What you should do before hunting for a house

What you should do before hunting for a house
Our property has devalued and we don't even have an exit strategy!

During the last housing boom in the United States, most investors bought properties with only one thing in mind:sell it at a higher price. However, when the market dropped drastically,many of these investors were financially caught. Planning earlier could have helped them avoid a loss.

In Malaysia, with the rising property prices and a heightened eagerness amongst investors to own real estate, it is best to plan earlier to avoid any financial loss.

Before house hunting, get pre-approved on your mortgage loan.

Getting pre-approved will save you the disappointment of looking at houses you can't afford. This enables you to make a serious offer when you do find the right house.

Know the hidden costs

Be mindful of legal fees, disbursements, and stamp duties. A simple rule of thumb is that these costs can be 3 per cent to 4 per cent of the purchase price.

Calculating potential returns

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