Buying a Property
A property could be the most expensive asset you own, therefore making an informed decision always helps to determine the entry price to limit your downside risks. A professional real estate agent is equipped with experience, data and keeps himself up to date with trainings. He will be able to advise and guide you throughout the process and help you look out for the potential pitfalls. Sellers want to sell for the highest price possible but should you take it?
1. Engaging a Realtor
Many buyers view it as a simple process and prefer to DIY but they may not be fully aware of certain aspects, which could lead to a delay or result in overpaying for the property. Having a third party and an experienced property agent during viewings will help in keener observations and asking the right questions. And of course, he / she must have your best interest at heart.
2. Financial Evaluation
This is a necessary step if you intend to finance your purchase with a Bank loan or HDB loan. Due to the various financial guidelines (ie: TDSR, MSR, LTV) imposed by the authorities, the buyer should approach a Bank for an in-principle loan approval. It is not advisable to commit to a property purchase before you get an assurance from the Bank.
3. View with an open mind
First impressions do count but there could be bargains out there if you can view the property with an open mind. Focus on the layout, the surroundings etc and what the property will look like in future with your renovation ideas. Can it be your ideal home after a makeover? Then leave the rest to the realtor to negotiate on the price.