How Not to Regret Your Property Purchases

Posted on: 2016-01-26

As many are aware, the buying of a piece of property, especially if its your first home, is an extremely weighty decision. Make a wrong decision and you may be stuck with your mistake for the next 20-30 years. 

These mistakes you might make can be in terms of the property location, price or the type of financing you opt for. As such, there are some important aspects to remember to save yourself the trouble and hassle of problems arising in the future.

1) Lack of Funds for a Down Payment 

Down payments for homes usually range from RM 20,000 to RM 50,000 and it's a struggle to get that amount together for most people. Some solutions to this is to be patient and frugal and save up slowly. You can also take a loan from your parents who might have it easier.

In no circumstance should you consider loaning the amount from loan sharks or any illegal money lenders as this will lead to many complications.

2) Monthly Loan Repayment 

Your total monthly debt servicing rate should not exceed one third of your income. If it does, you will find that your lifestyle will be severely affected and you may struggle to pay bills. Therefore it is important not to burden yourself with too heavy a loan.

3) Suburban or Rural Location 

Even if you are tempted to buy a house that is cheaper because it is very far from town, the amount of time in traffic jams, toll fees and petrol it takes to commute to work will eventually be too much.

4) Location Near Amenities 

Pick a location near to amenities for easier access and to save time.

5) Good neighbors 

It is very important not to choose a neighborhood where the neighbors are fussy and quarrelsome. it is also important to avoid neighborhoods where shady dealings take place. If possible, choose a place near your family and friends or better yet, buy together!

6) Homes with Potential to Increase in Value 

If you choose a large home in a strategic neighborhood, you have a potential to increase your personal wealth in the future as the property value will increase and you may find it easier to re-sell it in the future.

7) Schools and Educational Institutions Nearby 

Not only does this mean that your children can attend school easily, but the value of houses near schools, universities and colleges have a tendency to increase in value faster.

8) Buy Newly Launched Units 

This is the perfect strategy to save money and buy your property lower than the market value.

9) Property Management 

If you're buying in a high rise building, make sure the management is responsible and emphasizes on cleanliness and security


Source From: DurianProperty

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