You’re young. Maybe in your 30’s, looking for the right time to buy a home and you wonder maybe it’s now. If you earn enough and have a great credit score, no-ones going to stop you. But what if you don’t earn a lot or don’t have a great credit score? You might want to still buy a home for your future and you might have the urge to pay it off as early as possible. Even if you do take a loan, you might need a long time to pay it off. To avoid these constant tsunamis of questions popping up, here are some tips on when you should buy your home.
The first tip is to build your credit report and history. Your credit reports and history are a big way banks determine your loan. It shows the ability for you to loan money and pay it off. If you have a good credit report, they’ll be happy to part more money but if you have a bad credit report, you might have a tough time getting the amount you asked for. To build your credit report, you should start building since you’re in college or university. If you can’t get a credit card when you’re 18 or 21, you can do it the moment you earn 24000 a year or 2000 per month.
Next, you should buy a home when your home is no longer a liability. Many people buy their first home, thinking it’s a big asset. Buying a home is not an asset if you’re forking out cash every month in return for nothing. So, if you’re buying a home, what should you do? Instead of buying a home, you could own a business or own stock in a company. Jeff Bezos has stated that he invests in a company when they have the potential to change the ordinary. If you’re thinking about getting returns you should invest in an asset with returns so you don’t end up with a liability. Owning a home is not an asset, it’s a liability.
You can also pick a home in a strategic location. Homes have value because of the land they are in. To ensure the home you buy has a good value, you should start with buying a place where there’s a potential to grow. The place you buy could be the future city of the state and you could have a huge mark up in your home value. Your home could also be near malls, which allow for you to resell your home in the future for a big price. The ability to purchase a home in a potential good land, means you might have to take the risk to buy a plot of land with a home in the middle of nowhere for cheap first. Buying a home in a city is expensive as it is so to ensure you should keep your eyes peeled for future city homes.
Once you’ve picked up all these details on how to buy your new home, you should think about decorating your home. Get the best interior design company in Malaysia to give your home a makeover so that the value of the home goes up higher. Happy house hunting!
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