Are You Ready to Buy a Home? a First-Time Homebuyer Checklist
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If there’s one thing that the partial lockdowns taught us in 2020, it was the importance of home. Working from home and spending more time inside has become a global trend due to the pandemic and it goes hand-in-hand with all the imposed incentives and benefit schemes to stimulate the economy and make purchasing a home more accessible for everyone.
If you are financially equipped to make this move, 2021 is the year for first-time homebuyers. Here are 12 homes across Malaysia to get you started on your journey to becoming a homeowner. The Big Property Hunter Sale 2.0 will end on the last day of February 2021 so explore now while the campaign lasts!
Next, you will need to prepare several things before making receiving the keys to your dream home. Here’s a checklist:
- Figure out your affordability. The first thing you will need to know before starting your search is how much you can afford including monthly mortgage fees, appraisal fees, inspection fees, closing costs, and of course, your down payment.
- Clean up your credit score. Many people overlook this step but if you're trying to get a housing loan, a healthy credit score is crucial.
- Get pre-approved for a loan. Once you figure out how much you can afford and have a clean credit score, you are ready to apply for a housing loan. You should wait to get pre-approved so that the buying process will go much smoother and you will be able to make a strong offer quickly and at the best price.
- Know your requirements. Are you looking for open space that a landed house can offer or the security and community that a high-rise can offer? You might have this already just from staying at home most of 2020 but make a list of the things that are important to you in a home. It will give you a clear vision and direction to follow while you search for home.
Keep in mind that numbers 1-3 will give you sturdy grounds to make finding your dream home a reality. Remember to stay within your price range and do your due diligence. Still not sure if it’s the right time to buy?
KGV International Property Consultants executive director Samuel Tan, says “the current climate is good for homebuyers as it is a buyer’s market. Borrowing rates are at an all-time low, developers are more willing to sell at a lower profit margin for better cash flow, and there are many keen sellers in the market who are ready to negotiate a deal. The government has also introduced various incentives, such as the HOC and other stimulus packages, to encourage property purchase, especially for first-time homebuyers.”
Let us know in the comments if you have any questions on the homebuying process and don’t forget to check out BPHS 2.0 for home promotions, one-on-one help, Propflix videos and homebuyer guides.