Property Buying Guide

Buying a home is one of the big financial decisions in your life. The house can be a valuable asset if the purchase and renovation process is well planned, as well as right decision making in terms of financing and house location.

Things that need to be considered in buying a house:

1. Calculate your purchasing power by considering the amount of your savings and ability to pay the down payment, as well as administrative costs, notary, taxes, and other costs.


2. Calculate your expenses and household budget, then set a budget for house purchase and loan repayment


3. Think about daily lifestyle and consider type of home that is suitable for you.


4. Ask your family or acquaintances if they know any real estate agents and lawyers who can be trusted.


5. Choose a home. Here are things that need to be considered:
   a. Flood-free location
   b. Location which close to your workplace
   c. Safe environment around residential areas
   d. Public and commercial facilities nearby such as markets, schools, malls, hospitals, places of worship, etc
   e. Buying from a reputable developer
   
   
6. Things you should know before bidding:
   a. The home is worth buying, which is not overpriced
   b. Legal status of the property
   c. There is no dispute
   d. Area development plan such as roads, new houses, etc
   
   
7. If you buy a house directly from developer, make sure the payment schedules is clear and is agreed by both parties.


8. If you buy it from resale market or not directly from the developer, normally you will be asked to pay a deposit in advance. Before making a deposit payment, make sure your mortgage is approved by the Bank. Prior approval of your mortgage, you should make a Sale and Purchase Agreement with the seller in front of a notary stating you will pay off the mortgage down payment after approval from the bank.