Buying a new home, or a second property for letting, is another major investment decision and can be both exciting and stressful. There are many factors which need to be considered, including the mortgage payments and other bills.
If the purchase is an upgrade of your existing residence, you may wish to consider every aspects of selling your old house before you making any commitment to a new house. However, if it is a property intended for investment, you should learn all about the tax, management and rental issues.
There are a lot of the important factors that need to be considered. They may not be any different from when you first bought your first house. Factors such as how much you are willing or able to spend (which will be depend on the amount of deposit you intend to place and your ability to meet the monthly repayments). Only then can you decide the best way of financing the purchase.
Our Financial Guides would be able to assist you by proposing several options with regard to the payments of deposits and monthly repayments. At HSBC Amanah, we can tailor a more flexible Home Smart-i which allows you to make additional payments whenever you can afford.
To help you plan for related expenses, you can open a Advance Account-i and sub account(s) Advance Link Account-i to earn potentially extra profit and manage these accounts via Personal Internet Banking and Telebanking at your convenience.
You can also apply for Anytime Money Personal Financing - i to cover any additional expenses which are inevitable in setting up your new home such as – installing window bars and a security system, buying new curtains and floor coverings etc. With our Takaful Anytime Protector, your outstanding financing amount will be covered if anything unexpected occurs.
Finally, you may consider our:
1) Takaful Mortgage Protector or Takaful Mortgage Protector Plus a protection plan to ease your financial worries to ensure that your loved ones will have a home should the unexpected happen.
2) Homeowner Takaful to protect your home from loss or damage caused by unexpected dangers.
There are lots of books in the library or the website on home buying, renovating, building and property investment.
You will need a lawyer to handle the transaction, and perhaps advice from an accountant or a real estate agent, particularly if this is a rental property. Talk to at least three of each before appointing anyone, and find out from your family and friends if they know anyone they can recommend.
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