Everyone makes mistakes. I just wish someone had been a little more honest with me about potential mistakes when I was first buying a house!

So, to that point, I thought I’d write an article for you of My BIGGEST Buying House mistakes so you can be all-the-wiser, and hopefully dodge some of these doozies!

I feel like I’m doing you very large favor sharing these with you today, so I really hope you check this article!

Mistakes 1.

Not Figuring Out How Much House You Can Afford

Without knowing how much house you can afford, you might waste time. You could end up looking at houses that you can’t afford yet, or visiting homes that are below your optimal price level.

For many house buyers, the goal is to buy a house and get a loan with a comfortable monthly payment that won’t keep you up at night.

You have to live within your means.

Solution:

Check your home loan eligibility with our Online Home Loan Consultant before looking for a house.

We will help to calculate your eligibility for a bank loan than from that point, we will know how much the house price you should look.

Those days, I wish someone like us exist.

Mistakes 2.

Not Checking the Central Credit Reference Information System (CCRIS) Report And Correcting Errors

Financial institutions like a bank will scrutinize your CCRIS report when deciding whether to approve a loan and at what interest rate.

If your CCRIS report contains errors, you might get loan rejection or slash in the margin.

You wouldn’t want that happening to you right??

That’s why it pays to make sure your CCRIS report is accurate and in good payment.

If you check your CCRIS report prior to buying a house, you might have time correcting the mistakes on the report.

Solution:

Walk into Bank Negara Malaysia Offices around Malaysia to print your CCRIS report for FREE.

Alternatively, you can fill up a form ( get from BNM website) and get your CCRIS report print online for FREE.

BNM Website: http://www.bnm.gov.my/

If you don’t mind paying, you can download the CTOS app to print your CCRIS report. You might require to upload your IC to them and pay a minimum fee in the range of RM25-50.

CTOS website: https://www.ctoscredit.com.my/

Mistakes 3.

Forget Getting Your Team Ready Before Buying A House.

Imagine this, you’re going to buy a house. And this is going to be one of the most expensive investments you’re going to make for your whole life.

Shouldn’t you get a number of expert on the field to advise and help you in executing your plan?

It’s only logical to have a team to help execute your plan before the half million or quarter million investment.

Who should be on your team?

Your team member should include,

a . Home Loan Consultant

Area Expertise:

To explore customer financial stand and calculate the eligibility loan for the client.

To explore the best bank for the client to apply and recommend the bankers to the client.

To advise the client on the do and don’t when buying a property.

To advise the client how to negotiate with Seller and Property agent and what clause is important to put in the booking.

To advise the client on the cost of buying a house.

b.Property and Conveyancing Lawyer

Area Expertise :

To advice client on do and don’t before putting down payment to the property agent/seller.

To make sure the Sale and Purchase Agreement (SPA) terms and conditions are fair and protected the buyer.

Overall, provide advice on the legal side of buying property.

c . Banker

Area Expertise :

Help to check the property market value. Make sure that you are not buying overprice property.

Assist to process the home loan application.

Help to get the loan approved and make sure all the bank’s instruction to the lawyer and valuer are in order.

This team of people will help to execute your plan and make sure things goes smoothly in the process.

And it will be a bonus point if each of the team members knows each other, this will make the process much easier.

And to be honest, we do have this TEAM. By engaging us, we can create this small TEAM to assist you and get your buying transaction easy peasy.

A little back story about creating The TEAM.

This idea was inspired by our existing client.

Which is super rich and low profile. We have been managing his investment for a few properties.

And he created this TEAM and we were in the team providing the services and getting his loan approved.

Every time he purchased property, we help to arrange all the loan approval. We just need to call his secretary and get the latest documents, process, submit and he loans just approved.

Everything is nicely co-ordinated as everyone knows their role to play.

So, now before starting to look for a house, it best to start talking to a lawyer, bankers, and home loan consultant.

As an online home loan consultant for many years, we do have a TEAM, a few professional law firms and bankers to choose from.

We will help you through the buying process.

Mistakes 4.

Do Not Know How To Negotiate With Agent or Seller

Searching for a house can be easy, but when it comes to negotiation with a property agent or seller, everyone fell short.

Most of the home buyer does not know how to lead the negotiation process and end up being led by the property agent or seller.

Things that you should negotiate :

1. Property Price
2. How much to pay for a deposit? as low as possible.
3. How many days to sign the Sale and Purchase Agreement? Always ask for 21 working days or longer. Working days are not included Saturday and Sunday.
4. What happens to your deposit if your loan not approve? Can they fully refund?
5. How are you going to pay for a balance of 10%? If by using EPF, you need to check whether the Seller agrees or disagree.
6. Any types of furniture or fitting come with the house? If yes, then request for inventory list from property agent.
7. Always have the option to use your own bankers and lawyer. Do not let the property agent led you to use their lawyer or seller lawyer.

Tip:

You want to appoint a lawyer that you can trust.

A lawyer should be someone that can protect you.

Not protect the agent or seller. YOU.

You’re paying the lawyer to protect you, not the agent or seller.

In order to avoid any conflict, always appoint your own lawyer and bankers.

Solution:

You can always come to us before the negotiation starts. We are able to guide you through.

Alternatively, there are so many articles out there that teach you how to negotiate with a Seller or agent when buying a house. Read it and prepare yourself for you need to negotiate.

But, hopefully, this will help you avoid a few common mistakes as you contemplate buying your next home.

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