Whether you’re purchasing your first home or making a new investment, establishing ownership of property is an exciting experience. However, as is the case with any large purchase, you need to plan out your path carefully. Finding excellent real estate may seem like common sense, but it’s actually much more complicated. There are pros and cons that may weigh against each other in particular cases, and you don’t want to snatch up the first thing you see. Although common sense is where you should start, getting detailed about how you plan the process will save you money and help you find a property that suits all your needs. Here are a few tips about how to prepare for your first real estate purchase.
1. Know How to Search Online
One of the most important first steps in your search for a home is knowing where to start on the Internet, and your first stop should be Property Guru for property in Malaysia. Using reputable sites with recognizable names and popular brands starts you in the right direction immediately. Not only is it simple to search by specific parameters, but since you’re using a widely recognized site for real estate listings, you don’t have to worry too much about getting scammed. This is a common problem in Malaysia unfortunately, but if you stick with the right sites and brokers, it’s nothing you have to worry about. Just avoid dealing with sketchy sources.
2. Plan Ahead and Organize
The second step in your plan once you start looking around and finding out which sites are reputable, you should make a list of exactly what you want in a home. For first time home hunters, Ringgit Plus recommends that you should make a list of your dream amenities and features, but then sit down and determine exactly what your budget will allow for specifically based on the locales and prices available. In other words, if you’d really love to reside in a luxury township with a gym, but you also need somewhere that’s easy to commute to work from, weigh which one is more important. One of these amenities should go on the must have list, and one should go on the preferred list. The must have list should only contain features and amenities that would literally make or break a property deal for you.
3. Understand the Life of Your Loan
Understanding your financial options is absolutely essential as you embark on your real estate search. If you’re banking on a mortgage, there are many different options and perks that may not be immediately obvious. For example, real estate experts advise that the best way to find a dream home is to purchase when you’re still young, since you’ll then have a much longer period to pay off your loan at a maximum of 35 years. When you sit down with the bank to review your credit, collateral, and down payment, don’t forget to ask about the different types of repayment terms they offer. In effect, you can afford a more expensive home if you’re younger and have time to pay it off. On the other hand, if you want to avoid going into too much debt, you can always downgrade and look for a less expensive property.
4. Consider Future Plans
An essential thing to consider when you’re planning your first real estate purchase is how long you intend to stay there, and what you foresee yourself doing in the future. For example, if you plan on growing your family, then investing in a home with more space is a good move. On the other hand, if that’s not in the cards for you, then choosing a home based on your needs now is wise since they probably won’t change.
The same can be said of location. If you plan on staying at the same job for the foreseeable future, than choosing a home within commuting distance is a good plan, whether by car or public transportation. However, if you could potentially see yourself switching professions within the next few years as well as geographical location, then perhaps it may not be the best time to buy property. There are plenty of opportunities to continue to rent and see how things go. You can also test out how a township works for you and if it meets your needs, since there are often units both for rent and for sale in the same community.
Nothing is more gratifying than closing on a new home, if only because it means you’re finally done with all the paperwork and legalese, not to mention the added excitement of having real estate to call your own. Owning property is an irreplaceable, time honored tradition, and an important experience that every person is entitled to have. Once you’re set with a mortgage, make sure you’re ready to make the payments, read all the terms of your township community, and enjoy the income from your new investment or living in the home itself.