Property Hunter Magazine Issue 63- February 2015 | Page 70
COFFEE TALK | kopiandproperty.com
FIRST
PROPERTY?
F
Some CONSIDERATIONS
irst property is always
the hardest, especially
for a white collar
executive with less
than 5 years of working
experience. It’s the
single largest item that one would
be buying in their lives. Lots of
doubts, questions and worry
running in my head every time
I think about my first property.
What if, that first property turned
out to be the wrong one?! I do
have some savings. Yet not
enough and simply not fast
enough in terms of savings for the
property that I feel comfortable
with. With my ‘just enough’ salary,
I still have to maintain my normal
lifestyle, give some to my family
and save a little for that elusive
first property. I represent some
of those who have graduated
outside Penang and somehow
have chosen Penang as their new
home cum working destination.
Actually, it’s not that different in
Penang. I applied for a medium
cost apartment and got rejected.
I had forgotten that with a total
population of 1.7 million people
within the state of Penang, I am
still considered very slightly above
average and thus should not have
gotten a unit until those who are
more qualified has one before me.
It’s a bittersweet feeling, should I
be happy or should I be sad?
I did not want the low cost
apartment but for the medium
cost apartment, one’s salary must
not exceed RM3,500. Somehow, I
overqualified and yet when I look
at the condo prices, I knew that I
may join those who got rejected in
their loan applications. I know the
state government is pushing for
more affordable homes costing
less than RM500,000 in 2015. I
hope I get one by then.
2) Acceptance of location
I am a Johorean and I have
worked in Penang for the past 2
years. So, what do ‘outsiders’ like
me consider before buying their
first property?
1) Try first, who knows if you
are lucky?
In Singapore, it’s tough to apply
for an HDB flat especially when
there are so many applicants.
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Where should we live? I want
to live near to town. I want to
live near my friends. I want to
live near my workplace. I want
a good location which is not far
from everything that I want. Ok,
perhaps that’s a bit too much.
Yet, everyone would have an ideal
location in their mind. Actually
you can choose any location if
you are rich enough. However, I
think everyone should be willing
to consider their second choice if
they can still reach the places they
want, just slightly further away.
3) Managing expectations
At our current age, there’s little
reason to overburden ourselves.
The reason is because the road
to retirement is still many years
away. If we simple can’t qualify,
then don’t try. Just look at the high
rejections for loan applications
and you understand what I mean.
Truth is, a 650sf apartment may
be even more suitable for me
than a 1,000sf one. Current low
cost apartments include those of
650sf costing around RM100,000
and also those which are 850sf
for RM250,000. If I can renovate
it with some inspiration, I think it
would be a home sweet home, for
five years or until I can upgrade.
Last but not least, do not keep
looking at just the new ones. Why
not buy one which you can almost
stay immediately? I have been to
many secondary properties and
the truth is, it’s not all bad. In fact,
some can be considered very well
maintained. Just do your research
well, view a few more units. Use
a little imagination and make that
your home sweet home. I think I
should be able to get one soon.
Wish all of us luck in 2015.