Buy property asap or don’t buy? You decide.

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Still remember last year, before GST many people advise that we should buy properties soonest because with the impending GST, prices will rise further. If we buy later, the GST would have been factored in and the prices even higher. Whatever advice that you hear from any consultant, famous speakers or even best selling authors, remember that you should also decide objectively.

Developers association would never ever tell you that prices are expected to come down because if they said that, no one would buy properties and the developers may not need to develop anything. Nevertheless, are all developments commanding a higher price year after year? Out of 10 developments that you viewed, how many in your opinion are really as real as what the brochure stated? If they said 15 minutes from the nearest school, did you drive around to verify it?

Real estate agents would tell you to buy now. They would tell you that there is another potential buyer who has viewed the property one day before and the owner may decide to sell to him first. If they act on your behalf, they would try to tell the owner that the prices are softening under current market slowdown. The owner should sell asap. If the property is fully renovated, they would then tell you, this saves time and in turn money. If it is not renovated they tell you that this is better as you can design something you love.

Friends who does not own properties would tell you, don’t buy. They heard so and s0 said negative things about the market. That the market is about to crash. How can prices continue to rise without stopping? They would never believe that there are still apartments below RM250,000. Preferring to tell you that all the properties are beyond affordability of majority!

All your friends who invest in property earns huge money. However, do you know that for those friends who invested in money losing properties they would never tell you? That’s the reason why everyone who buys seem to be profitable all the time. Those who lost money just…. stay low.

Whatever you read or hear, be knowledgeable enough to understand. There are no short cuts, you need to read more, view more, listen more to be really knowledgeable. Even then, this does not mean you will be earn profits all the time. Property investment is not like fixed deposit. Do not buy properties like vegetables or even like shares in the stock market. Know why you buy and what are your goals. Last but not least, do not be greedy. Should your property appreciated to a level that has met your expectations, sell. Just like if you gamble and win, it’s time to leave.

written on 4th jan 2014 and updated on 25 Mar 2016

Next suggested article: Why buy Penang property – my personal reasons

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