Do you like property as an investment? I do. Do you believe over time, property prices are going up? I believe so. Are you waiting to buy your first property or the next property? Me too! Many times, property investment surveys start this way. Respondents also answer accordingly and thus the survey results would usually show that many people are looking to buy a property. Yet, transactions are slow and sentiment is negative while developers are all pushing more affordable properties today. Perhaps we go back to the survey and we adjust the question a bit. Perhaps we ask, “Are we ready to buy?” instead. The next couple of questions may be like the following and I think we would now understand if the potential buyer is really waiting to buy when the opportunity comes or the potential buyer is just waiting for the sake of waiting or waiting forever?
Target your buy area. Do we already have a target or targets of areas that we have interest in? Greater Kuala Lumpur is super huge. Penang has island and mainland. Within the island or the mainland, there are already certain hotter spots and cooler spots. Whether it’s Iskandar or Kota Kinabalu or even Melaka and Ipoh, know where we intend to buy first so that we can start looking for more information about the certain area. When we start searching and there are not much information about that particular area, perhaps we need to step back and think again…
Show me the money. Many believe this is the first step instead of choosing where to buy. Actually, it’s like a chicken and egg question. Anyway, if we do not know the area to buy, how would we know how much to save? We can always choose the 2nd or the 3rd area choice if we realise the prices are too high. If possible, have 15 percent downpayment ready even for first time buyers. Feel free to view without downpayment ready but it should be on its way yeah. Money is also needed for renovations too yeah. That’s why savings is the key to owning a property and property is the key to build our wealth steadily.
Show me the unit. if you hate the area, then don’t view the unit. It’s a waste of time. Start viewing potential units soonest because we should not rush into buying a unit and also because we want to start understanding more about all the choices we have based on our viewings. A higher priced unit does not mean we get a more preferred unit. Perhaps from the first viewing to the day we buy, it’s 3 months later. Bring your partner or your family to view together. They should also like it too.
When we do all these first three steps, then we are really waiting to buy a property. Else, that waiting is just an answer without any meaning. Yeah, there’s also the loan application step once we found the unit but the interest rate differences between banks should not be the reason for us not to buy. If we abandon our decision to buy an unit meeting all our requirements because of a 0.5 percent difference in interest rate, we can stop looking for properties to buy lah. Keep renting because many people say renting is just fine. Beyond these few steps, keep going for free talks in property fairs. I will be speaking for iProperty.com on 15th April 2018. More details in the near future. So, are you waiting (and doing lots of homework, save money and use our time productively) for the right property to buy? Me too! Happy waiting.
written on 16 March 2018
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