First-Time Home Buyers: Tips for Owning a Home in Malaysia

بِسْمِ اللَّهِ الرَّحْمَنِ الرَّحِيم

(Dengan Nama Allah Yang Maha Pemurah Lagi Maha Penyayang)

First-Time Home Buyers: Tips for Owning a Home in Malaysia | First time buyers tend to make plenty of mistakes. While some are minor and easily corrected, major missteps can cost you time and money in the process. So if you’re a rookie buyer, choosing the right real estate property might seem a bit out of your experience. But with enough time and research, you’ll be able to navigate through the process with ease. Here are a few tips that should prove invaluable to you as you search your first home.

Choose the best location you can find, says The Malay Mail Online. That means finding property that’s close to where you work. Or one that’s strategically located, one that’s centrally accessible so you won’t have trouble going to and around your familiar haunts. Whether this means buying a home that’s near a transportation hub so you won’t have to worry about getting home or investing in a residential property near major shopping centers for the expected property appreciation in the future, it’s all about access. You can use online property listing sites like PropertyGuru Malaysia for homes and apartments for sale.

Know the extent of your housing costs. When you buy a home, you don’t just need to save up for the down payment. There’s the monthly mortgage to consider. You’ll have to have enough to cover that cost along with your monthly expenses too, which should include your energy bills, food allowance, transportation, miscellaneous expenses and more. Then you’ll have to factor in the monthly premiums for your home insurance as well. And if you’ve got car insurance costs and mortgage payments, these expenses all stack up even higher. Never mind the closing costs you’ll have to deal with when buy a home or the repair and remodeling expenses. Home association dues might not seem enough to worry you but if you miss out on a few payments, you’ll see costs balloon right up, much like everything else. This is just a taste of what you’re taking on when you buy a home. So be sure you’re financially set and ready to handle these costs.

Pick the right housing type. You can choose from a range of housing types, Global Property Guide says, from a terraced home or luxury residential unit to a detached house or a semi-detached property. Keep your needs or those of your family in mind. This should make it easy for you to pick out the best housing type to suit you and your family. You could also list down your must-have features for a home and use it as a checklist for every property you view. Check available features for every property you encounter. When you’re done, you’d be able to tell, at first glance, which properties have the most number of checks and thus, offer you the best in terms of accommodations and features.

Know your buying goals. You need to be clear on your reasons for buying a property in the first place. That’s entirely because your reasons will largely influence your choice and set the tone for the rest of your shopping experience. If you’re buying a property for your own use, for instance, you’ll have an entirely different set of needs to fulfill than if you’re buying a property to serve as an investment and a source of rental income.

Investment Rule of Thumb. When you’re young, you’ve still got excellent earning potential so it’s great to focus a lot of your effort in buying homes that offer the highest capital appreciation. However, if you’ll hit your golden years soon, then investing in properties that provide excellent rental returns is a solid move, especially since you want properties that can easily fund you in your retirement.

Financing. Don’t make the mistake of looking over properties first before securing financing. Knowing how much money you can spend on a property is the first step to buying a home since it determines the kind of properties you should see. If you take a look around first based on the amount you think the bank will cover, then you only end up wasting your time if the bank decides to cover a smaller portion of the amount you were expecting. That’s also going to set you back, emotionally, especially after psyching yourself up to look through homes that, it turns out, aren’t in your ballpark at all. Keep this from happening. Make sure you get your financing first before you take your family to shop for a home.

Don’t move your money around. Keep your money where it is. Lenders often take a look at your credit and finances. If you move your money around a lot, they’ll see that activity too and this could negatively affect your chances of a loan. Keep your money where it is instead six months before your loan application.

With this list, you’re sure to avoid a few of the worst home buying mistakes out there. So keep this handy.

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