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What If?

What if I bought my first house 5 years ago, what if I listened to my family and friends to start saving for my own property instead of spending lavishly on trivial things. What would’ve happened if I didn’t do it properly last time and just do things according to my guts instead of doing research on things that I wanted to get. I’m sure many of you out there have regrets about not making the right decisions on things that have been done previously. Like me, my biggest regret was not buying my first property during my early twenties. But I have thought to myself not to think about the past and keep moving forward.

From what I have learned all these years, you must always grab any opportunity that comes into your life. Sooner or later, if you don’t grab it, you will have a sense of regret for not taking the opportunity that was presented to you. What if you got a new work opportunity previously but you felt that it was not the right time to move or felt that you are afraid to leave your current work for the sake of feeling secure, but years after that you felt that you should have taken the opportunity that was offered to you years ago.

But now, if you have the means to buy a house, it is the right time to do so. With the low-interest rates that are being offered to customers that want to purchase their first house. Promotions like HOC which stands for House Ownership Campaigns that will give a lot of benefits to home buyers. Now is the right time to start looking to purchase your first house. Worried that you will need to pay a lot of booking fees? Fear not. Now there are low booking fees, free legal fees, free stamp duty for loan and MOT (Memorandum of Transfer) and a minimum of 10% rebate for house purchases.

LBS Bina is known to build affordable houses for Malaysians, there’s a lot of locations for you to choose from in different states in Malaysia. Various selections of properties to fulfil your needs. Our selection of houses covers different regions of Malaysia including Kuala Lumpur, Selangor, Perak, Cameron Highlands and Batu Pahat, Johor. These properties could cater to all your needs from every level of income, which covers Landed Properties, Condominiums, and townhouses.

Finally, this is the right time for all of you to start looking out to buy your first house or even get your second or third house that could be used for your investment purposes. Because all these promotions and offerings will not last forever, as this will only last till the end of the year. Grab this great opportunity so that in the coming years you won’t feel a sense of regret. And accompanied with the phrase saying, ‘What if I grab the opportunity to buy my first house in 2021?’.

LBS Records Strong First Six Months Earnings With Profit After Tax RM 52.3 Million

30 August 2021

LBS Virtual Town Hall Meeting 2021

25 August 2021

LBS Shareholders Approve Dividend Payout All 12 Resolutions Were Approved At The AGM

3 August 2021

Okay, I’m Vaccinated. Now What?

Two years ago, we could only dream of being here. Being cooped up in our homes with the number of cases only getting higher and higher, it did not seem like there was a way out. Being vaccinated is far from our imagination. We could not see the light at the end of the tunnel. Our spirit was low, we did not have the motivation to do anything, we missed our family and friends, we missed dining out, and we were worried we or any of our loved ones would get infected by COVID-19 – we had a hard time adjusting to the new normal.

On top of all the stress of going through a pandemic, we were still expected to live our lives as normal as possible, meeting work deadlines with a pay cut, and some even lost their job. We were living in uncertainties, and it was hard. We also had to go through a crash course on particle filtration, alcohol level to effectively sanitise, room ventilation, and a whole lot more things that we wish we knew a whole lot less about.

We also had to learn about interdependence to ensure the survival of our species. We learned about forming quarantine bubbles, donning protective gears just to go get groceries, and having only essential physical interactions. The days were suffocating, and the nights were long. We look forward to the day when we can breathe easier again, although the future seemed bleak.

And it seems like we are finally having a major breakthrough. COVID-19 vaccines have successfully been developed and distributed worldwide after months of research by healthcare experts. Vaccine rolls out in Malaysia kicked off on February 24 with Prime Minister Muhyiddin Yassin receiving the first of the two-dose Pfizer-BioNTech vaccine as mass inoculation campaign started.

Through the Ministry of Health (MOH), the Malaysia government has by far approved a few COVID-19 vaccines. One being RNA vaccine – genetic material from the pathogen only – known as Pfizer-BioNTech. Three being non-replicating viral vector vaccine – another virus that cannot copy itself carries the pathogen’s genes – known as CanSino, Johnson & Johnson, and Oxford-AstraZeneca. And the last one being an inactivated vaccine – killed pathogen that cannot replicate itself – known as Sinovac. Two other vaccines are currently undergoing clinical trials in Malaysia; one non-replicating viral vector vaccine – ReiThera, and one inactivated vaccine – Chinese Academy of Medical Sciences.

