Buying a house for yourself would be such a dream come true for many people in this whole wide world because it would show that they have been progressing a lot in their own life. Plus, it is also one of the most important things that need to be done by them so that they would have a much more comfortable and stable life to live in. For all the first-timers in buying a house, there are a lot of things that need to be learned so that the process would be so easy.
Some important tips that new buyers should know when they are buying houses have been shared by a Twitter user that goes by the name Syahmi Talib. In the particular Tweet, he has mentioned all the 5 things that you guys really need to avoid so that you guys could have an easier process buying. It is indeed beneficial for all of you guys to know.
These are all the 5 things you really need to avoid so that you do not have a hard time when buying a house:
1) Does Not Take Care Of Your CCRIS/CTOS Records.
CCRIS/CTOS is an important document that banks look at when you apply for a loan. CCRIS will show you a record of payment of your commitment for one year. Make sure you have no arrears. CTOS is a credit record to determine a person’s creditworthiness. Make sure you don’t have bad debts or court problems. If you do not keep CCRIS/CTOS records, the bank will consider you as risky to be given a loan.
2) Debt Service Ratio (DSR) Is High
DSR is a ratio formula used by banks to calculate how many loans you can make and how many monthly installments you can afford to pay to the bank. If you have a lot of debt, the amount of your loan eligibility will be below. So the choice of house you want to buy will depend on the amount of your loan eligibility. Make sure your debt is low or increase your income before you want to buy your dream home.
3) No Proper Plan For Home Buying
Some of us do not have a proper plan to buy a house. For them, as long as they buy a house, having their own house is enough. Sometimes someone is influenced by friends. Because when a friend buys, he also wants to buy. They may not know that every house has a different value if studied from several factors. In fact, there are houses that can be used as an asset and there are houses that will only be a liability to the buyer. There are 2 types of buying a house, namely for settlement or for investment. There is also a house that can be used for both at once. Make sure you know the right property features to achieve your goals and not buy the wrong one.
4) Not Enough Knowledge About Real Estate
How do you know the right property features for your purchase? Of course, you need to seek knowledge about real estate. Don’t just know you want to buy it. This is important so that you can make smarter choices. Because the value of the house price is not small. Loans take decades. If you buy the wrong one, you will be easily confused and regret it later.
5) Not Doing Research
If you do not do research, you may doubt whether the house you bought is good or not. When you want to buy a house, you need to at least do a little research. You need to look at the area you want to buy, check the price, and compare house prices in other areas. Look also at the history of the area has been hit by floods or not. The research will usually take a little time but it is important to make sure you buy the right home. So before buying, study and seek knowledge first. InsyaAllah, you will not be disappointed if you have the knowledge to buy real estate.
Syahmi Talib clearly got a lot of knowledge that all of you guys could learn when you wanted to buy your own house. For those who are interested, you can join his class and learn about the knowledge of property for free. The free online webinar would be done on Sunday at 9.00 pm via Zoom. The link to join the class: Google Doc Registration.
Sources: Twitter Syahmi Talib.