Like many homeowners and potential homeowners, you are probably researching trying to get every bit of information you can about purchasing a home – what you should be on the lookout for in a house and its location, the kind of financing options available to you, what you should ask sellers, and the like. You have gleaned a long of information and learned a lot, but it is the stuff that you miss and probably did not expect in the process of owning a home that you will remember most. Here are five of the biggest ones.
For many, home ownership is an obvious choice. Like education, getting married and having kids, many people have grown up believing that owning a home is the most reliable investments that one can make in his or her life since it is a scarce commodity whose demand is growing annually in Thailand. After years of paying rent, you have finally agreed. Why give the landlord all that money when you instead put it towards your own home?
Many people might think differently and chose to rent instead of owning. Depending on your location and lifestyle for the next couple of years, renting may actually be a better option for you. Both renting and owning a home are great choices once you have run your numbers depending on your situation. However, do not buy a home if you:
- Are told you that it is what you are supposed to do
- Think it is a great investment for the future
- Think you will get married and have kids and you require space for your hypothetical future
- Think it will provide you some sort of idealized suburban life
- Are in competition with someone else in your life
Only buy house at Property Guru when:
- It truly makes financial sense and you are excited to deal with the challenges homeownership will bring
- It is a better financial decision compared to other options available to you
- Because that is what you want to do and can handle
If You Choose to Buy, Save for Years
Purchasing a home is a big financial undertaking. Apart from the traditional effort and time it takes to sell a house compared to ending a rental agreement, homeowners are, in reality, at the mercy of the housing market. If you plan to own a home, know that it is a long-term, rather than short-term, decision whose gains are not a sure gain.
Only Buy What You Might Need
A popular home buying strategy is to get a starter home that is rather small, affordable and targeted towards first-time homeowners. Then they would move on to bigger houses as their family and income grew. This is a great strategy, but with a few gross assumptions. For starters, you will require a decent-sized house because you have no idea how much space you will need a in a couple of years – especially if you are thing of starting, growing and living with an existing family. You probably do not want to live in a 2-bedroom house and suddenly you have triplets and elderly members of your extended family are living with you.
On the other hand, if you buy too much space, you will spend more money on taxes, energy and maintenance than you should. In addition, just like water flows to occupy all available space, so too will junk in a larger home.
While deciding the size of home you will purchase, less will probably be better – especially if you have rooms in the house that are multi-purpose. For example, the unfinished attic or basement can be converted into an extra bedroom or an office.
Negotiate, Negotiate and Negotiate With the Seller
Make sure you learn more about the negotiation process while purchasing a home – how much should be put down as deposit, what you can push for and others. Depending on how comfortable you are with homebuying in Thailand, engage the services of a buyer’s agent. Carry out your research so that you know how much your agent should push for and do not be afraid to push for more if needed. Even as you enlist the services of a professional to buy a home, you still need to ensure that they are really doing their job.
If You Are Not Happy, Walk Away
After months of looking at the market, you finally find one and decide to buy a house on DDProperty. Then begins the long process of transferring the house to you and eventually you become emotionally attached to it. Home renovators know this and they will ask you what kind of cabinet colors, kitchen faucets finish or grout color you want. It is important that you do not become emotionally attached to the property until all the paperwork is finalized. View this as the biggest financial transaction you are making that will also impact your lifestyle. Once you have papers signed and keys handed over to you, think of the house as your home.