Misconceptions of Most Malaysians When Buying House
Locating the right HOME for us is not as hard as it seems but it isn’t easy either. There are many ways to find it out, the most convenient right now is online searching. But while the technology is there for you to find the right house, a search of that the Malaysian’s market can offer may not tell us everything we need to know about purchasing a home.
Malaysians homebuyers always have these misconceptions, and especially for first-time homebuyers, their lack of experience & their excitement, can lead them in a potentially rough spot. Property agents have the hard job of education first-time homebuyers on the process of purchasing a new property, including dissolving common misconceptions.
- It’s Easier to Rent than Purchasing
Malaysians home buyers always have this mindset where it is easier to rent than to buy their home. These people tend to compare their monthly expenses for renting versus buying a home. Little do they know, it is important to take into account of long-term financial benefits, such as building equity, major tax deductions, consistency of monthly payments & potentially high appreciation.
- The Home of Your Dreams
Usually, the most misconception is that younger Malaysians believe they need to purchase the house of their dreams. While this is utterly unnecessary, they are encouraged to buy equity while you can. Purchase the property where you can get a great return on in 3-5 years.
- Property Price Will Always Going High
It is often believed that the value of a property will always increase over the course of time. This may have been the situation for the past generations, but purchasing a home in peak market conditions as we are seeing today can potentially result in inflated home prices. It is also known generally that when the economic conditions deteriorate, home values will fall.
- Saving Money by Not Using A Real Estate Agent
The misconception of some Malaysians is that they can save money by not using a real estate agent. This is always resulted in some common misunderstandings, for example – ‘It’s cheaper to rent than buy’; ‘Adjustable rate mortgages are an awful idea’ or ‘It will be cheaper to buy a home that needs renovation’.
While these misconceptions can be easily avoided, sometimes too many advice will lead to more bad decisions being made. Sometimes, a little trust & a lot of knowledge needed to dispel persistent myths.