Taylor and Khoo is a one of its kind home wares and fashion label whose main aim is to create income and donations for the disadvantaged people's group in Cambodia. They have taken this initial to make home buying more understandable to everyone.
It's funny how newlywed couples always think of buying a home as their first priority.The thought that they have is not funny but what is funny is that considering their financial position they may not really be ready yet to take the plunge. A house purchase is no small deal; it's probably one of the biggest commitments that one can ever make. There is no such rule that if you want to buy a house you don't need to have any money absolutely, in fact you will require some ready cash. 100% financing is next to impossible these days. Newlyweds need to discuss their finances and then only be certain that they are ready for this. Before anything else, make sure you discuss the following points
1. You need to have a down payment ready. The minimum amount is 3%
2. You may eve need some extra cash to pay some other costs that a person incurs while buying a house like registration etc.,
3. How long do you plan to live in the town you are making the purchase in?
4. Do you have other debts?
Once you have discussed the above point and still decide to go for it, you need to make the right decision of choosing the right hoe that is economical. Here are a few tips to help you do that.
1. An estate agent will be of a great help to you. Hire one and explain your needs and limitations to him/her. However do not entirely depend on the estate agent. You will need to do your own market research so that you don't get duped into paying more than the cost it actually is. If you have an estate agent I the family it is advisable not to get help from them. You may only do so if you know that they are extremely good at what they do. If you re able to find the right agent half your job is done. They will negotiate for you and get you a great quotation and in other circumstances even find deals that are not really publicized but are awesome.
2. A very nice idea would be to look for homes which are given out at a lower price. How do you find such homes? It is very simple. Look for homes which are distressed. This means that the owner was no longer in a position to pay the mortgage. The company who provided the mortgage will still be ready to sell off the property at a lower than sales price.
3. Negotiation is the key to getting a house at the rate that you are expecting or lower. You need to keep at it and not give up till you finally realize that no more negotiation is possible.
4. Know your limitations finance wise before taking the plunge for something more expensive.
One these tips are followed a newly married couple can definitely afford an economic house of their own. Wish you luck in your search!