• Luxury Home Trends

5-Tips to Invest in an Affordable Home

Updated: Jun 22, 2021

Today real estate prices have sky-rocketed in that people with low to middle incomes are unable to purchase real estate. However, there is always a possibility of purchasing your dream home, if you consider the following.

1. Never look for attraction and charm

When a person invests in real estate in the form of a residential unit, there is called a “home”, it is an investment that is made only once in life. It is natural for people to want the best for the family. While trying to reach for the stars you will no doubt overshoot your budget. Never look for luxuries such as swimming pools or basketball courts. Look for a property where you will feel relaxed and happy with your family. Be mindful to have a budget and never exceed it.

2. Location

It is a fact that real estate away from the hustle and bustle of the city are cheaper, but sometimes purchasing cheap may not be the correct decision, if you have to commute a few miles extra from your present location, to office or school. Carry out a bit of research before you make any commitments.

3. Complete Homes

Always be aware that a completed house and property is the best investment. Don’t move into a home that needs even the tiniest of repair, as again unknowingly you will be exceeding your budget and may have to dive into your savings. There are many properties that are complete and affordable. Always have a building Engineer inspect your potential house and property for any hidden “secrets.” Remember that the foundation of the house and property is not something you can physically see, but needs to be inspected by a professional who will submit a report to you and also tell you whether the property is safe to purchase.

4. Banking Facilities

Prior to committing yourself to a particular Bank, conduct a research on about 5 banks and check on your interest rates, repayment schedules etc. Once you pick the offer you think is best and proceedings commence in negotiating terms, always be direct with your bank. Tell then what you need. The most important of all is when you sign the agreement. It is a common fact and a known one that borrowers simply sign the end of the agreement without reading through. Always ask for a copy of the agreement so that you can go through it and see whether there are any hidden factors that are beneficial to the lender and not the borrower.

5. Watch out for “Deals”

In today’s corporate world, employees can be transferred to different locations in a matter of

weeks and this is where the “deals” can be found in real estate. People will be quick to sell house and property at the price they purchased it, as moving is on the cards with the change of location in jobs.

“Move into your dream home at an affordable cost”

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