The economic outlook for the year 2016 has not been good, with many experts predicting slower economic growth and lower financial benefits. There are even rumours that certain stocks may crash, sending a domino effect throughout other businesses.

In order to make sure your house purchases are stable and safe in these difficult times, follow these tips:

1) Buy ready built or sub-sale houses
Second hand homes and ready built homes are a better bet compared to projects still under construction. The reason for this is because projects that are still being built run the risk of being abandoned due to the risky economic situation. Another benefit of procuring second hand houses is that you’ll be able to move in immediately once the financial transactions take place.

2) Hunt for Houses Below Market Value
Some experts believe that now is an excellent time to be buying houses as the general economic outlook is pretty bad. Therefore, there will be less people house hunting and the demand will be less as well. A lower demand and lower competition will mean more affordable housing overall.

3) Maximize Your Loan and Loan Period
This will put less financial burden on you and allow you and more stable cash flow rather than tying it up to repay a loan.

4) Choose a Repayment Scheme Close to Your Current Rent
If you take a loan, make sure that the monthly repayment rate is almost the same as what you’re paying right now as rent. This will ensure that you do not burden your finances with a sudden spike in your expenditure.

5) Buy homes closer to work
Buying a pricier house that is closer to your workplace will benefit you in the long run as you will save on transportation costs, as compared to buying a home that is cheaper but further. You will also save time, petrol costs, toll fees and car maintenance fees.

6) Look Out for Desperate Sellers
This may sound like a very mean thing to do, but if you locate someone who needs to sell off their house in a hurry to raise cash, you’ll have more bargaining power and land yourself a better deal. Of course, you should remember to check the condition of the house to make sure you’re not being cheated.


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