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!