Issue # 3
32
PROPERTY360DIGEST
Conclusion
Home ownership is not for the faint of
heart. It involves a lot of stress and worry
over money. The better prepared you are
financially, the better off you will be when
it comes to owning your own home. Seek
advice from a knowledgeable buyer’s agent
and arm yourself with as much information
as possible before going on house tours.
If you need more home buying tips, check
out or websites. If you need some agent
recommendations, drop me an email.
Having schools nearby is always a good thing, if you have kids or not.
Homes close to well-known schools are
more likely to go up in property value and
are more likely to sell faster.
Start your home shopping in areas with
top-ranked schools but remember to stay
within your price range. Realtors will try to
show you homes that are slightly above
your range, but hold firm — you know what
you can afford.
5. Talk to the Sellers
Most home buying transactions are
done by the buying agent and the selling
agent, making you feel a bit like a third
wheel. We don’t usually get to talk to the
selling agent first-hand about negotiations,
and that is OK, but wouldn’t it be nice to
talk to the sellers of the home?
The sellers are the ones who know
everything about the property and
surrounding neighbourhood. Sure, they
may not disclose that their neighbour
stays up and parties all night, but they can
tell you what they like about the house,
neighbourhood and school. They can
share information about renovations they
did, gardens or trees they planted, local
clubs, neighbourhood babysitters and
other information you may not have even
thought about.
If the sellers are not interested in talking
with you personally, you could write out a
list of questions for them and have your
realtor give it to their realtor. Sellers are
by far the best source of knowledge — a
Don’t jump to reno and deco. Take your
time and let the home speak to you.
# These pointers above are just tips
and recommendations. For better advice,
please speak with the relevant authorities.
Thank you.
PROPERTY360DIGEST
Issue # 3
33
Smart
Investing
FEATURE
Don’t be foolish with your
property investment
source that most don’t think they can use,
but why not? The worst they can say is, no.
6. Don’t be Afraid to Walk Away From
the Deal
There are some tough negotiators in this
world, and it can be hard to seal the deal
when one person is unwilling to budge.
If negotiating has come to a standstill,
don’t be afraid to walk away. Yes, you love
the home and you already pictured yourself
living in it, but it’s not worth it if you end up
paying more than it’s worth to you. You will
live to regret it, forever thinking, “I should
have stuck to the price I wanted”.
Sometimes walking away is the best
way to motivate the seller to agree to your
terms. In the end, whoever is willing to walk
away is the one that holds the negotiating
power.
Go into the deal knowing what your final
price is - and stick to it when negotiating.
7. Wait Before You Decorate, Buy
Furniture and Do Renovations
It is so tempting to jump into your new
home with a paint brush in hand. Nights
have been spent dreaming of the furniture
you want to buy, the colours you will paint
the walls, and the remodelling you will do—
but wait.
Knowing what works in your new home
requires living in it for a while. Use this new
space as it is, and you will begin to see what
is missing. Maybe you will discover that you
dislike the kitchen layout and would prefer
to spend remodelling money on renovating
the kitchen. Or maybe you will fall in love
with a new bedding set and decide to paint
your bedroom walls around its colour
scheme.
Everything will fall into place eventually,
and there is no worse decorating mistake
than buying everything all at once and
ending up with a home that looks too
haphazard.
Be smart about your investment. It is only you who will make it succeed or allow it to flop.
n Gunaprasath Bupalan is the
Executive Director / Editor of Emjay
Communications, Managing Editor of
Property360Digest, Property columnist
for The Malaysia Global Business as well
as NewsHubAsia By Gunaprasath Bupalan
He is also the Chairman of the annual
Malaysian Property Press Awards,
Property Investment Speaker and
Trainer and resident Property Host on
Traxx FM (every Friday 8.15am 90.3FM). This would surely deem useful for readers who are about to get
into the property investing game. Let’s begin by saying that the first
thing one needs to look at when it comes to property investment is
“What are you buying this property for?”
Websites:
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www.newshubasia.com
Email:
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We have all been advised to invest our earnings wisely and not
throw it away with unnecessary luxuries that you can’t afford.
Is it for OWN STAY / or is it for
INVESTMENT
Question: What’s the difference? A home
is a home, investment is investment,
isn’t it?
This is where many people get it wrong.
The criteria and things to look out for when
it comes to property investment vary if it’s
for Own Stay as compared to Investment.
If you are purchasing for own stay,
all you need to look out for are these 5
pointers:
•
Is it convenient for you and your
family?
•
Is there good accessibility?
•
Is it a good and safe location?
•
Is the property within a good
community?
•
Is the price right?
Question: What are the house buying
stages in life?
Yes, in general, for the average house
buyer, there are 4 stages of home
purchase.
1st phase — The initiation home. Your
first-time home buy. You would probably
keep it small and affordable (if you were
smart) and live there for the next five to 10
years.
2nd phase — The upgrade home. This is
the time where you realise that the home
isn’t large enough for you, your wife and
that new born baby who is growing. So
you would start looking for something
bigger — most people move to a bigger
condominium/apartment at this stage.
3rd phase — The family home. This is the
home that you aspire to get. You now have
a family not just a baby. They need space.
You need space. You need a garden, you
need a pet. So you move to a larger, landed
home.
4th phase — The empty nester. Then, 20
years later, your kids get married or go off
overseas to school or work and it’s back to
you and your wife. Looking at such a big
home with so many rooms make no sense