Buying a house is one of the most significant financial decisions you will ever make. When you decide to buy a house, you should consider the factors that will affect your current and future financial situation and lifestyle. Here's a checklist of factors you need to think about while buying a house.
1. Location
When buying a house, location is arguably the most important consideration. No matter how the real estate market fluctuates in the future, a superior geographic location will still be an asset. For example, you can make an ugly house attractive, but you can't make a bad location better, but a well-located property is still a profitable investment. It is best to find a place near the work place, which can save you time and transportation costs.
2. Green open space
This is also an important factor to consider when buying a house. Before buying, you may go to the area and take a look at the surrounding environment, trees, other houses and landscapes. The green and open environment around the house can greatly affect its attractiveness to you and future buyers. Priority is given to locations with beautiful scenery and beautiful environment for children to grow up. Similarly, the topography is also important because the houses at the highest point in the area have good drainage and usually have a good view.
3. Schools and Colleges
Every parent desires for their children to go to a great schools or colleges. Buying a house near a good school or college will not only make your life easier, but it will also increase the value of your home. Even if the house is a little more expensive in this area, you can be sure that the resale value will be significantly higher. Furthermore, houses near schools or colleges will be rented out and will remain rented out in the foreseeable future.
4. Size
One of the key to choosing your dream house is determining how much space you actually require. Buying a house that is too small for your family will force you to constantly rearrange the space to make it work for you. Similarly, buying an overly large house will not only distract you, but it will also boost your costs significantly.
5. Budget
Of course, the budget for buying a home is very important, and it may be a decisive factor for everyone looking for a property in Malaysia. When buying a house, you need to find out what you will be charged. First of all you must make sure that you have a 10% down payment. In addition, other additional costs such as legal fees and stamp duty need to be considered. If you want to buy a house with a loan, most banks in Malaysia generally provide a loan of about 90% of the property price for your first two residential properties.
Source:
Fastrepay. (2017, August). 7 Factors to Consider When Buying a House. Fastrepay. https://www.fastrepayhomeloan.com.au/7-factors-to-consider-when-buying-a-house/
Property Guru. (2019, March). Here Are 6 Factors You Need To Consider When Buying A Property In Malaysia! Property Guru. https://www.propertyguru.com.my/property-guides/6-factors-when-buying-property-malaysia-12411