All of us aspire to own a house at some point in our lives. It’s a big dream for us, humans and we work hard to achieve it. However, home buying is not an easy task. There are numerous things to take into account before making a final decision. It can be very confusing and daunting. While we would like to make a good investment in homes, only a few arrive at the right choice and create real wealth by making the right decisions.
Once you start looking for properties, there would be an oversupply of information from the market through property fairs, seminars, and conferences. You would see a rosy and attractive picture projected by the developers. It is of your interest that you be cautious and avoid the mistakes that most of the amateur home buyers commit.
The property market in Malaysia has much to offer. What makes it different from others is, it allows other nationals to invest in the real estate market. However, with rash young buyers in the market, it’s hard to succeed as a first-timer, unless you avoid the five common mistakes that people make while investing in a home.
- Don’t let emotions ride over your decisions
Buying a house for your use is a very emotional thing; it’s where your life is going to change and take a massive turn. So, you might let your heart rule over your head. That’s the worst thing to do, in such a complicated investment. Home buying without proper analysis of all factors is most likely to fail unless there’s luck factor.
- Impulsive buying or dilly-dallying is a big no-no!
It would help if you neither rushed into buying nor take forever to decide on a property.
Some buyers attend property fairs and oscillate by what they see and hear. They jump into buying one, without giving proper thought and research. Some others keep checking out projects and do excess research. They get punchy in the process and don’t take timely decisions.
- Don’t buy the wrong property
Investing in the wrong property is a very costly mistake. It involves too much cost, time and effort. You should know the demographics and decide on a property based on your age and preferences. If you are an expat and want to invest in an estate, KLCC, Bangsar, Mont Kiara, and Bukit Tunku are some areas you should look at. They are full of expat population. Also, there are areas majorly active with local Chinese, and some are with the presence of local Indians.
- Financial Blunder!
Getting your numbers wrong is quite common since there are too many things to consider. The best suggestion you can make here is to check homes for sale in Kuala Lumpur in online real estate sites. Get an idea of the prevailing prices. Hire a property manager and trustworthy mortgage broker. They would help you with the process of home buying with their expertise. It will involve a fee, but better than buying a wrong property and later, selling it and buying another one. You can check websites like Ringgitplus for mortgage comparisons in Malaysia.
- Buying a house with a taboo
The Malaysian property market comprises of the ethnic groups. These groups consider some factors that are non-scientific or superstitious elsewhere. Factors like the property’s feng shui, it’s unit number (Chinese taboo number 4 or International taboo number 13), its location at a T-junction and slope are taken seriously while assessing a property. Ignoring it will be to your disadvantage as you may not be able to sell the property and reap the benefits. Due to, not being able to find the buyers, or you might be bound to trade below the market price.
Now, you are better-equipped with making the right decision on your home buying. Remember that the right property will give a sense of satisfaction and financial freedom while the wrong one will put you on the path of misery and unrest.