1. Buy in the right area
Before you start looking for a property, figure out where you want to live. Think about things such as the school you want your child to go to and commuting to and from get off work before deciding..
2. Long-term purchase
Real estate is a long term investment, so please buy with caution unless you plan to keep it in that particular real estate for at least five years.
3. Buy real estate that meets all your needs
Your property is your castle. Here you will entertain your friends, sleep here, and raise your family here. Find the attributes that meet your requirements. In other words, don’t buy things that are too small with the idea of ”can do”. There is nothing more frustrating than lack of space. Determine your needs before you start looking for a house and follow the plan.
4. Stick to the budget
Don’t look at expensive property. This not only wastes your time, but also usually causes great frustration and hinders the overall search for a suitable property. Have a budget and work on it.
5. Don’t be attracted by unnecessary features
All that glitters most certainly isn’t gold. Don’t allow impressive features to cloud your judgement. Nothing, not even gold plated taps or a spa bath is going to make your life better if the rest of the property isn’t up to scratch.
6. Emotional state
It sounds simple, but in the process of buying real estate, the buyer’s emotional state is particularly important. That said; property ownership is not for everyone. Buying a house is a huge promise, and not everyone is ready to sign. Some people still want to travel the world or find their dream career. Perhaps more importantly, owning property comes with other responsibilities: responsibilities that not everyone wants to deal with. “When you change from a renter to a propertyowner, your life changes a lot,” Fleming said. “When a problem occurs, you are responsible for repairs, not the landlord.”
7. Do your research
Do your research and get an idea of the average price of real estate in the area where you want to live. If a property looks a bit expensive, ask the agent why the price is so high, and if you are not satisfied with the reasons given, please move on.
8. Local market indicators
Although frustrating, one of the biggest factors to consider when buying a home is what you have no control over: the local market. When it comes to it, you may not even have any choice. The market you are interested in may not have houses in your price range or in the correct location. Most importantly, some market value determines whether ownership is a viable option. Although the price of owning a house in some markets is cheaper than rent, in some markets the rent is reasonable. It all depends on the current state of the particular market you are interested in. Therefore, although interest rates are important, having the right market is equally important.
9. Ask questions
Ask how long a particular property has been on the market. Compared to those who have recently put their property on the market, those who are working hard to sell and whose property has been on the market for some time are more likely to negotiate a sale price.
10. Make a deposit
Even if you think you have a chance to qualify for a 100% loan, try to make a deposit. Remember, the more you put down, the fewer monthly installments.
11. Find the right real estate agent
Choose your estate agent with care. Ask friends and family for recommendations and if that’s not possible, make very sure your agent of choice has a valid credentials,a ll real estate agents (REA), real estate negotiators (REN) and probationary estate agents (PEA) are required to be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP). Chat to the agent to ascertain how well they know the area and how much stock they have on their books. Buyers need to feel comfortable with their agent and shouldn’t work with someone who they feel will push them into buying something they don’t really want.
Their status can be verified by checking their details on the official BOVAEAP website (Search – Lembaga Penilai, Pentaksir, Ejen Harta Tanah dan Pengurus Harta)
Agents need to listen to their clients carefully in order not to waste their time by showing them unsuitable homes. Some buyers feel guilty when they reject property after property – don’t, and if an agent insists on showing you unsuitable properties or those out of your price range time after time, find another who will do the job to your satisfaction. Ask the agent to give you a rough idea as to how much the banks could be willing to lend, based on your earnings and expenses. Remember that this figure won’t guarantee that you will be able to purchase for that sum, but it will be a good guideline as to how much you can afford.
12. Beware of hidden costs
Before buying, please try to find out the so-called “hidden costs”. Transfer fees, transportation fees, lights and water deposits are all required to be paid and should be considered. Before you buy, find out what property you want to buy and make sure you have enough cash to cover all additional costs.
13. Supply and demand
As real estate prices have been rising, many prospective property buyers find it difficult to purchase a property within their financial means. For the same reason, even current owners choose not to buy new, larger, and better properties (if they wish). For first-time propertybuyers, this becomes more difficult because the supply of entry properties is less than ever. Rising rents and real estate prices, coupled with stagnant wages for many people, have resulted in a combination of high demand and low supply. Although this may make it more difficult for first-time property buyers, investors with passive income properties should benefit from current market conditions.
14. Don’t be discouraged
Don’t assume that you failed because the seller rejected the offer. If you can afford it, either raise your offer or walk away to find other property. You may be disappointed, but you will most likely find something suitable in the price range.
15. Never rush to close a deal
this is a big problem. If you are not sure about any aspect of the property, please take a moment and do not allow anyone, including the seller or agent, to persuade you to buy something. Before making a decision, please weigh everything and make absolutely sure that the property is really needed before submitting an offer.