Taking the leap: Are you ready for your first home?

May 22, 2020 | by HC Mutual

Choosing to buy your first home is one of the biggest decisions of your life. It is a commitment and a dream come true, which is why
you need to make sure that you’re ready before taking this major step.

There are many things to consider before going out to house-hunt: your savings, available properties, and your family’s preferences.
To prepare you for this life-changing move, here are a few questions that you can ask before buying your first home.

What kind of house do you want?
Knowing exactly what you want and what your family needs can
work wonders on your financial plans. Factor in the plot size,
floor area, configuration, and location of a potential home
when budget-planning to help balance costs to what you’ll
spend living in it. Consider the household’s accessibility, fuel
and transportation expenses, monthly bills, and other
day-to-day expenses.

Have you compared property prices?
Be sure that you’re getting a fair price for your home. Research
similarly sized properties in different areas and neighborhoods.
Make a list of your options and weigh out the pros and cons.
What are the amenities? Are there other inclusions? How long
has it been on the market? By comparing houses and taking
time to make an informed decision, you can get the most out of
what you’re paying for.

How will your savings look after your purchase?
A good place to start when buying a house is where you’ll be financially after you sign the deal. Will you still have enough for utilities,
essentials, and additional fees? Being ready for your first home goes beyond meeting its market price. Look at how much you’ll have
left for your monthly budget and savings.

How stable is your source of income?
Before making your decision, secure a steady and long-term
source of income. How many people are earning for the
household? Do you share bills and split living expenses? Having a
stable livelihood on top of your savings will ensure a happy and
comfortable life for your family in the long run.

Are you ready for lifestyle changes?
The process of paying for and maintaining your property can
greatly affect your lifestyle, especially for the first few months.
Review your monthly budget and consider: Do you need to lower
your mobile data plans, allocate more for utilities, or spend less on
leisure activities? Evaluate what changes can be made to cushion
your savings as you settle in your new home.

Have you considered your financing options?
One way to ease the financial load when buying a house is to apply for a loan. Look at the interest rate, payment terms, and loan
amount. Does it cover what you need? How does it fit into your budget? We at HC Mutual take these into consideration. We have
offers like the KayaMo Home Loan—with flexible terms and a wide range of partner home developers—to provide a smooth-sailing
journey to your first home.

Owning a place that you can proudly call yours is a major milestone. It is a decision best made with your family and an investment
that can last through generations. You don’t have to rush into it. Give yourself enough time to work through your financial goals at
your pace and build up enough savings before taking the leap.

Taking the leap: Are you ready for your first home?

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