Always that first question asked by many of my good friends. “When is the best time to buy a property?” If they are good friends, my answer is usually quite a long one. If they are acquaintances, I would usually tell them that the answer to the best time to buy a property is that they should decide based on what they believe. I mean everyone’s different, right? So, my 2 cents better just leave to my good friends since I can be more direct with them, especially if what they think is not that relevant to the property market.
Well, instead of listening to me, perhaps we listen to my good friend who’s a real property expert tell his opinion about the best time to buy a property. He is the immediate past president to FIABCI (Malaysian chapter) Sr. Michael Geh.
Article in freemalaysiatoday.com International Real Estate Federation Malaysian Chapter immediate past president Michael Geh said the five-year extension of the stamp duty exemption, aimed at reviving abandoned projects, would benefit both contractors and house buyers.
He also shared that the stamp duty exemption for the memorandum of transfer and loan agreement would stimulate the market further. It will move both the primary and the secondary markets in the property market.
He said, “The strong emphasis on affordability by home buyers in the budget will bring the Malaysian House Price Index downwards to levels that are affordable to most people. The next five years would be the best time for Malaysians to buy their first home.” Do read the full article here: Article in freemalaysiatoday.com
The best time is…
Mike shared that the best time to buy a property for first-time home buyers would be from now until 5 years later. This is because the stamp duty exemption is until 31st December 2025. Yes, that is more than 5 years from today but try not to wait until last minute yeah. There’s really no guarantee because the general election will happen by September 2013… These days, always plan and do because COVID-19 and even the US election has shown us that everything can be unforeseen circumstances… If you like to know what else in Budget 2021 for the property market, click here.
There’s no best time
One man’s meat is another’s poison. Thus, the best time to buy a property is that there’s no best time. Please always understand that the same property belonging to two different people may end up with two very different results. For example, COVID-19 is here and two buyers of the same condo may both find it hard to find a tenant.
One may be able to hold on, the other may have to sell at a loss. A few years down the road, the one who was able to hold on would have good capital appreciation while the one who sold earlier has suffered a huge loss. COULD we afford to buy? That’s a question we need to answer. Property market is not a pool where the only damage if we jump in is getting wet. Property costs a lot more.
Start searching, understanding and evaluating. When it comes to property, best not to listen to anyone who’s pushing for the sale to happen. No matter how famous that person is because the person is looking to profit from what you buy. It’s hard to be objective if commission money is at stake. Promises can be sweet and yet deadly. Look at the 4Ps when we are evaluating. Here’s that article about 4Ps; Price, People, Policy and Preferences. Oh yeah, keep reading kopiandproperty.com too. I think we are a good source of good information.
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Next suggested article: Best property investment plan. Buy low, Sell High.