Young people are enthusiastic and eager when home-buying. They tend to rush into it and end up making severe errors that can affect their lives significantly. How do we help them make better decisions about home-buying? It is a personal process, because a home is personal. There are several factors at play, not only the aesthetics of the house you think could be a good home for you. There are even more questions that you have to ask yourself. For instance, we know that building your first house may be cheaper than building it from the ground-up, but it may be more expensive than renting. So how do you know when it’s time to buy a home and the kind of home to go for?
1. Finances for purchase and bills
What is motivating you to buy a home? There are several nice, big, sophisticated houses lining the streets of Damansara Utama, but we become too consumed with the look of the house. We are willing to throw all our savings at these homes without looking at how much we should set aside for our house. It is appealing to want to look successful to our friends and family, but we risk our own financial grounding to look successful. You need to be honest about how much money you can afford on your home as well as the bills that accompany it, because the bigger the house the bigger the amenities fees.
2. Family plans and animals
If you plan on staying at this house long-term with your partner and you want children, do you think it will be a good place to have children? Or are you going to consider moving out when the time comes? It is daunting to think of these big plans when you aren’t ready. These questions do not have to be answered right away, but they should be in the back of your mind. If you are living alone, will you want to share it with somebody else and split the rent? This is a good way to help you with the rent and it certainly keeps you from feeling too alone if you prefer to have people around. Do you have a dog with you or plan on getting a pet once you’ve settled? Consider the neighbourhood and the space for the animal of your choice. Does the neighbourhood allow pets, as well, and is it a safe environment for them?
3. Selling opportunities/ remodelling
There are many selling opportunities in Damansara Utama when you are ready to take the next step and it leads you out of your home. You can buy the home and rent it out as a secondary source of income, or sell the entire property to fatten up your savings. If you feel you have found a home, think of remodelling to give it a fresh look, but consider how much change you can make to the original structure because some houses are restricted in their structure.