If your are planning to buy the property for the first time, here are some tips from a young real estate agent. The first time buyers are normally young, as such an advice from a young agent align with their mind set.
a. First, check your financial capability. Calculate the amount available for the monthly payment without taking into consideration the rental that can be realized by the property. This is because the rental income of any property will have its short term fluctuation. The question is, can you put up with the financial commitment even if the monthly expected rental does not come it.
b. When you had identified your own financial capacity. You may like to have a join ownership, husband and wife, although I prefer not to, as we do not know for sure the future of our marriage.
c. Make up your mind on the type of investment decision. If it is for your investment, the criteria of selection are different, you are thinking of its potential return, either through a capital growth or the rental opportunity. In most cases, the rental will not be able to cover the monthly installment. If it were for your own home, the decision may include the proximity to schools and other facilities.
d. Set the budget. I am suggesting a property around rm200,000. This relate to the monthly financial commitment. The installment for 200k property will range to about rm1000 per month with is within reach of the younger couples.
Always consider the possibilities that the property price may reverse its direction. We had seen it in other developed country. Our economic model follow the same structure of the western capitalist system and we may be facing the same problem.
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