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Tips for getting your first home

The Malaysian property market is saturated with a lot of options for first-time homeowners to choose from. Take a drive around KL or Penang, and you will see plenty of new launch houses, condominiums and apartments for sale. With prices at an all-time high, purchasing your first home could be one of the biggest investments you will ever make.

Owning your own home is a rite of passage for some, and a form of investment for others. If you are aspiring to get your very first home, here are some useful tips for you.

Tip #1: Finding the right one
Believe it or not, one of the most common mistakes is getting the wrong choice. Each developer will definitely sugarcoat and come up with marketing strategies to entice buyers. Everyone has their own unique requirements, with some having more than others. With so many new property launches, you do not need to rush when it comes to choosing the right unit.

Are you looking for accessibility? Or are you looking for a quiet suburban surrounding? You need to look at not only the building but also the surrounding areas before you decide on anything. Choose an environment that complements your lifestyle.

Tip #2: Property fairs and expos
The easiest way to get deals and offers is for you to attend property expos and fairs. These events usually gather all the latest properties available in the market. The best thing is that everything is concentrated in one place so that you do not have to travel here and there. You can easily find plenty of new apartments, landed houses and condominiums for sale, all consolidated in one spot for your convenience. Even if you are looking for new launch properties in JB or Penang, you can simply visit these expos without having to travel interstate.

Tip #3: Take advantage of housing schemes
Currently, there are a lot of unsold properties in the market, and yet there are still many new launch properties. To counter this, the government has introduced many different housing schemes to make homeownership easier. The Rent-To-Own (RTO) Scheme and Youth Housing Scheme are designed for first-time homeowners. Under the schemes, qualified applicants are entitled to a 100% loan. Some developers also offer discounts and stamp duty exemptions in order to promote their units. Look around and you will find various initiatives that make it easier for you to own your very first home!

Tip #4: Keep a healthy credit score
Banks look at your credit score to determine whether if your loan is going to be approved. Make sure that all of your monthly payments are on time. Settle any overdue amounts or if you cannot afford, talk to the bank officers to restructure the payment. If you own a credit card, try to avoid using more than half of your credit limit.

A good tip is to print out your CCRIS report to get a better overview of your financial status and take action accordingly. With it, you can get a better picture of all your commitments. Having a healthy credit score means that you are more likely to get your loans approved.