Buying your first home can be a scary experience, it would probably be your first, single most expensive purchase in your life, so far. It can be quite an overwhelming experience and for some, and the easy way out would be to opt to continue to rent or perhaps stay with your parents till they either force you out (like a baby eagle) or have run out of space with your growing family!
To help you get going, let’s look at the basics involved in the buying of your first home.
1. Do your homework, lots of it!
Before you do anything else, spend some time talking to people, real estate agents, investors and fellow homebuyers. You’ll be surprised how much insight and tips they’ll be able to share with you.
Read up on the housing market in Malaysia, prices may have been going up and down the last few years but there may be some advantages of purchasing a home this year or the coming years with some perks being offered by developers and the government.
Join some property fairs and expos, which are currently being conducted online, find out about the Home Ownership Campaign and the offers developers are giving to purchasers.
Learn about land types and constraints attached.
Read up about developers, their reputation, track record of completing their projects on time, the quality of their developments. Also check the list of blacklisted developers
Take all things into consideration and collate all your research – don’t get swayed by family or friends who tell you unsubstantiated trends or rumours about property trends.
Get clicking! Have a look at what’s available and make a list of areas, bookmarking properties that seem in line with your wants and needs.
1. Make lists.
The options for you as a first-time home owner can be mind-boggling so I would suggest you start with making lists. List everything that comes to mind for your home. It doesn’t have to be very realistic for a start, but it will help to put things into perspective and lend some clarity.
Think about ..
i. What kind of home best suites your needs: a traditional single-family home, a duplex, a townhouse or a condominium? What are your ‘must haves’, it could be the neighbourhood you want to live in, the amenities you’d like to have close by to even they type of bathroom tiles you’d like!
ii. Where would you like to live…close to family, school, work, in a new township, access to highways, airport? How much time would you be prepared to spend on the road?
iii. Your lifestyle and the amenities that are important to that lifestyle. Would you want easy access to parks or other outdoor activities, commercial centres, food, etc.
iv. The age of the property..do you want a brand new house still under construction or a sub-sale home. There are advantages and drawbacks of both types of homes, so making a list of them would definitely help you in your decision making.
a. Chances are that you would get a better variety of sub-sales in your price range. It would more likely to be located within a matured neighbourhood, you would be able to walk around the area, chat to the (potential) neighbours, and enjoy the pleasure of exploring the unit itself. That chance to see the potential property with your own eyes, touch it with your own hands, and get to know the available amenities is an important part of getting the right fit for you.
b. A sub-sale may require more repairs due to its age or you may decide you’d prefer a sub-sale that has already been renovated thus saving on major renovation costs.
c. However, new houses do come with a defect liability period where as sub-sale units do not.
d. A newly constructed property would give you a free hand to have the layout of the property as you have dreamed it to be.
Since you’re quite possibly making the biggest purchase of your life, you deserve to have it fit both your needs and wants as closely it can.
2. Let’s look at financing the purchase
3. Other financing options
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