Just because everyone buying house it doesn’t mean you should. There are certainly pros and cons in buying your first house. Check it out if you are ready…
1) Your financial Standing not in order
Too much debt, lenders typically want your total debt commitment under 65% from your net income.
2) You are not sticking around for a while
Never buy a house if you no plan to stay at that place less than 5 years. If happen to sell the house within 5 years you will loss money (Real Property Gains Tax and others)
3) You don’t have enough saving
If you not have enough money for the down payment, then you are definitely not ready to buy a house even you plan to withdraw money from EPF. . Expect the unexpected!
4) Have you prepared for the hidden expenses?
Here are some extra costs that you will need to look out for before settling in:
Property assessment tax or cukai pintu, quit rent or cukai tanah, homeowner insurance, mortgage insurance, Legal fees, property stamp duty and maintenance fees depends on house type you are buying.
5)You haven’t been on the job long enough
Most lenders prefer borrowers who have been employed and in the same job for at least two years. Being on the job for at least that long simply displays financial stability, whereas constantly changing your job considered a lack of security by lenders.