When you are planning to buy a house, it would mean you have so many busy days ahead. You will be quite busy dealing so many things like planning for your next steps, looking for a property in the location you want, like maybe if you want to start a rental business in Puchong or Selayang, and so on.
Yes, this is certainly something you should not do hastily as this is a big investment. You have to be really careful so your hard-earned money will not come to nothing or you will not regret with your choice later on.
When it comes to buying a selayang condo for rent, you will most likely apply for a loan. This is usually the most common way and in fact, even if there are others who can actually approve to pay the property in cold cash, they would rather not so they are liquid enough when emergency happens.
But then again, are you equipped enough to apply for a mortgage?
- How can you determine if you are indeed ready to have more burdens? Try to assess your financial situation now. Is it relaxed? Do you usually have extra money? Can you still set aside some money for savings in a regular basis? If your answer is yes, then I say you can still accommodate another burden. However, you have to consider the fact that this burden will be with you for more than a decade.
- As mentioned above, if you will apply for a home loan, you have to consider the long-term picture as this mortgage will run for more than a decade. So, you also need to consider your long-term plans like when you want to retire and so on. This is because this can affect a big part of your life.
- Another thing you should consider is if you are currently paying some debts and if these debts cannot burden you too much when you will start paying for another major debt. You have to note that you cannot take a home loan lightly and you need to consider some emergencies as sometimes, they really come often.
Yes, one should be really cautious when planning to apply for a mortgage as the moment you won’t be able to pay up, there is a good chance the property in question will become a possession of the lender. Surely you don’t want that to happen!
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