Home, is definitely the safest place to be, especially so during this MCO period. Deciding to buy your first home is a huge decision in life. The journey may seem daunting, yet with sufficient research and preparation, you will be able to own your first home in no time! Take this opportunity to gain some useful info while you #StayAtHome.
Begin with a Budget
First up, assess your budget and finances. Take advantage of the many property tools available online – loan calculators, guidelines, etc., – to work out your financing. Remember to take into consideration the downpayment needs in your overall financing, which is usually a lump sum equal to 10% of the total cost of the said property.
Buying a house under your name, is your first big step into building your financial worth, it is a long term commitment. Depending on your personal financial capability and affordability, always ‘start smart’ to find property that match your financial capability. As a first-time buyer, it makes sense to also start small before moving on to bigger and more luxurious properties to avoid any financial turmoil in the future.
Leverage on Location
When deciding on your first home – and any future homes, for that matter – always take location into consideration. If your home is too from your workplace or school, you may end up spending more on transportation to work and school, such as petrol or toll. If your options are limited, consider a home with the convenience of public transport, such as LRT / KTM or bus stations nearby to save on travelling cost and time.
Platinum Victory’s Platinum Arena along Old Klang Road and PV9 at Setapak are both sited on strategic localities with direct access to main roads and expressways.
Do your Own Research
For most Malaysians, buying a house is tough; buying your first house is even more challenging due to the high upfront payments coupled with life-long mortgage commitments. Yet, the government has several incentives to assist first-time homebuyers, such as stamp duty exemptions and others. Do your research and benefit from these home-ownership programmes.
Compare the Costs
You may have found the property of your dreams, but do not rush right into things immediately! Always take a step back and compare the Ringgit and Sen against other similar properties. Costs such as developer incentives may also help you save a lot on cashing it out for your first home.
Engage an Expert
As you familiarise yourself with the steps and processes of home ownership along the way, you may encounter some walls, but do learn from the experience. We encourage you to seek advice from experts, such as reliable agents or reputable and honest developers to guide you on your journey.
Weigh your Options
Once you have all the necessary information, you can weigh your options. Many factors come into play when deciding on which home to settle in, or which loan package to take up on. Ultimately, choosing your dream home is a personal decision that differs from person to person.
This article is intended to convey general information only. It does not constitute advice for your specific needs. This article cannot disclose all of the risks and other factors necessary to evaluate a particular situation.
Any interested party should study each situation carefully. You should seek and obtain independent professional advice for your specific needs and situation.