Men's Health Malaysia , March 2016 Issue (Page 79)
DR. LEE VILLE, DIRECTOR OF THE NEW BOB GROUP REAL ESTATE COMPANY, SHARES HIS EXPERTISE ON HOW TO PURCHASE PROPERTY AND REAL ESTATE WISELY
- KNOW YOUR BUDGET – Calculate what you have in the bank, and what you’ll need for all possible costs and the down payment. Look sensibly at your monthly income to see if it’s sufficient to cover your monthly repayments. Find out the loan total that you are eligible for too.
- MOVE TO THE “BURBS – It doesn’t take an expert to know that living in the city will sap your wallet. “Search for properties about 10 to 15 minutes away from urban areas. Look up real estate prices on the National Property Information Centre website (napic.jpph.gov.my),” Dr. Lee suggests.
- SAVE FOR NECESSARY EXPENSES – Save at least a third of your monthly income. You will need the money to pay off the down payment, the legal fees, and all sorts of stamp duties. “Try eating at home as much as you can, and limit your visits to the mall, ” Dr. Lee advises.
- TALK TO THE PROFESSIONALS – Consult a banker or a real estate agent for advice. Talk to family and friends who have already bought homes. “Find out if the house that you’re interested in has value, and if it’s worth the money,” Dr. Lee says. Bear in mind that hefty price tags also depend on the developers’ brand.
- SHOP FOR REBATES AND DISCOUNTS – There’s no way to escape legal fees and loan charges from the bank. However, you can keep an eye out for good rebates and discounts. “Developers offer fantastic rebates to boost their sales, which can help with your hefty down payment, ” Dr. Lee says.