Tips For A Successful Home Purchase
Make a wish list and stick with it.
If you are a co-decision maker, make sure you and your partner discuss and agree on what needs to be on the list. So that when you go shopping, both are on the same page.
Check out the neighbourhood.
Is it safe? What amenities are there? If it's possible, talk to the neighbours or strike up a conversation with the local shop owners. Spend time in the neighbourhood to get a feel if it will suit your lifestyle.
Don't see more than two properties in the same day.
You may feel over-whelmed and things will get muddled up. You may not remember which bedroom or kitchen belong in which property.
Have a budget.
Don't forget expenses such as local taxes, maintenance, insurance, furnishings, etc.
Is it the right time to buy now or rent?
The loan interests is at its all time low now. Developers are giving a lot of freebies. The key to seeing a return on your investment in ANYTHING is to buy low and follow the wave up. The cost of borrowing money right now makes home ownership almost the same as renting in many cases particularly in Kuala Lumpur and Petaling Jaya prime areas.
What will happen if more people continue to rent because they are afraid to buy? Rent will increase more and more. Investors are aware of this trend and is taking advantage to buy everything they can now, so they can rent it out at a much higher rate later.
Preparing To Buy A Home Within 6 Months to a Year?
If you are planning to buy a property within 6 months to a year then the first thing to do is to clean up your credit. Are you owing anything to the banks? Do you have overdue credit card debts? Any court orders? Talk to your creditors to make out a deal to pay off the outstanding. You can purchase your credit status from CTOS or personally go to Bank Negara with your identification card to retrieve your CCRIS report which is free of charge.
Make sure you have filed your taxes with the inland revenue board. Banks will need your last 3 to 6 months of income statements and tax returns. It may be worthwhile to consult a mortgage consultant.
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