If you are currently searching the market for a house in Singapore that you can call your very own, make sure that you take every necessary precaution so as not to make your first major purchase a mistaken one. Not everybody has the great fortune of being able to afford a new house, so it is important to be prepared for anything that may happen while you are hunting for the right property. Here are some simple pieces of advice that may help you find that perfect house in Singapore, from making a mental note of things you should look for in a house, to how you can still try to protect yourself in case you run into a legal mess with regards to your contract.
Factors to Consider When Buying a New House
There are many things you have to carefully think about when purchasing your first house. When you go and physically inspect the property, make sure to use your sense of smell to your advantage and figure out if there seems to be something wrong with the place. Do you smell anything that seems like signs of mold or perhaps something that has gone rotten? When you knock on the walls, do they sound hollow or do they break easily with little pressure?
Of course, you must not forget that you should be looking for a home that you are sure you can afford. According to an article on MacQuarie, you should figure out your budget by basing it on how much you can already repay in your present situation. One of the worst things you could do is to base your monthly budget on how much you are allowed to borrow from lenders or credit card companies.
Even if the offers may be tempting, resist the temptation to borrow the maximum amount of money that they will allow you to have. If you use up more than you can actually pay back at any given time, you put yourself in the very risky and possible scenario of building a long lists of debts that you may never be able to pay off.
Important Things You Must Include in the Contract
According to an article written by Ilona Bray on Nolo, purchasing your first home is nothing at all like buying an electrical appliance from a nearby store and returning it within a month in case there are any problems with the product. When you take part in a major purchase such as that of a house, more often than not you will be tied to the contract for life and cannot reverse it in any way, shape, or form the moment that you have signed it.
Knowing this, you may be wondering what kinds of contingencies you should include in your contract. One of the most common and important contingencies that you must have is what is often called a “buyer’s inspection contingency.” This means that you will only accept the house that is being offered to you if you are happy with the results of your preferred house inspectors’ reports. If your house inspectors notice anything wrong with the structure, often in terms of being not up to date with the latest safety standards, then you can try to ask the owner of the property to have all of these problems fixed. If the owner refuses to fix them but still insists that you should buy the house because everything is perfectly fine despite the concerning reports, then you should move on to another house for sale.
What Can Be Done if You Failed to Sign a Contract
You have heard the advice over and over again: do not agree to any business transactions without putting everything into writing and without having the contract signed by both you and the party. However, when buying a house for the first time, sometimes your excitement may get the better of you, and you may end up shaking hands on your first purchase without having some documented evidence to back you up. This may put you in a lot of hot water when you find out that your lessor is trying to charge you for more than you bargained for.
If you were able to discuss the sale of the house through digital means such as text messaging, e-mail correspondence, and faxes, you should archive and make back-ups of these documents as soon as possible, according to Marshall Lee on an article for The Self Employed. Do not, under any circumstances, delete them. While these may not be quite as succinct or specific as a contract, it should be enough to help tip the scales in your favor, especially if the issue escalates to the point that you decide you may have to bring the situation to court.
These are but a few basic things to consider when you start searching for new property to purchase and move into. A website similar to that of PropertyGuru Singapore can help you find a decent house for sale, one that will hopefully be in your ideal location and within your preferred price range. Regardless of what methods you use to look for your next home, make sure to keep all of the advice from this article in mind so that you can protect yourself in case things go wrong in any of your business transactions involving properties you are interested in purchasing.