First Home Buyers, do your diligent survey and learn more about property investment. U can't be 100% right but at least by learning & survey, it helps increase chances of getting better property. Happy House Hunting!
Article credit to starproperty.my
(Referred from http://www.thestar.com.my/Metro/Community/2015/08/22/Basics-of-buying-a-house-Industry-experts-enlighten-firsttime-buyers-at-forum/)
BASICS OF BUYING A HOUSE
Updated: Saturday August 22, 2015 MYT 7:51:29 AM
STARPROPERTY.MY recently held a two-part “Own It” forum for first-time housebuyers at Tropicana Metropark’s Property Gallery.
There were three speakers – seasoned journalist Khalil Adis, who also has his own consultancy business; IQI Holdings vice-president of financial education Alexander Woo (who spoke on both days); and Nick and Alex from Nu Infinity.
In the first part, Woo spoke on “Important must-know basics of property investment”, while Nick and Alex presented “Design: Small is the new big”.
At the second forum, Adis spoke on “What types of properties are hot right now and what is right for you?”, during which he enlightened the crowd on the types of properties that would fall under residential status.
He elaborated on types of residential properties available on the market, which can be categorised into either landed or high rise, and used only for “human habitation”.
Commercially, he said, properties are those that generate income, and GST is applicable when purchasing this type.
“A dual-key unit, for example, is a great residential choice for large families or investors as they come with separate entrances that can be used by the in-laws staying with the family or for rental purposes.
“Whereas a SOVO/SOFO is a perfect commercial choice for entrepreneurs and new start-ups as the space is flexible to house a home and office,” he said.
Adis also advised the crowd to change their mindset and not stay in their comfort zone.
“Venturing out to discover the hotspots that are booming or have the potential to grow is the smart way to invest,” he said.
He added that first-time house buyers and investors should select developers who control their tenant mix (retail and residential) and also have a ready catchment of population.
Woo, meanwhile, presented “How to spot a good property deal and are you ready to purchase?”.
He focused on the need for people to have real estate in their portfolio and the pros and cons of buying and renting a property.
“If you’re not too concerned about capital appreciation, you would have the flexibility to choose a place that you feel happy to live in.
“However, if you’re looking to rent out and get a steady inflow of cash, then a property that gives a good rental yield of 8% is ideal,” he said.
He also said that people should make money from their rentals before buying a property, and to rent a property at one place and buy at another for their investment.
At the Tropicana Metropark Property Gallery, participants were also able to check out scale models of the latest projects, including the Midori Flexi Suites.
These suites have built-ups ranging from 435 to 798 sq ft, with indicative prices from RM350,000.
Voon Choong Khiong, the lucky- draw winner of the FlexibleLove chair worth RM1,385, found out about the Own It home ownership transformation programme from the StarProperty.my pullout.
“I’m interested in finding out how to select the best locations and what types of properties to look for as I have previously invested before, and I know that real estate is a good way to park my money.
“In addition, I have also picked up some tips on how to get a better deal and securing a loan, since I’m looking at places such as Kuala Lumpur or Penang for my next investment,” he said.
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