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8 Steps to your first home! Dec 9, 2019
8 Steps to your first home!
Owning a house you can truly call your own is a dream that everyone has. Once you have your own set of car keys, the next set of keys you would surely hope for is the one to your very own home.
However, homeownership is a big responsibility! The whole process is long and daunting, and where does one even start?
Well, fret not! We will be giving tips on the eight essential steps to help you obtain your dream home!
1. Are you Ready?
Now we know most of you would be thinking, ‘What do you mean I’m ready?’, ‘Of course, I am!’, or ‘It’s the reason why I’m reading this!’ going through your thoughts but hold your horses there! As much as we understand your hype, homeownership is not a small matter. It does not come cheap with additional costs such as taxes and insurance related to the house, so necessary finance is essential.
Ask yourself, are you truly ready to own your own home? Did you settle your debts? Do you have enough emergency funds?
If not, wait till you are financially prepared, or you might find yourself in a sticky position in the future.
2. Loan shopping!
Before buying a property, you will need to get preapproved for a mortgage. Unless you have the financial muscle to pay with cash upfront, you will need to secure a loan to help pay for your home. So start shopping for a loan with good terms! If you are not sure, you could look for a mortgage broker or the help of a local bank or credit union.
Once you have settled for a loan with the best rates, you can start buying a house.
3. Which payment options and loan types?
Many of you might be baffled at the numbers of different payment options and loan types when it comes to a mortgage, causing you to wonder which should I get? What we recommend is a fixed rate of 15 – 20 years loan. It allows you a low rate which would be easier to settle by the chances that you might need to move or the market drops in the future.
4. Honesty to affordability
When you purchase a house, it is good to determine how much you could afford. Biting off more than you could chew on your mortgage may prevent you from meeting your daily obligations much less save for retirement. One way to know how much you can spend is to keep it to 25 – 30 percent of your mortgage, insurance and taxes, or a limit of 2 ½ times of your annual salary.
5. Good Realtor
Once you are preapproved and determined your affordability, find an excellent realtor! You can get it through your friends or colleagues. The realtor will aid you in finding a suitable home for your needs. Providing you with recommendations and explanations of the market.
6. Home Inspection!
Have you chosen a home? Time to call a home inspector! Unlike an appraisal, home inspection looks for hidden issues within the house before purchase. It allows you to negotiate for a lower price if the house needs significant repairs. Look for an independent inspector to help you check. This would save your money from repairs later on.
7. The Wait
When your bidding is done and offer accepted, all is left is the wait for the escrow. All the documents, information and money, are handled by the escrow holder to protect all related parties within the deal. The completion of the escrow varies depending on the circumstances of the purchase. Once done, you can finally sign the closing papers and get your home.
8. Closed? Time to move in!
Done with signing the closing papers? Time for you to move into your new home! While you furnish your very own lair, remember to update your address with your bank and other accounts to avoid incurring late fees. If you are lucky, you could even get some waiver in installation fees from some companies. Therefore, remember to transfer your old account to the new address of your very own home!
Des Prix Infinitus Media Business Networking Party was held at The Ritz Carlton Residences, KL on 21st November 2019. Nov 22, 2019
Des Prix Infinitus Media Business Networking Party was held at The Ritz Carlton Residences, KL on 21st November 2019. The event is a social set where elites of different industries mingle about throughout the prestigious lounge. A gathering of the corps d'elite of the society, one can get the buzz of the latest scoop or high-end tales. Graced with many entrepreneurs and leaders of different sector and business ventures, we hope to see you all again in the next event!
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Leadership Excellence Awards - K Anandraj Nov 21, 2019
Yearning for industrial recognition and building network with like-minded entrepreneurs? Get yourself nominated at the upcoming Des Prix Infinitus Media Leadership Excellence Awards.
Visit https://www.leadershipexcellenceawards.com/nomination-form to nominate now!
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