For the majority of us, investing in a house is normally the single biggest investment we're going ever make in life. How often do we merely dive into it without having sufficient consideration and planning? The answer: Too often. In order to avoid such derring-do when selecting that dream property, listed below are nine areas to consider before you decide to shop for property.

1) Acquire advisors
The saying "no man is an island" also happens to be accurate when it comes to purchasing residence. It is better for property owners to enlist assistance from the agent, banker, legal professional and real estate inspector. Having said that, prior to deciding to come up with your own group of advisors, be sure that they know their stuff.

Even though you have got advisors, you should still perform your own personal investigation. You should not blindly follow whatever they claim as things could get ugly if you do not fully understand what's happening. Moreover, it might be wise to find referrals and also pay attention to the hints and suggestion of friends and family.

2) Looks can be deceiving
Do not make your choice depending on look alone. You could possibly be seduced by the property at first sight, but yet you should take into account whether the home suits your family's needs and more importantly, be it within spending budget. To prevent this mistake, make a list of what you want and verify it contrary to the prospective house.

You should also allow yourself time to be able to know the neighborhood. Go to the place at different times during the day and week to view how the environment is like. Check out the local schools (even if you do not have kids) to make sure that the house will allow you to get a solid resale value.

3) Obtain pre-qualified/approved financing
This task can help you determine your budget. When you are getting pre-qualified, you will have a basic idea of the amount you'll be able to borrow. If the banker or mortgage loan officer assesses your buying potential, he or she will be able to help you on financing strategies, such as the possibility of joint borrowing or lengthening loan tenures.

At the same time, if you are pre-approved, your banker would have undoubtedly agreed to offer you a certain amount immediately after verifying your information and credit rating. Along with this kind of knowledge, you will end up much better equipped when you are shopping for property.

4) Over borrowing
To borrow more than you may need is definitely tempting, however you have to ask yourself whether or not have enough money to repay. It really is straightforward: borrowing more = higher monthly payments - all of this, even before thinking of the cost of enhancements for example renovation and home furnishings.

To prevent this kind of error, analyze your current month to month expenses: meals, transport, leisure, automobile loan and other commitments. After that plan for the settlement costs (generally 2% - 5% from the purchase price), moving costs and also maintenance. Also, don't forget that aside from mortgage repayments, you need to spend money for insurance too. The key idea here is to be able to continue with your life-style after making an investment.

5) Put it on paper
Protect yourself by putting your requirements and/or conditions in writing. Written agreements in most cases trump verbal ones. It's not unusual for the condition being missed, despite if you've made a request to the seller or his agent. For instance, if you ask for a toilet or even a chipped tile to be repaired, don't simply take the seller's word for it. Put it inside purchase contract.

With no written statement, you could get into an ugly "he said, she said" situation. Remember, if the property is transferred to your name, any problems or problems that arise will be your responsibility. Don't allow miscommunication or broken promises ruin your home-buying experience and put all commitments, whether big or small in writing.

6) Read the agreement
Now that you've written agreements, take time to review them before you sign on the dotted line. Request the documents in advance so you'll have time for you to read them and ask questions, if required. Real-estate contracts are long and dense but you have to know what you will be engaging in. Check for wrong assumptions and poorly-written or missing clauses, as any matter overlooked might lead to higher costs or perhaps a void contract.

7) Smart investing
Are you currently getting a fair offer on the house? To make sure you are not being fleeced, ask your realtor to check on the selling prices which have been recently fetched by other similar homes in the neighbourhood. The listing should also show how long the property was in the marketplace, its condition and size. Remember that a house value is influenced by the other houses in the neighbourhood . The worthiness of the very expensive house could possibly be weighed down by its cheaper counterparts while a low-end house will advantage from more posh properties.

House inspection
We don't mean carrying it out yourself, but finding a professional for the position. Property Inspector knows things to be aware of and provides you with advice on the state of the property so that you can are made aware about additional expenses, if any.

The property Inspector will inspect the home's wiring, plumbing and general structure and develop a report of what has to be done. This report holds weight as a negotiating tool when asking owner to make repairs. Ensure that any last-minute items arising from the inspection is in writing and completed before you take ownership of the property. If your seller agrees to make repairs, get your inspector to verify the work that had been done.

In case you are buying a house straight with the developer, they're going to provide you the Defect Liability Period upon Vacant Possession where they are going to rectify problems, if any, during the handover.

9) Perfection
No location is perfect and regardless how many precautions you're taking before investing in a house, there will always be a few surprises. However, it's not necassary to let a few initial bumps ruin your house-buying experience.

Apart from that, don't overlook a great investment while waiting for the perfect one. The reccommended guideline is always to do your homework so when you encounter something which really suits you, don't let it get away.

Interested to know more about Malaysia property? Give Star's Malaysia property a visit and get a best deal on the property in Malaysia.

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