I want to share with all of you some thoughts on property purchase. For the past few months, my wife and I have been actively searching for a suitable landed property to purchase. I think everybody has a dream to own their own house. Same with me….
I think over the last few months, we have considered around 10 options and we have finally narrowed it to 1 particular house. But it is rather expensive, I should say… well, now, all I have to do is do my ‘solat Istikharah’ and make a decision. Then, to get a financier that will lend me some money….
Anyway, these are a few factors that I look into when buying a property (not in any particular order):
- Price of the house
- Cost of borrowing
Ø Islamic (fixed) vs conventional
Ø Which bank or financier
Ø What interest rate - Location (neighborhood, amenities)
Ø I prefer a secure mature neighborhood with readily amenities (public transportation, school, shops, parks etc)
Ø Of course, I prefer it to be close to where my wife and I work. I want to be around 15-20 minutes away from the office. - Neighbors
Ø Need to know your neighbors. Having friendly neighbors is crucial. - Size (build up, number of rooms, toilets)
Ø To me, having a big house is for the future. I want my kids to have their own room. And I plan to have at least 5 kids! - The condition of the house
Ø If buying a house from a previous owner, then I need to see the condition.
Ø Get to know also why they are selling. There could be something wrong with the property. - Design and ambiance
Ø I like the modern design and material used. It really makes a big difference. Go and look at the new developments, the ambiance is really2 ….. can’t really describe it in words.. of course, you need to invest in ID as well lah.. - The status of its development
Ø What percentage of construction??? The closer it is to completion, the less risky it is on going abandoned. - The Developer
Ø Having strong and credible credentials is important. New developers will carry some significant risks… you need to do some homework here. - The anticipated future value
Ø All property appreciates over time. But how fast is the appreciation? If you look at the property in Ukay Perdana. A house that was RM 500K last 2 years are selling for RM 1 million now…. mmm - Freehold vs leasehold
The longer you wait to buy your dream house/condo/apt:
The higher the COST,
The higher the HEIGHT (condos, apts),
The further the DISTANCE from KL,
The smaller the SIZE,
The bigger the HEADACHE becomes…
My opinion, we should all plan carefully our finances so that we will all be able to own at least a property that we will leave behind as our legacy to our children…. Learn the concept of ‘calculated risk’ and ‘investment’. Don’t treat buying a house as a ‘cost’ but an investment.
Hey that’s my 2 cents on the issue, what’s yours???
5 comments:
I'm seriously looking to purchase a house too. Although at first I was loooking to finance a shoplot under my name, now its getting too expensive. If you cant get a financing of at least 1.0 million say goodbye-lah to your rumah kedai 3-tingkat (dekat bangi).
So now I'm looking at some
house, new development around the Bangi / Pinggiran Putrajaya area. I'm not willing to move out of Bangi, I dunno why but I guess because I'm a Bangi boy.
Maybe we can start with identifying the developers' track records. My house, which I bought 5 years ago is still in progress. They are 3 years over the time, and excuses are thrown out just to cover up their failure.
The worst part is, some of the buyers try to make reports to relevant agencies, but bureaucracy is another thing to pass through.
Sigh!
Once, i planned to buy a house in Pandan Indah area sharing with my gf... But then after dealing with the CIMB agent, we decided to wait 2 - 3 more years... maybe later when our financial is stable... now we know how hard to buy a property!! huhu... :-(
To me,i don't want buy a house but i want build my own house in one village.I like to life in village, maybe after "pencen".he²he².My father have a skill to build that.one day i can discuss with my father to build my dream house.I can put everything i want to my dream house.Not limited right!!
Actually since last year, i'm looking around for few apartment and condos. Really headache to decide and plan. Have to see current and future plan, budget, location and market value. I agree with you about the importance of neighbourhood. Until now, i still can't decide which area i wanted to stay.
By the way thanks for sharing this information.
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