Mistakes Every First Time Property Buyers In Miri To Avoid (Part 2)
As there is some cheerings for more information about the topic, Tasan Property has made the decision to share more tips on mistakes to avoids for first time property buyers in Miri. Let’s read more on below!
Buy Property For Own-stay But Attend A Property Investment Seminar!
It is often not encouraged for first time property buyers to go for seminars as the high yield, flexibility, high leverage, rebate bulk purchase, 10 million loan capacity and etcetera will definitely confuse you. You may eventually decide to choose an own-stay property that comes with all investors and student or bad mixed tenants. Or, you may eventually think that you can own more expensive properties in Miri under the influence of high rebate. This eventually leads to first time property buyers ending up with investment properties instead of a proper home. This is because when they walk out of the seminar, they may think that it is possible for them to own multiple properties and become a tycoon soon and can straight up own a luxury property in a few years time.
So the best advice is that first time property buyers should keep in mind their decision and forget about property investment seminars when it comes to their own stay property hunting.
Can’t Decide On The Location
The most common question that a first time buyer would ask is which location should they purchase the property. They often stretch out of their comfort zone due to the offering of new property in different locations which could be further from their daily routine spots. Well, the definition of far always depends on the radius and distance from your main and daily routine location. For example, properties in Luak, Miri can be a very good location for you if your office is at Marina ParkCity.
The best thing for you to do is to set the barrier on your comfort zones that can fit your lifestyle for next 5 years and distance that you can tolerate.
Want The Best Of The World From Size, Facilities, Lobby And Everything
First time property buyers need to realise that there is no such thing as a perfect home. Something needs to give in order to make a decision. As an example, if you want to stay in the city center and still enjoy the outdoor landscape and environment, then you may need to give up on the thoughts of owning a landed big house. Perhaps, you may change your mind to own a serviced apartment instead.
In short, you should always think about the 5 year horizon and what fits you best. To do so, you may want to keep your list as short as possible. If you intend to buy a small pad, then facilities could be important as you may want to entertain your guest in the residence lounge more often or want to enjoy the facilities more for yourself. If you are planning for pregnancy soon or it is in your plan for the future, you are more likely to be needing a two bedroom apartment to start with as the key criteria. The list goes on.
Miscalculating The Property Prices Especially Comes With A Limited Budget For Renovation
Miscalculations always happen within first time home buyers as they often miss out the details of the property offering. Certain property prices look cheap but it may be a totally bare unit without even the piping of air conditioners. First time buyers often overlook the cost of kitchen cabinets and electrical appliances as well as the additional vacant months for renovation which often cost a lot.
An advice would be to always make sure to have the renovation budget and some number in mind to compare bare and partially furnished property in Miri offered by developers.
Fed Up And Give Up
We know that it is always difficult to buy property, be it a first timer or not. There are many concerns and factors that would confuse you and eventually make you afraid to make a decision. The biggest mistake is fed up and give up! This will make you end up with nothing at all! So what you can do is to take a break if you are confused and afraid to make the decision. Start new. Read more and take less action before you restart your hunting journey. For the second time round, you should be more clear on your selection as you surely have learnt a lot along the way. However, if you still could not make your decision then perhaps you could come to us for a consultation first before you dive into your hunt!
Found that these tips are useful? You may read more on the previous blog on mistakes every first time property buyer in Miri to avoid (part 1).