Newly married couples usually dream of purchasing a home together. In fact, buying a home may often be a first-time experience for both husband and wife and one of the most expensive purchases a new couple will ever make.
Thus, it is extremely important for both parties to be well prepared and cautious when looking at and ultimately purchasing their dream home.
Of course, given the way the Covid-19 pandemic has wreaked havoc in our daily lives, you may be wondering if it is even possible to buy a home during such uncertain times.
The short answer is yes because everybody needs a home at the end of the day. And if the pandemic has taught us anything, it is that we need homes that are comfortable and safe. In addition to this, the government has been encouraging developers to build more affordable homes to cater to the lower-income groups.
As a leader in the affordable housing industry, Hua Yang Bhd knows that it can be a struggle finding your dream home within your budget and has always made it their goal to provide quality homes at affordable prices.
As a responsible developer, it offers some sage advice to newlyweds for their first home purchase as a couple.
Deciding on the features that is essential in a home will help newlyweds' decision.
Discuss your budget The fundamental issue in purchasing a home is choosing one you can afford. Therefore, you and your spouse should have an honest talk about your finances to ensure you are both on the same page with regards to how much you would be able to spend on a home. Also, ensure you can set aside the amount required for a down payment.
Set your priorities Another thing to consider is what kind of design and size your dream home should ideally have. If you plan to have a large family, then one or two bedrooms may not be sufficient. Also, consider what kind of community or neighbourhood you wish to reside in. Some people prioritise an area close to their jobs while others prefer to live near a good school. For this, you would need to sit down with your spouse to discuss and compromise on the features you want in your home.
Do your research As with any big purchase, you should research the types of homes that would fit your budget, the neighbourhood where you intend to move to and the features you consider essential in a home. A cardinal rule of home buying is that you should not rush into a purchase because unlike shoes or a dress, you will not be able to return it if you do not like it.
Take advantage of financial incentives The reintroduction of the Home Ownership Campaign (HOC) means that buyers can enjoy the financial incentives offered by the government and developers. Right now would be an excellent time to capitalise on the low interest rates and incentives. In addition, the Overnight Policy Rate (OPR) currently sits at 1.75%, making it even affordable to own a home now.
Safety and security is paramount in many home buyers' minds.
A buyer’s market In a buyer’s market, there are more homes for sale than potential buyers. In this instance, buyers have better options and more negotiating power when purchasing their dream home.
Ultimately, even during these trying times, it is possible to purchase your dream home. Many developers are going the extra mile in making it easier and more affordable to buy a home.
Your first home as newlyweds will definitely be a significant purchase and something you do not want to take lightly. At the end of the day, you want to ensure that you are selecting a home that you will enjoy living in for years to come.
