Tips to maximise your profit while buying a Real Estate or Housing

Property Agent closing deal

It is very common and natural to worry or feel anxious when we decide to buy a house or property. The fear related to this is never-ending – whether to go for a loan, will we have enough cash for the down payment, are the papers of the property all legal, what if there is sudden decline in the property value after our purchase. Since a lot of cash goes at stake, of course we want to make sure that we get the best deal. Hence it is always safer to hire a property agent or real estate agent who knows the market well, has good list of properties to offer and understands our requirements and all criteria well.

However following are some of the very basic tips that we should consider when we plan to buy a property –  

  • We need to thoroughly understand how much exactly we can borrow – It is very important to know how much we can actually afford on home. A pre-approval letter from the banker is always a pre-requisite for house hunting. In fact, most of the property agents or real estate agents need a pre-approval letter before showing the property to their clients. Moreover, knowing our budget also helps to save time on house hunting.
First know the amount you can borrow to buy your house
Important to know how much we can actually afford on a house.
  • Either be the first or the last – It’s a trick! If we are serious and understand that it is a great deal, then one trick is to quickly make an offer to the owner or to the agent who would pass it to the seller of the property. This way we can win a good deal.

On the other hand, another situation where the owner is tired of holding on to a particular property or he wants to sell it off for personal reasons on great discounts, then the trick is to make an offer for it. In most of such cases, the seller will entertain almost any offer made.

  • We should buy property when it is a buyer’s market and avoid during seller’s market – A buyer’s market is one in which, there is a decline in the home prices due to reduction in demand. On the contrary, in seller’s market, the property price is very high due to increasing demand for homes. So here the tip is to invest when the price is low i.e. during buyer’s market to benefit ourselves.
  • We should always remember the amount we need for the down payment when we purchase a house – Usually, the national average for down payments is 11%. So we must check the hands on availability of this amount the moment we to plan to buy the property.
  • It is worthy to note that a pre-approval for a mortgage indicates that we are a serious buyer – Both our real estate agent and the seller of the house or property feels more focused seeing that we are serious about the deal.
Mortgage pre-approval form
A pre- approval for a mortgage makes the seller understand that the buyer is a serious one.
  • For the buyers of their second home, it remains a question whether or not to sell their current home before buying a new one – To answer this, it totally varies from case to case. If the current home’s built-up equity will be applied on to the down payment on the new home, for sure, the previous house has to be sold prior to the new purchase. In other cases, if the client decides to rent out their current home as an investment, then the house does not need to be sold. However whatever the situation is, it is the loan advisor who does the preliminary examination and evaluates the risk of our profile. He checks the credit history too in order to determine whether taking a loan for the new home is feasible while retaining the title to the old home at the same time and accordingly will guide the buyer.
  • It is advisable that to view at least some number of houses physically even in today’s’ online convenience before buying our new property – Today online we can search, see pictures and even see a 360degree view of the house/rooms. However, when we are going for a lifetime investment, visiting at least a few houses to actually see how it looks and feels is worthwhile.
  • If the buyer’s offer is not accepted by the seller but another counteroffer is proposed by the seller, then it is better to look at it if we are really keen for that particular property – The current owner of the house might flat-out accept or reject an initial offer or he might also initiate a counteroffer. If this be the case, then all we need to do is with our property agent, we need to review it and determine whether the counteroffer is acceptable or not. Let’s say, it looks all good then without any delay we should go ahead to close the deal.

Saying all these, it still remains quite a hectic procedure and many stay in dilemma in this respect. Hence the best way to go ahead with such dealings is to have our own property agent or real estate agent to help and guide us in the process. He is the person who will understand the whole picture, send email alerts to notifying us of any new property listings and close our deal in a lesser complicated way.

Property Agent closing deal
Property Agents have the solution to our house hunting!

Is finding a service in Singapore easy?

It was a Saturday morning and I woke up late after a Friday late night movie. As usual headed to the toilet and while opening the bathroom door, it broke. Somehow I managed to pull it aside and thought of getting it fixed the next day as I already had pre-planned activities for the day. I was meeting a few financial advisors to help me with an insurance and savings plan. Later in the day, I had to finalize on a food catering service for an upcoming event, which was just a week ahead.

Find a Service
Find a Service

I ended up using the open door bathroom and got ready to meet the three financial advisors lined up for discussion. My wife and I had already met a few the previous weekend but nothing was impressive. The plan was to meet up at a coffee shop. My wife and I had done the homework on what exactly we expect from these investments.

The first advisor was a very young man who seemed to be in his early 20s. He had been doing this job for 6 months only and was having a hard time explaining the policy. It felt like our 45 minutes got wasted.

It was time to meet the second advisor. He seemed much more experienced and knew all the jargons used in the financial investment sector. He understood my needs, but it looked like he did not have any offer to serve me. He tried his best to change my thoughts and sometimes even tried to manipulate it. I felt being pushed into an impulsive purchase of one of the policy he had to offer. I am sure this is a very common scenario as this was not my first such experience.

The third advisor was a woman. She seemed excited and started her sales pitch without even listening to my requirements. I had to literally stop her, off course in a nice way and tell her what I was looking for. She gave up instantly. She seemed confident and knowledgeable only on the products that she was selling or rather her company wanted her to sell, but did not really have a picture of what a customer might look for.

It was almost evening and we had wasted 3 hours without any result.

It was now time to arrange for the food catering services. My wife and I decided to Google for some catering services online. Google showed us several catering services. Now the problem was, which one do I choose? They all had their phone numbers listed, but I really did not have the patience to call them one by one with my enquiries. Nobody wants their guests to have a bad experience of food but, there was no way to find a review of the caterers service and food quality. After hours of search, my wife and I used a pen paper to short-list the caterers and eventually decided to call them later as it was getting too late.

Being completely exhausted, we dropped the plan of fixing the bathroom door and decided to go over to a friend’s house for some beer and make the day a little better. There we watched a movie and drank gallons of beer. It was 1:00 am already and we had to head back home. Off course, the only way was to use one of the online cab booking apps. I booked the cab and it was at the doorstep in 3 minutes.

We got into the cab and the first thing I said to my wife – “What a day… I wish everything was as easy as finding the cab…” After a long pause… my wife responded – “Why not! We can build something that helps to find the insurance and savings plan… the food catering service… a handyman to fix the bathroom door”. It was that day, that, we decided to build StringsSG:

  • A platform that can help people request for a service that meets their need and criteria just with a few clicks.
  • A platform that has the algorithm and artificial intelligence to sort the responses from service providers based on a higher match percent to the customer’s needs.
  • A platform that allows the customer to view the service provider’s ratings, reviews and past success stories on their profile.
  • A platform that allow service providers to build connection with potential clients, share their success stories, post free Ads and build a strong portfolio to gain trust of the customers.

This gave birth to StringsSG – dedicated to serve the people in finding the right service providers.