Buying your first home this year? Here are five ways to make sure you come out on top!

At some point in your life, you will probably consider buying property. Whether for your own stay or as an investment, you will want to make sure that your money is well spent. After all, it is one of the biggest expenditures and decisions you will make in your lifetime!

via GIPHY

For first time homebuyers, it can be a daunting process. Where do you even start?! How do you avoid making big mistakes? Don’t worry, EdgeProp.my has some points for you to consider before you sign on the dotted line!

via GIPHY

1 Buy from reputable developers

Project delays and abandonments are a homebuyer’s nightmare so make sure to always buy from a reputable developer or one that is financially sound. One indicator could be whether their past projects have been delivered on time

via GIPHY

2 Know what you are buying

Homebuyers should do their research in order to fully understand what they are buying into — from the overall view of the entire development to the surrounding amenities — to ensure they get a property that they will be happy to stay in or invest in.

via GIPHY

3 Can you pay for your mortgage?

Homebuyers must be very certain about their ability to make their home loan repayments punctually before they commit to a purchase. Banks are very efficient in taking action against loan defaulters and a property will undergo the first round of auction within six months after a borrower fails to repay their debt.

via GIPHY

For those who want to avoid taking on a mortgage, consider alternative homeownership schemes such as FundMyHome where you only pay 20% of the home price to own a home legally and move in right away! How cool is that? Find out more here! www.fundmyhome.com

via GIPHY

4 Do not overspend on renovations

Renovations are nice but do you really need it? Although it may help to value-add a property, renovations do not typically provide a significant boost to a houses value. It is best not to over-stretch his or her finances on unnecessary renovations.

via GIPHY

5 Is the property going to be managed properly?

Those who are buying a strata property should look for property that is well-maintained. If it is a new property, find out how much it takes to maintain the property in the long run, not just when it is first completed. Good maintenance is the key to long-term sustainability in value of the property. 

via GIPHY

By the way, as a bonus we have also compiled a list of programmes available in Malaysia for first time homebuyers, find out what benefits and incentives you may be eligible for. Don’t say we bojio! Read more about it here! 

Happy Homebuying!

via GIPHY