Kai’s travel joys, modesty whatnots and cup of tea summarized in photos and words.

Kai Darul is an Intellifluence Trusted Blogger
Travel Blog Directory


At one point in our lives, we will start dreaming of purchasing or building our dream house. It is inherent to us, humans, which we want to have a specific place we can come home to especially during this trying time where we can’t go outside freely like before, and most of us are working and studying from home. We have a greater urge to make our homes more comfortable both for living and working.
Purchasing or building houses takes a lot of decision-making, exploration of options, and a long list of to-dos before one can actualize such a dream. To add to the current situation of CoViD-19 pandemic, this has become a dilemma for most people around the world. We all know that most of the businesses that used to thrive before the pandemic have taken the worse wheel when this situation reeled in – causing a loss in jobs and employment to a lot of people. And there are some of these people who were planning to somehow be able to invest in a real property prior to the emergence of the worldwide pandemic. Moreover, house prices are surging right now.
However, there is light to this. Aaron Marshall from stated that “Property management is a good business to have during a pandemic, or any time because everybody needs a place to live.
He also added that “The National Association of Realtors came out with a report that said existing home sales just hit its highest level since December 2006.” Meaning, there is indeed light in investing in real properties even in the midst of an uncertain time. Of course, there are things to consider before you make the move. And these are some.

Your readiness to splurge a good amount of money for a house

Before anything else, it all boils down to your readiness to spend. As I have said, some of us are not doing pretty well during this pandemic. So, you should assess whether this investment will not affect your day-to-day budget. If it does, it is time to back down.
Be sure to check on your savings, income and employment status, existing assets and debts, and of course, your credit status if you are planning to take on loans.
Take note that during the pandemic or any crisis, interest rates are usually low. You can take advantage of this as the situation is still uncertain when to be at ease. Therefore, you can explore a lot of opportunities connected to the low-interest rates.

The price of a house you can afford 

In connection to what I previously mentioned, although we have a lower interest rate right now, you will need to calculate how much you can afford to spend on a house. Remember that these are uncertain times; you can’t go overboard with spending as we need to be prepared for the future.
There are numerous mortgage calculators you can use. One that I saw as very simple and user-friendly is from  It is made to cater to the UK market, however, you can always use this for any other market.
For example, I saw a house that costs £100,000. I want to know how much it would cost me if I purchase it through a bank or any lender financing, the calculator I mentioned is very helpful. I calculated it for this blog post, you can hover to,000 to know how much it would cost.

Downpayment and other fees and taxes

For every loan you take, you most likely will have to pay an amount first. Moreover, there are fees to take note of when buying real property on loan, not to mention real property taxes that you need to also pay.

Trustworthy real estate agent

If you want the easier path, a trusty real estate agent is very much needed. He or she will help you get on the right track and search houses in accordance with your budget and preference, get you home showings, and most importantly help you write offers and negotiate.
You can also buy a house without an agent, but it will be rather tiring work because you have to consider a lot of things. Most of the time, this is not recommended for first-time buyers. You need at least an experience so that you won’t mess things up.

Home inspections

This is a very crucial step. Do not close the deal until you have had a home inspection, although lenders do not really require this. But as the person who will be living in the house, it is important that you know the nooks and crannies of the house – what makes it great and what makes it otherwise. Because at the end of the day, if the house needed major renovations and you have already closed the deal, then you will have to spend another amount to repair it.

Current value or appraisal value of the house 

Lenders usually require this for the reason that they cannot let you borrow more money than what a property is really worth. If your appraisal value is lesser than the amount you offered, lenders would reject your loan. So be sure to get the property appraised first before your offer for loans.

Review of anything related to the purchase

Just like how we usually review before submitting documents and even examination papers, we also have to evaluate our decision before closing the deal.
If you already feel good about it, then it is a go.
Buying a home is not a simple task, much more when we need it to be comfortable and conducive for work, study and just living. In a time like this, make sure that you choose a healthy decision – for you and your family. It is always better to be watchful and inquisitive with our choices than be sorry a few years or even only months later.
Whether it is still pandemic or not, weigh your choices and always go for the best – even if it takes a few sums.

No comments

Post a Comment

© LILPINK | A Hijabi's Cup of Tea