Compare Listings

Questions You Need To Ask Before Purchasing A Property

real estate marketing realestatemy 5

If you are thinking about purchasing a property right now, you are probably getting a lot of advice from many people. Though your friends and family have your best interests at heart, they may not be fully aware of your actual needs and what is currently happening in the real estate market.

You will need to ask yourself the following three questions to help determine if now is the best time for you to buy in today’s property market.

keys realestatemy

1. Why am I buying a property in the first place?

This is really the most important question to answer. Forget the home budget for a second. Why did you even begin to consider purchasing a property? For most people, the reason has nothing to do with finances.

The actual reasons might be:

  • A good place to raise your children and provide them with a good education
  • A place where you and your family feel safe and secure
  • More space for you and your family
  • Moving up in the world

So what does owning a property mean to you? What non-financial benefits will you and your family gain from buying a new home? The answer to that question should be the biggest reason you decide to purchase a property or not.

realestatemy budget

2. Where are home values headed?

Last year was a tough one for almost all property sectors. According to data from the National Property Information Centre (Napic), in 1H2020, Malaysia’s property market transaction volume and value decreased 27.9% and 31.5% respectively compared with the previous year. While most property consultants believe there should be some recovery this year, it will depend on the Covid-19 vaccine as well as the performance of the job market and economy.  So keep this in mind when thinking about buying a property.

What does that mean to you?

Simply put, with prices decreasing, it may save you more if you wait until prices stabilize to buy. But also note that your down payment will also need to be higher if prices start to increase across the board.

home interest rate

3. Where are home loan interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of installments on a home can be dramatically impacted by even a small increase in mortgage rates.

In Summary

Only you and your family will know for sure if now is the right time to purchase a property. But answering these questions will help you make that decision easier.

Stay tuned with the for more up-to-date tips and guides for real estate marketing professionals.

free real estate marketing planner


    Related posts

    Tips To Know When Buying a Newly Developed Property

    The surge of new project developments in the real estate market has many homebuyers starting...

    Continue reading
    by RealestateMY

    4 Tips to Sell Your Property Faster During Covid-19

    Since June 2020, we have seen an increase in the inventory of property for sale month per...

    Continue reading
    by RealestateMY

    How First Home Buyers Can Find Their Dream Home

    In today’s real estate market it can often be frustrating to be a first-time homebuyers to...

    Continue reading
    by RealestateMY

    Join The Discussion

    WhatsApp WhatsApp us