A close friend who’s a senior management in a US multinational said, ‘It’s not a good time to buy property now, I heard many people said the bubble will burst soon. I will wait until the price comes down and then I will buy’. I just smiled. By the way that was 6 years ago. I am not saying that prices would never come down. However, if you have done your homework right, you buy.
When I bought my first condo in Penang many years back in Sungai Ara, many friends gave me the ‘why’ look. Reason being in Penang, if you do not buy in places like Gelugor, Greenlane, Sungai Dua, Tg. Tokong area, there’s something wrong with you. Today, the same property has appreciated so much that some of those friends said, ‘aiya, I should have bought too’.
Let me tell you why I buy my first property. First reason, it was just RM196 psf (2 car parks). At the same time, properties in the Greenlane was already inching towards RM300 psf then. Second reason, I wanted a bigger place for upgrade. Remember, when you intend to upgrade, you will definitely be willing to pay more compared to your first home. Thus, a 700sf apartment will always attract first timers and thus price may remain low or rise slowly. Third reason, the gut feeling. My wife and I loved the design, loved the place and loved the proposed facilities. I checked the developer and found out that it was a huge public listed company. Nevertheless, after some calculation, we decided against it until few weeks later when we brought our parents to view the condo. They loved it too! We bought it.
After staying there for 6 years, I will be selling the condo. I am now based in KL and does not need a Penang condo. More reasons but if you have 3 strong ones, I think you should make the decision.