June 21 marks the kick-off of Phase 3 of National COVID-19 Immunisation Programme in Klang Valley, which would be the final phase of vaccination before heading to Phase 4: the Economic Recovery Plan. As of June 18, 4.9% of the population has been fully vaccinated while 12.4% has received their first dose. Life is slowly but surely going back to normal, so what now?

It seems like we are finally turning over a new leaf, but can we do pre-pandemic activities again? Yes, but it is a little tricky. Being COVID-19 vaccinated means the virus would no longer endanger you much, but they do not give you superpowers. You may still carry it and put those around you at risk, so until we have reached herd immunity, we still need to take precautions, but the list of pre-pandemic activities that you can do will grow.

It is completely normal to still feel scared even after you are fully vaccinated. To go back to a mask-less society or entering a crowded lift seem like a precarious act, and currently it still is as we learn more about the power of these vaccines, hence why the need to still follow the recommended SOP by MOH. Knowing the overall risk of infection in your area is also a good step towards making better decisions.

We are heading towards the right direction, but it is understandable if we are still enveloped with uncertainties as more research is currently being done. Simply returning to our old habits would be deadly. To be mentally prepared, remember that even though you have a new “force field” around you, it is not impenetrable.

It is important to refer to only credible news to not hinder the government’s vaccination effort so we can reach herd immunity faster. Do not easily trust forwarded messages you read on WhatsApp as most are fake news, and more importantly, do not forward it to others. Stop the chain, it starts with you, do not create vaccination hesitancy.

Bottom line is, yes, you can now breathe easier after being vaccinated. You can walk or sit taller and let go of some of the worries that have been lurking in the back of your mind for the last two years. Remember that getting over the pandemic is a journey, and while we race toward widespread vaccination to get back to life before COVID-19, we also must play our part in the meantime for the under 18 population who cannot yet get their shots.

Together, we will beat this and rise above it.

LBS Foundation Stays Consistent In Helping The Needy

15 July 2021

Buying Your First Home

There are 2 keys every Malaysian should have in their lifetime; car keys and house keys. You already have the car, and now you’ve finally reached that stage in your life where you want to have a place to call your own. Be it for personal or investment, buying your first property can be a rather daunting task if misinformed. But by asking the right questions and understanding the process flow, things might not be as complicated as it seems.

It’s very important to differentiate between wanting to buy a property and being able to buy a property. Always remember, if you can buy the property and manage your monthly expenses comfortably, then you’re ready to consider the purchase.

 

Here are 5 questions you need to ask yourself before deciding:

1. What type of home best suits me?

There are many types to choose from; a condominium, an apartment, a townhouse, a semi-D bungalow, or even a patch of land to build your own dream house. Each has its own pros and cons, which you need to weigh to better suit you.

2. What am I looking for in a new home?

A home is a long-term investment, which is why it’s very important to consider a property that fits both your wants and your needs while keeping within your budget. Location, neighborhood, size, and layout should be part of your consideration.

3. How much mortgage can I actually get?

It’s important to get an idea of how much a lender will be willing to loan out for your first home. The amount may vary depending on your debt, monthly income, and job patterns.

4. How much home can I actually afford?

You will need to look at the house’s total cost (not just the monthly payment) such as the amount of down payment you can afford, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be.

5. Who will help me find a home and guide me through the purchase?

A real estate agent will help you find homes that best suit your criteria. Once you’ve decided on a home to buy, these professionals will help you with the entire purchase process including making an offer, getting a loan, and completing the paperwork.

Just keep in mind these 5 questions and you’re good to go. All the best!

Factors To Be Considered Before Buying A Property

After months of searching, you’ve finally found your ideal home. But before you sign on the dotted line, here are a few things you might want to consider:

Which way does the house face?

This is essential, especially when it makes a difference between an overly heated home with little ventilation and an airy home that has ample lighting.

What is the area like?

Take a walk around the property and observe the area. Are there a lot of noisy restaurants around? What are the neighbours like? Are there any convenience stores around? Is there public transport nearby? This is to give you an idea of what to expect before you move in.

How safe is the area?

If the property is within a gated community then you’re all set. If not, then you might have to look at the surrounding houses and see if there are ample residents living around the neighbourhood. You might also want to check if there is sufficient public resources around.

Are there sufficient facilities available in the community?

It helps to ensure sufficient public facilities around your neighbourhood such as a swimming pool, a community centre, a sports complex and/or playgrounds. These amenities provide a sense of community and is a great way to get to know your neighbours.

Is the property easily accessible to major roads?

