1. Have enough money.
You can either get help from family (which is not advisable) or apply for a bank loan. Spend wisely and cut down on unnecessary expenditure.
2. Mortgage should not be more than 30% of your monthly income.
It is best to keep your mortgage lower than 30% of your monthly income, so that you will have enough cash for the rest of the expenditure that comes with a house. Also, you have a life to live!
3. Do not buy a suburban house with an aim to save cost.
If you are working in the city, a suburban house is a terrible choice. Imagine the hours spent on commuting to and fro to your workplace, energy wasted, traffic congestions, toll charges and petrol fees, it’s really not worth it in the long run.
4. Convenient facilities
One of the main factors to consider before purchasing your house is to ensure that the environment and facilities available suit your needs. Amenities such as convenient store, mall, restaurants, bank, kindergarten, school, clinic, hospital and post office are a must.
It is best to form good relations with your neighbors as they are the ones closest to you. If possible, try convincing your family members and friends to buy houses that are in the same area as you.
6. Value of the house.
Even if you do intend to live in the house rather than renting it out, buy a house that guarantees a rise in value in the future.
It is best to invest in a house that has schools around. Although it might not be necessary at the time of purchase, but it will be too late when you realize schools are too far away when you need it.
8. Do not overspend.
Although investment is costly, it is wise to bargain for the best price and buy the house that suits your needs rather than an expensive house.
Ensure that the housing area is fully fenced and there are security guards patrolling consistently.