13/11/2020
Is buying home NOW a GOOD move?
Is this the RIGHT time to buy a house?
Covid-19 has affected economy because of Movement Control Orders, unemployment, pay cuts and volatile stock market. it may not be good time for those affected by this pandemic, but those with secure job and some savings, NOW is GOOD TIME.
In current slow market condition, 1st home buyers have plenty of choices, but not all choices are affordable. If 1st homebuyers keep waiting until market heats up again, then the incentives such as Home Ownership Campaign, will no longer available.
Buyers are advise not just focus entirely on new projects. The SECONDARY market has many good choices too. For Sellers, they needed to understand the opportunity cost if they wanted to sell in this market. “Sell now, or wait until a better price comes along? This is a dilemma for many investors in the present market.
Buyers must be alert that there are a very real risks of delays or projects being abandoned. Look carefully at the developer, the location of the project, infrastructure provided – fibre-optic cables and good internet reception are a must. Do not buy a unit that is too small, it should not be less than 850sf for family stay. Buyers should double check their loan eligibility with bankers before committed to any buying.
For new project, Buyers are advise not to accept large discounts or rebates as these might not be as advantageous as they seem.
Low bank lending rates are a big advantage for those looking to take out a loan to buy a property now, it could reduce monthly repayments by over RM1,000, or more for larger mortgages.
The consensus overall seems to be that NOW is a GOOD time for 1st homebuyers as well as those with financial and job security, provided both the property and the price are right.
