Before you decide to buying a property with the purpose of either investment or personal use, you should know whether you are able to afford for a house in long run.
Let's imagine a situation, your savings is finally can pay for the down payment of a house that you wanted for a long time, however, lets think about after 5 or 10 years, do you think you can still pay for the loan repayments? Not sure right?
In order not to lose your beloved house in the future (if you're no longer pay for the loan repayment, your house will be taken back by the bank), you should ask yourself these 3 questions before buying a house;
Is your saving can pay for upfront costs?
--Other than initial payment of a house, you will still need to consider the other costs involved in the property purchase such as legal fees, stamp duties insurance and etc.How much is your monthly income?
--How much is your monthly net income (after deduction of EPF and SOCSO)? Is monthly loan repayment exceeded 70% of your monthly net income? If so, this is not a good time for you to buy a house yet.
Understand your loan affordability
--Know how much of a house that you can afford to. If your monthly net income is unable to meet your dream home's loan repayment, you should look for other more affordable house.
For read full about this topic, visit WMA Property Blog @ http://wmaproperty.com/blog/how-to-define-whether-you-can-afford-for-a-house/
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