Did You Consider These 5 Factors When Buying a House?

housing loan rhb

There’s no denying that buying a property or a house is a daunting task. It’s even more stressful if you’re a first-time buyer, and you know absolutely nothing what to expect! For example, how do you find a property? What are the things to consider when browsing for a home? Do you need to get a housing loan?

Here are some issues you should be aware of when you’re buying a home for the first time:

Location

Where the house is placed is very crucial, and its importance varies depending on your lifestyle choice. If you’re interested in looking for a home in a location that has easy access to public transport and highways, it’s very likely to cost a lot of money. Houses in places such as Kuala Lumpur, Penang, and Johor Bharu are expensive, but they are popular in demand which means a higher return from your property investment.

Your budget

Without a doubt, buying a house requires a lot of money. It’s no surprise that people who don’t plan may find themselves in massive debts.

Before deciding on a property, obtain an in-principle approval from the bank. Buyers should also consider which financial responsibilities they can handle and find properties and location they can afford.

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Condominium or landed property?

Not everyone has the means to purchase a landed property as a first-time buyer. The prices for landed properties are higher, but the benefit of individual title for each property can be available immediately.

Meanwhile, the title for a condominium or an apartment is often delayed and may affect the speed getting your home loan approved.

Developments in the future

Families looking forward to settling down have to keep this factor in mind while searching for a house. Community development in the area may occur that will have an impact on your life in you’re planning to stay long-term. For example, a new shopping mall will cause an increase in traffic flow and affect the way you commute to work.

The reputation of the developer

Another factor you should look out is the track record of the developer. Check if the developer delivers on time and with high quality. Buying property from an untrustworthy developer may have terrible consequences, and that is a risk you shouldn’t take.

Final thoughts

If you have any confusion or doubts regarding buying a house, don’t be afraid to seek professional advice from experts, property owners and property agents.

Need a loan to buy a new home? Visit https://www.rhbgroup.com/laos/products-and-services/islamic/rhb-housing-loan!

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