Buying a property can be exciting – but it is also a very stressful endeavor. There are so many questions to ask, and a slew of aspects to look into when buying a home. So much so that it can be a bit intimidating at times. Where does one even start anyway?
Because ain’t nobody have time for that, we decided to speak to the experts for some important insight. With vast experience in the Malaysian property market, Rahim & Co International has been guiding home buyers and investors to nab the perfect property for decades. Here are some of their best tips when it comes to buying homes:
Location, location, location!
The old mantra of “location, location, location” may no longer be everything in property. The current market sentiment takes other things into consideration as well, especially the look and feel, branding, type of development, reputation of developers, and accessibility to transport and amenities. Integrated developments and transport-oriented developments have also become popular.
Key things to look for when buying from a developer: Their reputation is first and foremost. The developer’s ability to complete and deliver quality projects should always be of importance on a purchaser’s mind.
It’s very difficult to tell apart speculative property from a solid new opportunity. As such, most people will rely on the track record of the developer to make the assessment.
The type of development you are investing in is also important. Some sectors of the market are overbuilt and facing an overhang situation, thus making them automatically speculative in nature.
Costs To Consider
There are many costs involved in the purchase of a property. Most people don’t factor in the costs besides the initial down payment.
Things to be mindful of would be legal fees, stamp duty, costs associated with Memorandum of Transfer, interest rates, legal fees, and stamp duty on the loan agreement.
Investment vs. Personal Stay
It is entirely a personal matter which has to be considered on a case-by-case basis. Property remains the best hedge against inflation. If you factor in that property is a long-term play, you’re almost assured of making capital gains. The smart investor will buy properties in a market that is consolidating and is prepared to wait for the next up-cycle.
The real trick is to successfully gauge this timeline. A good property consultant can help you navigate the complex market. The value that a good agent could bring to the table shouldn’t be underestimated.
Basically, these are the top five boxes you should tick when saying “yes” to a home:
1 Type of development
3 Quality and track record of the developer
4 Access to amenities
And as for the top five things that you should consider saying “no” to when buying a home, best to be mindful of these:
1 Speculative development.
2 Poor location with little or no access to amenities and public transport.
3 Overpriced projects due to too many freebies thrown in by the developer.
4 Properties in the overbuilt sector that are facing an overhang situation.
5 Very low initial sales rate in the development as a whole.