Buying a new home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements. Therefore, you should be very cautious because this will determine whether you will regret or be satisfied with your decision. While preparing to buy your first home, there is nothing more important than organization and planning. This can be very scary financially, but with the right preparation and research of the local real estate market and MAYBE with the right property consulting company behind your back, purchasing your first home will not seem like a daunting task. Below are some advice you should consider before finalizing your decision to buy your first home.
1. Determine if you are financially ready to buy a home
The most primary thing you need to think about before buying a home is to make sure that it’s the ideal time to do so. Before going to the showroom of your dream condo, Borey or apartment, you need to be prepared for both the purchase and the ongoing expenses of purchasing a home. Below are some financial tips that could be important in your decision to buy.
● Take a serious look at your savings
This is very crucial because when you buy a home as there will be a substantial upfront costs including the down payment and closing costs. Savings are needed not only for the previously mentioned costs but also for the emergency funds as well. So, you need to make sure that you’re absolutely ready to go through all these processes.
● Review your spending
Knowing exactly how much you’re spending every month and where it’s going can help you to keep track of your expense and review whether or not you should cut down or reconsider on what you need to spend on. This review will calculate how much you can allocate your budget to a mortgage payment. You need to make sure you account for everything such as utility bills, food, car maintenance and payments, clothing, entertainment, retirement savings, regular savings, and any miscellaneous items.
2. Which type of home will best suit your needs?
You have plenty of options when it comes to purchasing a residential property in Cambodia: a villa/shophouse in Borey, a condo unit, a single-family, a multi-family home and so on. Each option has its pros and cons depending on your homeownership goals, so you need to decide which type of property ideally suits your demand and actual requirements. Locations, facilities, price range, the developers’ reputation, nearby amenities…etc., are some of the factors that you should take into consideration before buying.
Check out residential options that you can buy below
3. Who will help you find a home and guide you through the purchase?
A capable property consulting agency with their skillful and experienced property advisors who have local real estate market knowledge and understand intricate processes of homebuying will help you find your perfect homes that meet your actual demands and are in your current price range. Once you’ve chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. A good real estate agent’s expertise can protect you from any pitfalls you might encounter during the process. Pointer Property is leading tech-enabled real estate company in Cambodia pioneering in the application of information technology. We will will help guide you through all these processes with safety, convenience and reliability.
4. Have your home inspected before buying
Even though the home you’re planning to buy appears to be flawless, there’s no substitute for having a trained professional do a home inspection of the property for the quality, safety, and overall condition of your potential new home. You don’t want to be faced with the headache of performing a lot of unexpected repairs. If the home inspection reveals serious defects that the seller did not disclose, you’ll generally be able to rescind your offer and get your deposit back. Alternatively, you can negotiate to have the seller make the repairs or discount the selling price. That is why seeking for the professional help from a reliable Property Management Company is crucial at this stage. Besides being a Property Consulting Agency, Pointer has also been one of the leading Property Management Companies in Cambodia having managed PS Crystal Condominium, Urbanloft Condominium and recently Borey Bakong Village. If you would like a capable Property Management Company to do a home a inspection for you before you finalize your decision to buy, then look no further other than Pointer.