How best to prepare yourself for home-ownership? What are some of the key tips and tricks out there? Read on for more insight into home-owenrship!
"Is this the right home for me? Can I really afford it? How I wish I had a crystal ball to see if this property's value will appreciate or depreciate in the future!"
These are just some of the things that tend to run through one's head when trying to decide on a property purchase.
Hence, it's not surprising that many potential first-time homebuyers tend to adopt a wait-and-see approach – both in relation to their personal finances and the property market – before they commit to such a major investment.
While new residential projects continue to be launched, there still remains a large number of unsold units in urban areas around Malaysia. This has caused a cooling of the Malaysian real estate market.
To counter this, the government is actively encouraging home ownership among Malaysians through its Home Ownership Campaign (HOC), which gives exemptions on stamp duties and instruments on securing loans.
All this means just one thing for potential first-time homebuyers: there's no time like NOW to finally purchase your very first home!
It's high time for you to take full advantage of these favourable circumstances. Read on to find out how to prepare yourself to make one of the best financial decisions of your life!
For starters, have a look at your savings. This will give you an idea of how much you can put towards the property's downpayment (usually 10%) and other incidentals. These often include legal fees, stamp duties, insurance, and renovation costs.