoroughly and apply for a Home Loan if needed
You could consider a Home Loan Balance Transfer to secure better terms and interest rates
Utilise a Home Loan Top-Up option for any required repairs or renovations
Be aware of hidden costs such as property tax, legal fees, and maintenance
Verify the property’s legal status and compliance with local regulations before finalising the deal