Buying your first property is not easy. There are many things that you will be unsure of. For me that was a giant leap forward.
I can still remember clearly the time when I was 29 years old and without much savings. As with most young working adults, I foolishly spent most of my earnings buying unnecessary things. It was also around that time, I was about to get married, so naturally I needed to search for a house to buy.
Realistically, my budget at that time was for a property that will cost nothing more than RM130,000. Hence there was no need for me to even think of properties costing half a million Ringgit because I knew I wouldn’t be able to afford it. Besides…I didn’t want to be a slave to high instalment payments.
So armed with a budget of RM130,000, I went searching for my first house. Those days, there was no such thing as the internet to view available property online! House buying LITERALLY needed a lot of footwork! Imagine, my wife to be and I having to go around viewing 20 properties before finally deciding on the right one.
In the end, we found on one which cost RM125,000 (14 years ago properties were not so expensive) but it needed a lot of renovation. Again, I had to really think hard as I did not have the additional money for renovation. Thank God, I was in the mortgage industry and was able to get a higher loan. Plus we had a little help from my dad who also chipped in with some money.
So finally I paid the deposit of RM1,000 and went ahead to apply for a loan. I prepared all my financial documents and submitted them to the banks. When the bank granted me the loan, I was all smiles as I got hold of the keys to my very first property. That to me was a great sense of achievement.
For first time home buyers I would like to share some valuable pointers:
- Do proper financial planning
- Do not buy what you cannot afford to pay
- If you have a limited budget, buying an older property is ok.
- You can still find affordable properties around. It only needs a bit of hard work.
- Do not compare yourself with your friends.
- Start saving up now so you will not regret later.
- It will be difficult to adjust initially but you will get over it very soon.
If you are keen to learn more on buying your first property, come to my seminar in Penang on 21st July 2018. I together with fellow expert Elane Goh will share with you the step by step process to buying your first house.
Register now as seats are very limited.