Here are some additional expenses that come with buying a home : water , electricity , property taxes , home owners insurance , gardening , maintenance or security fees , home maintenance costs for when things break ( and they will ), furniture to fill the home , a washer and dryer ( now that you don ’ t have those nice laundry facilities ) and all the kitchen appliances that were provided in your rental home .
These expenses fluctuate on a monthly basis , so you must set aside a little nest egg : — Does buying still seem enticing ?
Hire a Buyers Agent
If the list of expenses I mentioned earlier doesn ’ t scare you , and you still feel ready to buy , then hire a very reputable buyer ’ s agent .
These are real estate agents that are meant to solely represent you and help you negotiate the best possible price . These agents are supposed to be professionals and highly skilled at negotiating .
There is only one cautionary tale when it comes to buyer agents — they are only human so , of course , their own financial gains are also being taken into consideration . This means that the more you pay for the home , the more the agent makes in commission .
You need a buyer ’ s agent to help you negotiate , but their sole goal may not be to get you the lowest possible price . It is best to politely , yet firmly , push for the price you want and then have the buyer ’ s agent negotiate for this price .
In other words , don ’ t go into this blindly and assume the agent will do all the work for you . You need to be your own proactive advocate when it comes to the negotiation process .
I would suggest looking at agents from reputed firms such as Knight Frank , Zerin Properties and REMAX Malaysia . I know some big shots from these firms and they are very genuine agents .
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There is nothing worse than living in a glorious home that is devoid of furnishings because you are too broke to buy a couch . Getting a great mortgage rate can make monthly payments a little less harsh ( and hopefully allow you to have some money left over for furniture ).
In order to get a great mortgage rate , it is best to get your credit score as high as possible before pre-approval . Some people swear off credit applications a year before buying a home to increase their score . Of course , it also helps if you pay all your bills on time .
There are numerous online calculators , such as the one we have on our website www . property360digest . com , that helps you calculate just how much you can really afford . Many websites also suggest that you “ try before you buy ”.
Here ’ s a tip I normally give during my talks to first-time-homebuyers - before buying , try setting aside the monthly expenses for the home you plan to buy ( minus what you are paying now in rent / mortgage ). If you can pull this off for a few months , then you ’ ll have a little nest egg , and you ’ ll know that you can probably afford the monthly payments that come with the new home you want .
Don ’ t be Afraid to Walk Away From the Deal
There are some tough negotiators in this world , and it can be hard to seal the deal when one person is unwilling to budge .
If negotiating has come to a standstill , don ’ t be afraid to walk away . Yes , you love the home and you already pictured yourself living in it , but it ’ s not worth it if you end up paying more than it ’ s worth to you . You will live to regret it , forever thinking , “ I should have stuck to the price I wanted ”.
Sometimes walking away is the best way to motivate the seller to agree to your terms . In the end , whoever is willing to walk away is the one that holds the negotiating power .
Go into the deal knowing what your final price is - and stick to it when negotiating .
Home ownership is not for the faint of heart . It involves a lot of stress and worry over money . The better prepared you are financially , the better off you will be when it comes to owning your own home . Seek advice from a knowledgeable buyer ’ s agent and arm yourself with as much information as possible before going on house tours . If you need more home buying tips , check out or websites . If you need some agent recommendations , drop me an email .
# These pointers above are just tips and recommendations . For better advice , please speak with the relevant authorities . Thank you .