It helps to know which major roads the property links to. This will help with the ease of traveling, avoiding any future congestion going in and out of the property

Will there be any major developments happening in the area in the near future?

Apart from determining the appreciation of the property value, this would also help in determining if the density of population around the area is looking to be increased and whether that increase is something you wish to be a part of.

Is there sufficient drainage in the area?

Examine the whereabouts and levels of external drains and see if they are accessible and fully functional.

All You Need To Know About Mortgages

Finding the right home can be tricky, from the location, to the type, the design as well as size. But eventually it all comes down to what you can afford. As we’ve mentioned earlier, it’s very important to differentiate between wanting to buy a property and being able to afford one.

Here, we’ll be talking about mortgages and how you too can finance your home the right way.

The most important question you should ask yourself is “how much can I afford and how much can I borrow?” The percentage of down payment you pay at the beginning will affect the amount of monthly mortgage payments you pay later on. If you can afford to pay a higher down payment, then you will be borrowing less, thus lower mortgage payment every month.

When determining how much you can afford to pay for your home, there are a few things you might want to consider:

  1. down payment amount,
  2. monthly expenses,
  3. credit rating, and
  4. income.

The simple rule to follow; your collective monthly debt should not exceed a third of your monthly income. This debt includes any car payments, education loans or any other costs you have on a monthly basis. Working out your collective debt plan will help determine a ceiling price for the mortgage you are able to afford. We advise you to calculate the amount of mortgage you can afford before considering a property.

The amount you can borrow is determined on the value of your property, your income and your repayment capability. When looking for an ideal loan, do consider the interest rate and the duration of the loan. The higher the interest rate, the more money you will pay each month. Interest rates can be fixed or adjustable. Adjustable interest rates change overtime whereas fixed interest rates remain the same.

As for the financing, you have the choice of conventional financing or Islamic financing. Under conventional financing, your loan consists of a principal amount, plus the interest charged on you. Islamic financing works on a different concept of buying and selling, where the financial institution purchases the property and then sells it to you higher than the purchased price.

It’s important to pay attention to every little detail, like the margin of finance, the lock-in period, as well as branch location. It’s just as important that you keep in mind all the other fees involved in purchasing a home. It is obviously not just going to cost you the down payment and the subsequent mortgages. Other fees such as the legal fee, insurance fee, transaction fee etc. are items you would need to calculate in as well.

Generally, most mortgages are calculated for either 15 years or 30 years. A 30-year mortgage involves a lower monthly payment than a 15-year mortgage for the same amount, but the total amount paid in interest will be greater. The following reference can be used when calculating the best mortgage rates: https://www.imoney.my/home-loan.

Always remember, choose a mortgage plan that meets your needs best and is carried out with the least amount of financial strain.

References:

  1. http://www.mortgagecalculator.net/buyers-guide/
  2. http://www.iproperty.com.my/financing/faqs.aspx#22
  3. http://www.iproperty.com.my/news/8992/5-common-home-loan-mistakes-to-avoid

GST And The Property Sector

The Goods and Services Tax (GST) was introduced in Malaysia back in April 2015. Prior to its inception, spending spiked before decreasing drastically after its implementation. This decline is expected to continue as consumers and businesses alike adjust to the new taxation.

The list below contains information regarding GST and how it might affect the property sector:

  • GST is a consumption-based taxation system which works as a replacement for the existing Sales and Service Tax (SST).
  • The introduction of GST in Malaysia is not a new idea; the first announcement of a possible implementation was made by the government a decade ago back in September 2004, but was postponed twice before its implementation.
  • GST will be charged on all types of supply of goods and services in Malaysia (except for goods prescribed as zero-rated and exempt-rated).
  • The Real Estate and Housing Developers’ Association (REHDA) has forecasted that residential property prices may rise by 3-3.5% after GST.
  • The Royal Malaysian Customs (RMC) has also forecasted that housing prices may increase by 0.5% to 2%.
  • A purchaser of residential property will not be subject to GST since the supply of residential property falls under the category of exempt-rated supply.
  • Even though residential property developers are not allowed to claim any input GST incurred on their business purchases, the cost of their own purchases will increase. Due to this, the developer may adjust its selling price to reflect the extra costs due to the unrecovered input GST.
  • As for commercial and industrial properties, the cost is expected to increase as those sectors will be subjected to GST.

 

References:

  1. http://www.iproperty.com.my/news/9853/the-gst-a-quick-look
  2. http://www.iproperty.com.my/news/9846/gst-under-the-microscope