By Property Hunter
clock 19-04-2022
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5 Questions You'll Be Asked Before Buying a Home

Buying a home is a big step, you'll be asked a lot of questions. The home-buying process is made easier when you are informed, but many people don't know the questions that real estate agents or mortgage lenders will ask. This article will give you an overview of the most common questions so that you can be prepared. We'll also provide information on how to best prepare for your home-buying journey.

1. What’s your budget?

It may be a waste of time to begin looking at properties before determining how much you can afford. Property taxes, homeowners insurance, homeowners association dues, ongoing house upkeep, and any modifications you wish to perform are all expenses to consider in addition to the purchase price.

2. Do you have enough for down payment?

Planning to buy a home requires a sufficient amount of money to make a down payment on the home. The amount of down payment that you require will vary depending on a number of factors. The minimum down payment for a home is usually 10% of the total purchase price. If it's within your budget, you're entitled to pay extra up front.

An earnest deposit is frequently used to cover the first portion of a down payment. In most scenarios, this is a non-refundable 2% deposit.

3. Your work history

If you are planning to buy a home, you need to note your employment history is important when purchasing property. To be considered for a house loan, you must present evidence of employment to the lender. This is to guarantee that your income is consistent. Creditors want a minimum of two years of job history to verify a consistent income.

This will assist you in being approved for a house loan as well as obtaining the best interest rate possible. We recommend that you give another source of income if you are unable to show an employment history.

4. What’s your ideal home?

When deciding on the home that you would like to buy, it is a good idea to take into account the location, the size, the amenities, and the price. You should also consider the type of home that best suits your lifestyle. 

Some people like to live in a modern home with high-end finishes and modern conveniences, while others prefer the classic style with character and charm. You will have to determine what is most important to you when it comes to home-buying, and then make a decision based on that(not forgetting your budget too).

5. Can you afford to pay the monthly instalments?

It is important to determine how much you can afford to pay each month before beginning the home-buying process. Most mortgage loans require that you make monthly instalments, which are the amounts that you pay each month towards the total amount of the home loan. 

The monthly instalment depends on your property purchase price, type of home loan you have whether it’s Term, Flexi, Semi Flexi, tenure of the loan and home loan interest rate. If you can’t pay the monthly instalments, you may want to reconsider buying a house.

We hope these questions can better prepare you before coming across your dream home at the PH Expo Hybrid 2022. 

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