Honestly, there isn’t a right or wrong time to buy a home.
Especially if you are a first timer, buying a property could be the biggest decision you will ever have to make in your lifetime.
Is this the right time? Am I paying too much for this area? What will happen to this place in the next 10 years?
And this process will likely repeat itself every single time when you’re about to place that deposit for a booking.
Asking your friends and family may not be the best idea.
Chances are, they will always advise you against your choice. Not because there is something wrong with the property. Everyone has a different preference, especially when it is a big ticket item like a house.
In order to make your decision, you will need to be really Confident!
1. Can you afford the monthly repayment?
Apart from the monthly repayment, do not forget the miscellaneous fees. Maintenance charges, utilities, Astro, internet and more. This could cost you an additional RM600 on top of your monthly repayment.
After paying for your property, car, insurance and such, do you have any left for savings? First things first, check if you are eligible for the home loan here.
2. Don’t just follow the crowd.
We have all seen housebuyers queuing all night long at new launches. Don’t just blindly jump into the bandwagon. Just because others are doing it doesn’t mean you should too.
For all you know, the long queues may just be a marketing gimmick to lure investors like yourself.
3. Sometimes, it is OK to pay a little more.
Together with you, a few others may also be interested in the same property. And with demand, comes competition. The price of the property may see a hike which may result in you paying more for. To make yourself feel better, check the prices of comparable homes.
4. Research, research and research.
We can’t emphasize enough on this. With enough homework, you will gain more confidence as you would have made enough comparison and calculation to arrive at your decision. If you have decided to stay in Bandar Utama, you wouldn’t be researching on Kajang or Cheras. Stick to your area, perhaps venture slightly further to Kota Damansara, and you will be able to gauge the selling price of properties within the same vicinity.
5. Look for something you can afford.
Why not start below the RM500,000 mark? Let us help you to hundreds of choices you didn’t know existed. You may just find something HERE!
Happy House Hunting folks!
Image(s): ArlingtonTexasToday, TheAtlantic
