Home Sweet Home – Guide for the First-Time Buyer

Buying a home is a long term investment with good returns as it appreciates over time.

Buying a house requires a thoughtful and careful planning.

There are several things to bear in mind when choosing your ideal home:-

1) starting off by investing and savings to be able to pay for the deposit (10% of the balance purchase price)

2) Get to know the latest interest rates by the local banks.

3) Check out if you fit the criteria for My First Home Scheme and PR1MA (schemes offered by the government)

4) Finding an agent to help you out in choosing the right house for you, depending on the home type, location, and the estimated budget.

5) Researching on banks and their interest rates, which may range from 4.15% up to 5.30%.

6) Methods to reduce your monthly installment:a) Placing a larger sum of money for the down paymentb) Do more research on the loan packages, and what terms are being offeredc) Making request from the bank to extend the loan period

7) Preparing additional cash for miscellaneous charges, be it for legal fees, agent commission or stamp duty.

This procedure may take up to 3 months.

For further reading: http://ellychen4.svbtle.com/home-sweet-home-guide-for-the-firsttime-buyer