Getting a new house is a HUGE and exciting deal, especially for young adults like myself. I felt the painful pinch the moment I wanted to get a condo unit by myself, despite me getting it at a really good deal.
While I was (and still am) pretty certain on my objectives in getting that condo unit, the on-going news and word-of-mouth that Malaysia’s property market is slowing down affected me at times and I would end up wondering if it’s the right property to get at this point of time. In fact, before I actually decided on this condo unit (which is away from the city centre), I once considered getting a studio unit along Jalan Ampang, approximately 5-minutes’ drive from KLCC! Well, I’m not sure how reliable these rumours are but if I were to purchase this studio unit at approximately RM 1,000 per sqft, I would be panicking already!
I was actually very much attracted to that studio unit. It’s situated at a premier location and the show unit totally got me enticed. There were quite a number of people at the show unit and the atmosphere was crazy it totally didn’t help clear my mind. I did all my homework on the developer’s credentials, project details and so on. I was this close to finalizing the deal, then I stopped short and wondered, if a studio unit is suitable for me, if a 500+ sqft lot is what I would call a home. I decided it isn’t, and so I let it go.
I guess one of the most important factor NOT to succumb to in getting a property is peer pressure. You wouldn’t want to be in a rat race to compete with peers/strangers and end up spending a ridiculously huge amount on something you didn’t really like/want. Don’t do it just because other people seem to desperately want to, BUT if you’re certain on what you want and if you are financially capable, buy a place instead of renting one so you could benefit from its capital appreciation.
For first-timers, it’s probably worth checking out government programmes i.e. My First Home Scheme (MFHS) and also, 1Malaysia Housing Programme (PR1MA).