Property360Digest E-MAGAZINE Issue#3 | Page 34

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: www.property360digest.com www.malaysiaglobalbusinessforum.com www.newshubasia.com Email: [email protected] Social Media: FB – Property360Digest Twitter - @Gunaprasath3 Linked-in – Gunaprasath Bupalan Instagram – Property360Digest Youtube – Emjay Communications (SUBSCRIBE NOW – ITS FREE) 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