Buying a forever home is one of the biggest and most significant financial decisions, so it’s crucial you consider a few key factors before taking the step.
- Location – Find a property in a location that you frequent the most, such as schools, workplaces, friends and family and check the proximity to main roads and traffic peak hours
- The number of rooms – Consider your family’s needs and size to get an idea of the number of bedrooms you will require. An extra bedroom can function as an office, playroom, studio for hobbies or a home gym. It’s also helpful to have a spare bedroom for when you have guests visiting
- Kitchen layout – The space requirement for the kitchen depends on your frequency of cooking, family size and whether you wish to create a dining area right by the kitchen. That would define whether you need a large kitchen with ample counter space, double sinks and plenty of storage or if a modest kitchen will suffice
- Age of the house – Older homes may need you to invest time and money into repairs and refurbishment, while you will not need to worry about maintenance for brand new homes
- The price – Determine the price range you can afford and apply to get pre-approved for a home finance facility. Consider all the costs you will incur as a homeowner, beyond the cost of the property, and plan your finances and home finance facility payments accordingly
- The intention of the seller to sell – Some sellers put their homes on the market but aren’t in a hurry or extremely motivated to sell. In these cases, there is usually not much of a negotiating room on the price. However, there are times sellers are relocating jobs, moving out of the country, the owner recently deceased that motivates them to sell, increasing the probability of negotiating the price