Develop a list of what is important and what you would like in your new home. Your list could include schools, neighborhood, amenities, number of bedrooms, number of bathrooms, a basement, a separate dining room, family room, financing, nearby shopping, proximity to work or family, price....... the list goes on and on.
Prioritize your list into, "must have", "should have" and "nice to have." By having a clear understanding what you want in your new home, and the priority of those items, you will be in a much better position to decide whether you want to put an offer on a house that you viewed and interested in.
The Process of Buying a Home
Decide whether you want to buy a home with or without the services of a registered real estate agent
Start looking for a home in the classified advertisement section of your local newspapers. There are hundreds of homes advertised for sale in the newspapers listed by real estate agents.
Spot the advertisements of the homes located in an area where you want to live.
Read each of the advertisements to compare whether it describes the home you are looking for. Once an advertisement meets your requirements, make a phone call to the contact number advertised to get more information.
Another choice is to drive through neighborhoods looking for real estate agents' “FOR SALE“ sign. Once you have located the sign, you can call the contact number and inquire about the home.
Discuss with your agent and talk about your needs, expectations, time frames, and your financial considerations. Let the agent know if you are thinking about buying a new home, a pre-owned home or if you want to consider both. Let the agent know the area you prefer to live in and the amenities you are looking for. You also need to let the agent know the features you want. This is a good opportunity to bring out your list and review what is important, what would be nice to have, and what you can live without.
If you are a first time buyer, the agent should also review the entire home buying process with you at this meeting. Your agent should also set you up with a lender to get pre-qualified.
You can go to our "Calculator " section to use our pre-qualification calculator to help you determine how much you can afford to spend when buying a home.
Getting pre-qualified tells both you and your agent how much you can afford to spend, which is an important first step upon looking for your home.
Why should I stick with one agent?
A highly skilled, professional agent will have the negotiation skills required to ensure you with a winning purchase and also to avoid any problems. This can bring a difference in thousands of ringgits.
If you choose to use the services of one agent be sure not to ring other agents as once you have contacted an agent in regards to a particular property, your own agent cannot represent you in regards to that property. This is a rule between agents to protect their own business.
The agent you selected is working hard to find you a suitable property. He or she will be working for nothing if you unintentionally bypass them. The easy answer is to contact the agent you selected about any property you see or hear about, as they will be able to procure conjunctional rights with other agents.
You get the professional representation you deserve from the agent you selected and fairly, the agent is able to earn a fee for his or her service without worrying about you going elsewhere. The seller usually pays the professional fee. As a buyer it means you can have the services of your slected agent and it will cost you nothing.
Finance for Your Purchase
Do not over-commit yourself financially and as a rule of thumb, you should check that your total monthly financial commitments (including your home loan repayment) do not exceed a maximum of 35 per cent of your monthly income.
The amount you can borrow is measured by your income, other financial commitments and the size of your cash deposit available. In addition, you will need to set aside an amount to cover the normal additional expenses in purchasing a property, like legal fees, stamp duty and valuation fee.
The level of finance for housing is directly related to the level of interest rates and these rates are very competitive between lenders. This competition means that the borrower can take advantage of the most competitive rates and most suitable loan packages on offer.
The source of your finance will depend on the size of your cash deposit and your ability to satisfy the various requirements, which govern the lending of the respective financial institutions.
Be prepared to provide evidence of your deposit saved, taxable income and other commitments. This will assist in establishing the exact amount you can afford to borrow.
Choosing the Right Property
The choice between a landed and non-landed property unit will depend on your requirements and also your lifestyle. A young business couple may well decide to purchase an apartment or condominium, because their busy lifestyle does not allow time for gardening and outside entertainment during the day. An elderly couple may be better advised to purchase a landed unit (with no steps), because of the safety and security factor with near neighbourhood.
Determine the amount you can afford to spend and the type of property you would like to purchase.
Decide on your choice of location that has properties for sale in the style and price range you can afford.
Inspect properties that meet your basic requirements and try not to let emotion guide your ultimate decision to buy. The number of bedrooms, proximity to your employment and the structural condition of the property are all of vital importance and should not be overlooked in the buying process.
Place your confidence in your trained and experienced Richland Negotiators, who will welcome your honest comments on your likes and dislikes of the properties you have viewed. Given this adequate feedback, your Richland Negotiator will be able to guide you towards your vision with the minimum fuss and delay.
Viewing A Home
Look at the kitchen, master bedroom, bathroom, closets, layout and etc. Take your time to view every area of the home.
Talk to your agent about what you like or dislike. This will help your agent to refine their home search and speed up the home searching process.
When going through the home make note of items you are concern about or would like some repair works. Remember that all homes will have some defects.
When you are going through the home it is a good idea to compare the home to your list of priorities. How does it match? If it matches well and meet most of your priorities, buy it!
If you have a Richland Negotiator working with you, it is not uncommon to only go through a few homes before you find the right one. With a Richland Negotiators who truly understand your needs, you do not have to go through a dozen or two dozens of homes. Again we emphasize, if it is the right house, buy it now. You never know if there might be another buyer may be getting ready to submit an offer.
Negotiating Your Purchase
When you have viewed a number of properties for sale in the location of your choice and in your price range, it is a relatively simple task to compare these values to the ultimate property you have decided to purchase.
Once you have made a decision to buy, don't waste time contemplating the purchase if the price seems realistic in comparison with others you have viewed. Statistics show that properties listed at an asking price closest to their ultimate sale price, will be sold within the shortest possible time.
Any agreement to purchase property must be made in writing and your Richland Negotiator will guide you in completing the necessary Letter of Offer and Acceptance.
It is customary for the written offer to purchase to be accompanied by at least 2 % of the purchase price to bind the deal. A genuine vendor will expect a deposit to confirm the acceptance of your offer.
The Agreement to Purchase
Once completed and signed by both parties, the Letter of Offer and Acceptance becomes a legally binded contract on the vendor and purchaser of the property.
The Letter of Offer and Acceptance protect both the purchaser and vendor as follows:-
The property's legal details, purchase price, earnest deposit and final settlement date are noted.
Space is provided to list any number of special conditions requested by the purchaser or vendor, which becomes part of the legal contract.
Getting Legal
Once your offer is accepted, you are requied to contact your solicitor with all the relevant documents.
Your solicitor will undertake legal searches investigating to ensure you're obtaining clear title to the property. This can be a complex and time consuming task and you should ask your solicitor for an indication of the time involved.
If all is well, you now sign the Sale and Purchase Agreement and pay a down payment of 10% of the purchase price (less the earnest deposit paid).
Settlement
The final step is the settlement of balance 90% of the purchase price when the legal requirements on transfer of ownership completed by your solicitors.
The house is now yours (and the bank's if you took a bank loan) and you can take occupancy.
We partner with customer to generate revolutionary ideas and creative solutions for your need. If you intend to purchase your dream property and would like our assistance, please contact your friendly Richland Negotiators at (603) 8068 3141 or here.
Let Us Personally Search for a Home that Matches Your Criteria Without Any Obligation
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