If the house you want to buy is part of a subdivision, you must find out about the content of the subdivision by-law. In fact, in a subdivision, you own the land on which the house is built. You are linked to the other owners by a subdivision by-law and specifications which impose strict rules on you. Better to know them before you buy. There are a few so-called “horizontal” condominium houses, but this remains very marginal.
Settlement of the subdivision
The subdivision by-law is a document that defines for example the minimum surface of the constructions, the layout of the houses in relation to the roads, the width and height of the buildings, the exterior appearance of the constructions, the materials that can be used, the authorized colours. These rules are often more restrictive than traditional town planning rules. The subdivision regulations are generally valid for ten years. Go for the Bukit Jelutong corner house for sale in this case. Additionally, you Bandar Kinrara Puchong property for rent
The specifications define the reciprocal obligations of each owner (such as the authorized activities, the distribution of common charges, etc.). This document must, however, be attached to any promise or deed of sale for a lot.
Buying a home is a big project that requires good preparation. Between the loan conditions, the contribution, the budget, the home visits or the loan application … discover 5 tips for buying your home well.
Tips for buying a home
There are many things to take into account before buying a home. Certain periods are more favorable than others for the purchase of a home, since the loan rates vary constantly. Currently, these rates are interesting since they vary between 1.10% over 7 years and 1.91% over 25 years on average, and they have been relatively stable for several months already. So study the variations in loan rates, the trend of the real estate market in the city or even the neighborhood you are targeting, and observe the price trend to know if this is the best time. Either way, even though prices tend to go up in most major cities, it is still possible to find some good deals, for example turning to homes in need of work.
Evaluate your contribution and your budget
To know your overall budget, you need to consider the amount of personal contribution you can make. Banks often require a deposit of around 10% of the minimum amount you are going to borrow, in order to cover notary fees, insurance fees and administrative fees. Note that in your calculation, you can also take into account the possible aid to which you can claim, like the PTZ , for example. Apply for assistance and make an appointment with a bank or a real estate broker who will help you accurately calculate your budget, taking all these elements into account.
For more articles like this, click here.