HOW TO CHOOSE HOUSING PROPERTY

Choosing housing property can be very tiring when you need to consider many factors such as the size of the house, number of bedrooms, the distance to your workplace, the distance to your children schools and many more.

There are four different types of house that you need to know when choosing to buy housing property:

i. Buying a new house
ii. Buying second-hand house
iii. Buying a renovated house
iv. Buying house from auction

1. Buying a new house
There are many advantages when you buy a new house. Since it is new, thus the maintenance cost is still low because most developer provides new houses with at least 12 to 24 months guarantee. It is up to your own creativity to upgrade the current basic situation of the property in order to make it more valuable in the future. Bear in mind that these new housing properties are usually more expensive and you need to consider for financial condition before deciding to purchase it. Compare the packages the developers offered. You may get better bargain between the freehold property and the leasehold property. Make sure also the developer has a good report and testimonials from their previous customers.

2. Buying second-hand house

When buying this kind of housing property you might need to bear high cost renovation for the property. Thorough examination and search are needed when you plan to purchase this property. You need to understand the current value of the property as well as the quality of the property.


3. Buying a renovated house
Buying a renovated house could be an extra advantage for you. As this kind of house usually has been renovated by the previous owner, thus it would be easier for you to move in without having to renovate it again. When you choose to buy this kind of house, try to make some market research on the actual value of the house. Note that the value of the renovated house might be higher from the value of a second hand not renovated house. If you could deal a good price for the house, why not go for it!


4. Buying house from auction
When buying this kind of property, you need to have a good financial background since you may need to have at least 10% of the house real price during the auction. Some property investors are interested in this kind of investment because they can buy the property at cheaper price compared to the market price. This type of property has the potential to be more valuable in the future thus it is good for future financial investment. Keep in mind also as this kind of housing property is cheap it might also come with other problems such as previous owner arrears which you need to settle before you could legally buy the house.