Wanna Be A First Time Home Buyer

in #property5 years ago

Having a gathering session with @enjiliew friends from Penang. It was quite some time ago since there is any visitor to our home and had a long chit chat like that together. Though we don’t have much to offer with just simple coffee and tea, hope they enjoyed the whole session on the floor 😂

Along the session, we talked about adulthood and the reality that we need to face especially on financial commitment. When we are taking on loans like car loan, mortgage loan and other credit card debts, plus with insurance and other investment, the amount may accumulate to something more than what we can afford currently. Friends at my age now talks about buying their first house and that’s very normal to get into calculative mode and see the feasibility to afford a house with our current incoming revenue.

At this period of time, the whole property market of Malaysia is filled with rebates and discounts whereby developers wanting to let off the units rather than hold. For home buyers wanna be, it is a good time to buy. In addition, with the newly announced Home Ownership Campaign that will waive the stamp duty for instrument of transfer and also Sales and Purchase agreement, it significantly reduce the upfront cost to buy a property. I would say at least RM15K less than usual time. Not to say that I must buy a house at this time no matter what, it is still advisable to be rational and think thoroughly whether I could get my cash flow right with the amount I need to fork out for owning a property.

Well, now is the research period which I give to myself about half a month time. By the end of this month, there will be a verdict and let’s see what I will decide by that time. Along the way, I will write about what I found out and what I think about owning a property as a first time buyer (not yet though). Can’t deny that it is exciting to be able to own a home. Nevertheless, with the understand of liability and asset, I am also clear that cash flow need to be positive and I am not suppose to sacrifice my current quality of life and get all my revenue on a single basket (property). With that, my growth in terms of getting more revenue coming in will be restricted as I have more restriction and tighter budget to get things start. That’s why a really thorough planning needs to be done before decision being made.

Well, who around here are thinking of buying a property? Do share me your experience :)

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