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Buying a property may look like a daunting and downright scary process, but fret not with these ten steps you are sure to get that process attainable and help you make the best decision to secure that house you like!

 

Step 1: Research, research and research

Start scouting for the houses that you prefer. Look for real estate listings in Web sites, newspapers, and magazines. Pay attention to the trend of prices of that type of house and for that particular area.

 

Step 2: Understand your finance

Take a hard and honest look at your bank account and decide on a budget range. Now, this is crucial. Why? Because lenders usually call for purchasing a house that does not exceed three to five times your household income, to make you able to at least reach a moderate amount for other debts. Check whether you can afford the 10% down payment, because the bank will only lend you the rest 90%.

Sure, we all want that picturesque house that looked like it popped out from a postcard but let's be honest you have tons of other bills to pay too- so be wise.

 

Step 3: Get pre-qualified and pre-approved

Before you start calling dibs on any house, you have to first know how much you can actually spend. Provide some financial information to your mortgage bank, such as your income, savings and investment. The bank will assess it and let you know how much they can lend you. This will provide you a window of price range on the properties that you should be scouting for. The bank also can pre-approved you for credit by checking your financial and credit status.

 

Step 4: Find a real estate agent

A real estate agent will help you in every step of the way to make the process of getting your desired home easier. You can choose to work on your own (or hire a lawyer) of course but they can help a lot with legal tasks like preparing a home purchase contract. Their insight on home buying can be very helpful to you. That being said, make sure you check the background of the agent. Ask them for their real estate negotiator number and the name of their real estate company. Make sure it is a licensed and reputable agency. This will reduce the chance of you getting cheated- or if you do, you can report to the stated company straight away.  

 

Step 5: Scouting for homes

The tiring process begins now (pro tip: wear your comfy shoes)! Start viewing for the houses that is within your price range. Take important notes and pictures (even videos) as you go along (you will view a lot of houses and this will help to avoid mix- ups). House viewings can be over before you know it so be conscious of everything. Don't be scared to ask questions. Check the little details like leak spots and cracks on the walls, the efficiency of the plumbing and eletrical system, and try the windows and doors to make sure they work properly. Evaluate the neighbourhood as well, the maintenance of the area, the security, and the facilities provided to name a few.

Take as much time you want scouting for the right house. Once you have found your ideal home, be a little prudent and negotiate your way through according to the house condition and the area that it is in. Compare prices and know the best deal in town. Once you and the seller have agreed on a price, you will need to sign a standard documents and pay 3% earnest deposit.

 

Step 6: Select your loan

Your mortgage bank will have a wide variety of loan packages and with the help of the mortgage banker it's up to you to choose the one that best suite your repayment profile. Every buyer have their own reason to choose certain types of mortgage. Evaluate yours carefully; do you want a low monthly payment plan? Or the one that is not increasing forever? Or if this is just a transition home and you will be moving out in a few years.

 

Step 7: Renovations and cleaning up

You want a house that feels like a home. Get your contractors and interior designers at the ready and discuss with them your renovation plans. Check out multiple home services provided by companies and decide on your desired style.

 

Step 8: Organize and coordinate your paperworks

Undoubtedly, there is a lot of paperwork involved in buying a property. Thus, you need to make sure everything is tally with the other. Although the bank will engage the company to sort out the paperworks but double check everything. Make sure the seller is the owner of the house which you are buying.

 

Step 9: Closing the deal

Once all the paperworks has been settled properly by your lawyer, you can make an appointment with the seller to get the keys for the properties. You also have to pay for additional costings like legal fees, 6% government service tax charged to real estate agent's commission, stamp duties and so on.

 

Step 10: Moving in!

The most exciting part. Pack up your stuff and move into your new abode! Good luck (:

 

Written By : Nawal Safra binti Sharif Fisalluddin

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