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Are you ready to buy a house?

Everyone would love to have a home of their own, especially young couples who have just gotten married. Nevertheless, it is better to seriously give a thought to it before making a commitment to buy a house.

There are certain reasons why buyers should not buy a house. Some of you may not agree with me. However, the true fact is that buying a house entails a large financial commitment for a very long time, and a buyer needs to research all of the options very carefully. As an auctioneer for than 15 years, I have auctioned various kind of properties, out of which, most of the properties belong to young couples who cannot afford to pay their installments due to various reasons.

The following tips may convince you to say "No" to buying a house at this point in your life.

  • If you job is shaky, don't buy.
  • If you are buying with the idea that someone will help you raise the money to pay for the differential sum, don't buy, because the chances are very slim.
  • Dreams can force buyers to use all their available money for down payment and stretch their budget to the limit. It is better to sit back and wait a while until your income matches your dream.
  • Recently, the Ministry of Housing & Local Government disclosed that there are still a great number of abandoned housing projects due to irresponsible developers that lure the buyers into buying their housing schemes. However, these developers failed to deliver due to financial difficulties, thus resulting in thousands of home buyers losing millions of Ringgit. Therefore, I suggest that before you make your decision to buy a house, thoroughly check the background of the developers, their track record and their financial standing.

To many, buying a house is a life-time investment. Therefore, I strongly suggest that unless you are fully prepared, have a check-list, or else do not buy any house at this point of time. Talk to your real estate agent who can give you professional advice.

 

 

This article was written by : Dr.Wong Chee Yong PJK, Poly Properties