First-time buyers often start by visiting sales galleries, which are designed to stir up emotions, before they know why they are buying or what they can borrow.
What should a first-time buyer do before committing to a property?
“go visit and visit and visit properties”
Follow four steps in order: decide why you are buying, find out how much the bank will lend you, view many properties within that budget, and only then arrange the financing for the one you choose.
Why
Your purpose shapes the purchase
Investment, a home for your parents, a second income, a shorter commute, marriage or peer pressure each lead to different choices. Know which applies to you.
Your loan sets your search
If the bank will lend you RM600,000, there is no point viewing RM1 million homes. Knowing your limit also lets you act quickly when a motivated seller accepts a lower offer.
Viewing teaches you the market
Listings can't show you night markets, weekend jams or how a place feels. Visiting repeatedly teaches you sizes, materials and connectivity, and what you like.
What to do
- Write down why you are buying before you look at anything.
- Ask a bank how much it will lend you; fresh graduates may need to build an employment record first.
- Search the property portals within that budget and arrange viewings.
- Visit shortlisted places at different times, including evenings and weekends.
- Arrange the financing, including any family help with the down payment, once you have chosen.
Editorial Note: Summarised from Sean Tan's full episode. The quoted answer is in his own words; the rest is our paraphrase. Figures reflect the recording date, so check current rates and rules before acting on them.
4 THINGS TO DO BEFORE OWNING A PROPERTY
Sources & Verification Data
Summarised from Sean's English captions for this July 2017 video. The captions are of poor quality, so only points that are clear are included; the number of viewings he suggests is unclear and is left out. The quoted line is verbatim; everything else is paraphrased.
