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Buying a New Home
You’re slowly turning 30 years old. Have you bought a home yet? Or are you one of those who rather spend all the money on buying a ride, where you know it only depreciates? The adrenalin rush that comes to buying your home, is the ultimate feeling. Finally, a place to call your own.
I have currently booked a new condominium, and it is approx 70K costlier than the one that I own now. What are to look for? Simple – location! location! location! Also, it’s all about finding communities – ensure your lifestyle matches your new home.
Don’t over-splurge without thinking, because it’s a commitment that will easily take 30 years of your life. Look at amenities around, and if possible, future plans surrounding the neighborhood.
If you’re too busy to look for a new home, go find yourself a real estate agent, and make sure he/she works for YOU. The person will handle price negotiation, research future development, the developer’s background and all other pros and cons.
It is UTMOST important to get your loan package right. Even if you don’t know at first, and all looks mouthwatering, check with someone who knows. As you know, the interest rates are hovering at 6.75%. There are also some insurance companies that offer much better packages than your local banks.
When you read the ads in the newspaper, if it looks too good to be true, it probably is. Most people get away with false advertising, e.g. “Less than 30 minutes drive away from Petaling Jaya” when it actually takes an hour if not more in traffic. Please, let’s be real – traffic jams are here to stay, unless your job finishes after midnight.
Buying a home is fun, seriously, your heart gets pumped up and you get all excited. BUT, always keep your head in check, because it involves huge sums of moolah.
70K? Which housing area did you buy in? Not a completed property, I suppose?
Oh, and don’t forget to add. Always pay the RM3K-10K for your own lawyer to draw up the S&P document. It’s just like fire insurance: you think it’s expensive and not necessary, until something goes wrong. For example, when the project is late, or the developer refuses to fix defects, who are going to call for help? Let your lawyer do that, not THEIR lawyer.
I know what you mean, people tend to get overboard with a new house… but it IS FUN
Totally agree with you. Location is most important. Don’t want the family to be living in some dark area with barely any amenities and traffic jam the moment you exit from your house eh. Good to hear that you have booked a new condo! :p
aurios Errr, if you read it carefully, I mentioned 70K more expensive than my current property.
S&P, for sure, but then you need not pay the fees as there are ZERO MOVING COST plans available. 
Giddy Tigress Definitely fun, and a big hole in the pocket!
twosuperheroes Yup yup. Well, I might cancel the new condo though, as I feel it’s about time I own a house instead.
i have just blog about the same issue few moments ago. it’s givin me more stress up to now.
i saw a property which i liked but the issue of traffic stopped me from thinking further about it. true that traffic is here to stay but then certain areas are def famous for traffic day in day out.
well, dont forget that larger condo units will incur higher maintenance charge as it goes along with the square feet. i saw one which i like that is 1900 sf but at 20cents per sf, it wld be RM380 per mth. might as well get a landed property.
johnny ong Great point on the maintenance charges! I overlooked that. Nice one!