So, you’ve been thinking of buying a house? It’s a pretty big commitment, eh? We bet there are a million and one questions in your mind right now.
Brenda: “There are lots to consider when buying a new home. Landed or high-rise? Subsale? Carpark, no car park?”
We spoke to Sean Tan, a property YouTuber, to help clear up some doubts and explain more on things we should know before buying a home. Watch the full video below:
According to Sean, a common problem faced by many first-time homeowners is that they tend to do more research after making the purchase
The lack of research is why many are shocked at the actual value that they need to pay for when buying a home. Even Sean himself struggled when he bought his first home, as he didn’t know that he would need to pay for other costs, apart from the downpayment.
Sean: “I really suffered a lot because I initially only thought I needed 10%. I didn’t know I needed to pay for lawyer fees, banker fees, valuation fees, legal fees, stamping fees, and title fees.”
Another problem many Malaysians face is the inability to get a housing loan
Brenda: “Depending on your credit score, most banks offer up to 90% of home loans. Yet, only one in two home loans are approved in Malaysia.”
Luckily, property developers have realised these common issues and are now trying their best to make it as easy as possible for Malaysians to buy a home
Sean: “Property developers have spoiled this generation where now booking fees are very affordable. And there are a lot of schemes where we know we need flexibility. So, indirectly you are buying flexibility and you’re buying time.”
One such programme is #InstaYours by EcoWorld, which allows you to stay in your selected home first, before deciding if you want to purchase it
This allows you to prolong the house-buying process, giving you time to improve your finances and be more certain of your decision. With a 100% financing programme like #InstaYours, you don’t even need to apply for a housing loan.
Brenda: “So, instead of committing a huge chunk of money upfront, you have programmes that could help you attain your first home by paying a three-month security deposit and monthly payments.”
Here’s a final tip from Sean for those who are planning to start their homeownership journey:
Sean: “Set a goal of savings – RM10,000 by when? Many people do not know where their money goes. They do not know how much money they’re spending but they know exactly how much is in their banks. Most of the time, it’s that small money that you save, then suddenly with RM5,000 you can book a unit already.”
Ready to own your first home? Click here for more information on the #InstaYours Homeownership Programme by EcoWorld or visit any EcoWorld Gallery today!
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