5 things to consider before deciding to buy a house during this time

Many people may be thinking about buying a house, a townhouse/townhome, or a condo during this period because there are good promotions to stimulate decision-making. But purchasing a residence, no matter what form it takes, and whether buying during this period or after this, there are many aspects to consider, especially the following 5 things to think about before deciding to buy a house.

1. Financial readiness
   As mentioned earlier, even though the price of housing is currently reduced and is attractive to buy, it can be called a “golden opportunity” for buyers. However, it does not mean you should rush to decide because this golden opportunity is only suitable for financially ready people.
   Therefore, buyers should assess their readiness first, especially their financial readiness. Try to estimate your monthly spending, including your debts. If you already have debts such as credit card debt, car loans, etc., you must be even more careful about your spending.
   Your debts should not exceed 40% of your income because that means you are at risk of not being able to pay your debts in the future, and there is also a low chance that banks will approve your home loan application.
   In addition to being financially ready, you must also be financially stable. You must be sure that you will not be affected by the economic slowdown, be at risk of unemployment, or have your salary reduced.
2. Have savings and emergency reserves
   Although housing prices are being slashed as if they are angry at COVID-19, stimulating many people to want to own a home during this time, don’t rush. In addition to financial readiness, you should also have some savings. In addition to housing prices, you also need to prepare some savings to pay for other expenses, such as booking fees, transfer fees, and mortgage fees. These expenses must be paid in cash, such as:
   -Mortgage fee 1% of the mortgage value (total loan amount)
   -Transfer fee 2% of the appraised price or selling price
   -Stamp duty 0.5% of the purchase price
   For housing priced no more than 3 million baht, the government has real estate stimulus measures to reduce house and condo transfer fees from 2% to 0.01% and mortgage fees for home loans from 1% to 0.01%.

In addition, there are related expenses after buying a house, such as common area fees, which some house or condo projects will collect in advance for 1 year, fire insurance, covering the safety of the house, 0.1% of the price of the residence, not including decoration costs, which even though many projects will give you full furniture, you can just pack your bags and move in, but believe me when you live there, many people will want to decorate more.

3. The location must meet the needs of living
   This is one of the important factors in considering whether to buy a single house, a townhouse/townhome, or a condo. Each person has different reasons for deciding on a location, mainly based on their lifestyle, such as familiarity, close to work, close to amenities, or convenient transportation, with multiple entry and exit routes, close to expressways, and close to electric trains.
   In addition, if you want to buy a residence for investment, whether it is a short-term or long-term investment, you have to look at every angle because not every location is suitable for investment.
   Therefore, choosing a location must primarily study and survey the needs of the market and target group. The main factor is probably the convenience of travel, such as being in a condo near an electric train, or convenient for living, such as being close to a fresh market or supermarket, close to tourist attractions, places of relaxation, close to work, educational institutions, or hospitals, which will allow you to set rental prices and sales prices that yield high returns.
4. Project type
   Although there are many project types to choose from, choosing a project type now and in the future, in addition to liking and meeting lifestyles, we must also look at living in an era where we may spend more time at home.
   Therefore, when choosing a residence, no matter what type, we must look at whether the developer prioritizes the development of residences to support both today and the future, such as:
   – The number of units is not too crowded.
   – More proportionate common areas, such as Co-working Space or Co-kitchen.
   – Wi-Fi signal is available in many areas to facilitate working from home.
   – There are measures to maintain cleanliness and prevent germs, even if there is no outbreak of disease.
5. Room type-House type
   From the project type, we also have to delve into the space inside the room. Whether it is a single house, townhouse, or condo, it must support a life that requires staying at home. Therefore, instead of focusing on the bedroom or kitchen, we may have to focus more on the living room or work room.
   If it is a condo, considering the room plan is also important. Most often, there are both open-plan and partitioned room plans to choose from. Buyers should choose one that matches their lifestyle. For example, if they like to cook for themselves, they should choose a room with a partitioned kitchen.