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Mistakes Every First Time Property Buyers In Miri To Avoid (Part 1)

Posted by tasan@developer on November 18, 2021
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Tasan Property is happy to share with you all what every first time property buyers in Miri should take note of, especially during this crucial time, when it comes to your property hunt. Research on the properties in Miri, take a look at the below tips to make you a wiser, sharper and a proud first time home owner!

 

Properties In Miri Suitable For Investment Or Personal Use?

The dilemma of a first time property buyer is always about the decision of whether their first property should be for investment or for own-stay as both of the usage have contradicting criteria. Tasan Property has witnessed numbers of first time property buyer who ended up with unfavourable investment with the property’s location being inconvenient and was only purchased due to personal preferences. Often, these properties in Miri could not be fully utilised as an investment which means they can’t be rented out or sold. These will often lead to property owners utilising the property for their own stay, which is definitely not sustainable in the long run. This results in owners looking forward to selling the property off. Eventually, the property will be forced to be sold at below market value.

Ultimately, we will definitely advise first time buyers to consider about the property’s usage before actually purchasing it. 

 

Moving Budget!

First time buyers or investors who do not know or can’t control their budget will make them repeatedly visit sales galleries of different prices. The nicer and the more properties they see in Miri, the more difficult it is for them to make their decision as they would want to have an even better and nicer property. This will put them into a situation where the desired property would be incompatible with their financial capability. This will often postpone the purchasing progress or plan. Many will even end up with nothing and start to grumble when the property price rises. 

With this, it is advisable that all first time property buyers or investors should always come up with a budget with not more than RM100k difference which equates to roughly RM500 monthly installments. This is rather flexible and achievable over the years.

Landed Or High-Rise Property?

Another major question which a first time property buyer seeks for an answer would be to purchase a landed property (eg: Taman Pelita) or high-rise property (eg: The Wharf) in Miri? Well what most property sales or management companies would recommend is to follow your heart if it’s for your own stay. First home will always be “replaced” in the future! So, the most important thing is to start now! As without a starting point, there will be nothing in the future. A prominent and usual problem faced by many is that they are having difficulties in traveling to their workplace due to the property’s selection – selecting a property at a newly developed location which needs time to mature. On the other hand, purchasing a rather small property but at a fantastic location is a better choice as it could save you some time from your commute. This can allow you to enjoy your current lifestyle before the next upgrade. 

An advice from Tasan Property is to think about the lifestyle you prefer for the next 5 years. By combining it with your budget, it can lead you to the most suitable priority. 

 

Joint-name Purchase With Unmarried Cohabitants

Well, this idea has always been in the topic due to the unaffordability. However, we do not recommend you to as a relationship without legal commitment tends to have rapid changes and you wouldn’t want to share a property with your ex-lovers too. The property will eventually be sold cheaper in the secondary market. 

So, the advice is to don’t do it. If you lack a budget, you may try to find a cheaper alternative or lower down your standards in let say the size of the property. If both of you want it, then purchase one each. Once you are partnered legally, just make either one as an investment. 

 

Bring Your Trusted Friends Or Family With You During The Hunt

Too many varieties of opinion can make you in more trouble when looking for a perfect property as you tend to want to fit all their criteria into the property which you are looking for. Don’t get it wrong, we are not saying that asking for opinions is a big No-No. We are just saying that you should stick to your own criteria and lifestyle as your parents might have bought a property before. However do keep in mind that they might purchase a property because they need it as a shelter. Parents tend to purchase a property and see it as a place to live instead of a place to enjoy. 

So, we would suggest you to just stick to having only a few of your trusted friends or family to accompany you to go for your property hunt. Or to bring them with you to your 2 finalist.

 

Can’t get enough of the tips? Worry not! Check out our part 2 now!

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