The excitement of purchasing a first-time home is an unforgettable moment for every one of us. This is getting a more difficult task in Malaysia, as the average house cost was RM611,623 in 2020 according to the Malaysian House Price Index (MHPI), which makes purchasing a home nowadays very stressful and costly, raising a bunch of questions for
first-time property purchasers in Malaysia.
However, it is time to stop looking for answers on the internet, we as an expert in regulated property purchasers, offering our insider knowledge to expose the questions that every first-time buyer should be asking, and how to solve them, so don’t hesitate to contact us.
In today's market, getting on the property ladder is a huge commitment, so you should consider if you have the financial means to make such a large investment right now.
In this regard, preparation is crucial, and purchasers should know exactly what they want and what to expect before entering the property market. When deciding on an adequate deposit and mortgage payments, ensure to consider all of your financial obligations.
A house survey is similar to a physical examination of your home. It entails engaging an expert to do a thorough examination and survey of the property's condition, identifying any potential issues.
If the property is determined to be in need of repair, you must either ask the seller to reduce the price or repair the property – or you must withdraw completely.
Apparently, you've seen the house and think you've met your desired home, but have you looked around the neighborhood?
If you live in a nice region, It doesn't mean that you make an achievement and get rid of the suffering of going through another purchasing process again, but it can turn into a profitable investment. The desirable locations increase demand, which raises housing values!
When visiting the house, be sure to ask about the neighborhood, the average asking price in the area and transportation options. If you intend to start a family, it's also a good idea to ask about the quality of the local schools.
Despite their similar-sounding terms, leasehold and freehold are diametrically opposed. A freehold title implies you own the entire property as well as the surrounding land, whereas a leasehold title means you only possess the property for the period of the lease.
This might have a wide range of implications for upgrading or making major structural changes to your home. Therefore, if you want to renovate a lot, it is advisable to stay away from freehold leases.
Understanding the motivations of a seller can help you strengthen your position as a buyer. As a result, one of the most important first-time buyer questions to ask during a viewing is why the seller is selling.
If a seller's objective is to sell quickly, you may have the upper hand as a buyer. By making a lesser offer than what is on the market, which can save you a lot of money.
It's natural to be sceptical of a home that has been on the market for a long period. Is it possible that the price is excessively high? or because the property is in unfavourable neighborhood
With such a large purchase, it is critical that you make the best option possible. Regret is a costly state of mind to enter in real estate!
You wouldn't buy a phone contract without first asking what's included, and it should be no different with a significant investment like a home.
In the early phases of a home purchase, request an inventory that specifies whether white goods and furniture are included or not. If not, you can adjust your budget.
Everyone is aiming to make this major step in their lives and this will generate lots of questions for the first-time buyer, which can be exhausting. As a result, we believe that by clarifying some points, we can help the first-time buyers to achieve their aim and buy the dream home with less stress and cost!