Someone asked me jokingly before, “Charles, to you property investment is a must, so do we buy everytime we have enough downpayment?” I answered, “No, you should wait.” Wait? In Cantonese, “wait till the clouds come” or in Hokkien, “Wait for what?” Let us talk about the three WAITS.
Wait number 1. Waiting for a property and the area that you and your partner both love, if you are buying as a couple. Please do not buy a property that you love and your partner says that he will / can get used to the property or can grow to love the area. A home can be a sweet one and a home can also be a source of arguments. Real example. “I already told you I do not really like the area before we buy.” The reply? “If you do not like why you did not object harder last time? Now property completed and you start complaining?” I have one friend who bought in Cyberjaya and hates it. He said, he thought he would like it in the future when he paid the downpayment. Sigh…
Wait number 2. Waiting till you REALLY have enough to buy. Okay, for this I give you a tip. It can also be aiming and buying a cheaper property too. That usually helps too. Assuming, we really was able to save JUST ENOUGH to buy, should we overstretch ourselves? Why we should not overstretch is simple. Do you love to do stretching for one whole day? A home loan which is bordering on our actual affordability borderline will stretch us for years unless we get the promotion that we needed. So, how many people in the whole organisation get promoted within the same year? You are right, usually not many, most of the time a minority number. Hitting a jackpot? Well… Stay grounded please.
Wait number 3. Third wait is for the best time to buy. Unfortunately and fortunately the best time to buy can both be when everyone buys or when everyone stops buying. You see, when the market is really hot and you happened to jump in early, that is when the incoming tide would lift up all boats. Just remember to sell for profits and not be too greedy. When the market is slow however, that is when people stop hanging up your phone or slamming the door when your offer sounds a little low. Not even ridiculous yet. So this third wait requires sone objective assessment and some knowledge about property investments. Do start reading today if you want to buy many months or years later. Else, better hope you are lucky!
Happy waiting productively yeah.
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written on 3 Oct 2017
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