Are you waiting to buy a property? Me too!

Are you waiting to buy a property? Me too!

If you are also waiting to buy a property just like me, then here are some homework that you would have to do first. I am also doing all these steps too. Else, I cannot say that I am waiting to buy a property. If I did not do the below, then I have to say I am dreaming about buying a property. In order to wait for the right property to buy, I need to do the following. Perhaps you can also take a look and follow the steps which are relevant to you?

#1 Read, Analyze and Understand these facts

Over time, property prices do rise. The reason is because of inflation and a host of other reasons but whether it’s the property my parents bought in Ipoh or the property I first bought in Penang, the prices always move up. The question is only how quickly, how high. It was never a question of whether it would go up or not. Look at all the countries outside Malaysia. Look at all the advanced property markets. Look at all the developing nations. It goes up…

#2 Where is our target?

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. The more we read, the more we become an expert of that area. When we start searching and there are not much information about that particular area, perhaps we need to step back and think again…

#3 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. Money is also needed for renovations too yeah. Roughly 20 percent of the home price. That’s why savings is the key to owning a property and property is the key to build our wealth steadily.

#4 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.

What happens when we do these 4 steps?

When we do all these first three steps, then we can claim that 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 a unit meeting all our requirements because of a 0.5 percent difference in interest rate, we can stop looking for properties to buy lah.

Happy REALLY waiting to buy a property and not just dreaming of buying a property

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