4 Important Factors Buyers Need To Consider When Purchasing Property

1. Conduct necessary research

Research always plays an important role in ensuring the capability of buyers to get their ideal property. For example, buyers would need to analyse on different factors such as the price, location, land types, purpose of buying (own use or investment), developers, projects or subsale property, and so on. This can help to prevent buyers from purchasing a property that might fail to meet their expectations.   

2. Budgeting

Besides, budgeting will also be another significant factor that need to be considered when buying property. For example, if buyers are a couple with a combined income of RM12,000, their monthly instalments should not exceed RM4,000. Meanwhile, down payment will be one of the key concerns for buyers as they need to ensure they have the 10% to pay upfront. Furthermore, there will be other additional costs such as the legal fees, stamp duty, agent's commission and so on. This can prevent buyers from owning a property that is over budget. 

3. Know the risks

In fact, there are so many types of property in the market including condominium, apartment, terrace house, semi-detached, bungalow, and SOHO. Hence, buyers should always know the pros and cons of buying or investing in their property. For example, location is an important component in this case especially when buyers selected a property near city centre as this will definitely incur an extremely high return to them. However, high return will come with high risks, including the consistency of rental return, fluctuation in terms of house price, maintenance and other unforeseen costs that might affect buyers' cash flow.

4. Adopt an experienced real estate agent

Lastly, adopting an experienced, engaged and friendly real estate agent could be worthy to buyers as he or she will work hard to find the most suitable properties that meet buyers'  budget and preference. Indeed, a good real estate agent should possess a range of desirable characteristics especially in terms of products knowledge and serve as buyers' first line of defence against demanding sellers or developers. Eventually, buyers' best interest in property investment can be secured effectively.