• Budget wisely and use government incentives for affordable housing in Malaysia.
• Compare loan options and consider all expenses for financial readiness.
• Follow a four-step home buying process: research, get a loan, legal review, and get a home.

Are you a first-time homebuyer? And you’re thinking of starting your journey towards owning a home? The property market in Malaysia can look complicated with its rising costs, but don't worry! I’m here to provide you tips to make your homeownership dream a reality.

How Do I Handle My Finances Before Buying A Home?

Are you worried about your finances when thinking about buying your dream home? What you need to do is to start by looking at your financial situation. Check on your income, expenses, bills, savings and debts. This is like a map to help you reach your goal of owning a home.

Now, let's look at your options. Find out how much money you need for the first payment on your dream home. You don't want any surprises that might stop you from reaching your goal. Look at different places to live and make use of the internet to find good information. It's like having a guide to make your journey smoother.

Think about looking at homes that are under-construction. They can be cheaper and let you pay over time. You can explore government programs tailored for first-time homebuyers, such as the "Rumah Selangorku" initiative, providing affordable housing choices to help first-time homebuyers to fulfill their dreams of owning a home at a more affordable cost; remember to check whether you’re eligible to apply for any. 

DID YOU KNOW?

The government offers a 25% discount on assessment rates for affordable homes in Kuala Lumpur, making homeownership more accessible for B40 and M40 segments. 

What Loan Options Are Available For Me?

Choosing a loan is like selecting a life partner, with lots of options available, and it's important to be careful and think about the long-term commitment before making a decision. However, by doing thorough research on the different loan options available, you will be better equipped to make informed decisions. There are options like Term Loan, Semi-Flexi, Full-Flexi, Fixed Rate Loan and Islamic Loans. Remember to compare the different interest rates, eligibility, and terms – to see whether it aligns with your financial situation and long-term goals. 

If you are trying to determine a solid budget amount, Myra’s Super Calculator would allow you to estimate your monthly repayments based on the different loan % amounts and interest rates. It also helps you to gauge your loan eligibility and chances of getting your loan application approved.  Make sure to also consider the additional costs of homebuying and homeownership, including Hidden Costs, property taxes, insurance, and maintenance fees, when determining your budget. 

How Do I Prepare For Homeownership?

Buying your first home can be both thrilling and challenging. That’s why we’ve broken down the entire home buying process into just  4 steps! 

To start your homeownership journey confidently, begin with thorough research. When you're looking for a home, there are five important things to think about like the Size of the house, consider the Community, looking for Amenities nearby, thinking about the Location of our house, and also the Price of the house that fits your budget. Myra's SCALP can help you remember them easily. 

You might also want to know the difference between leasehold and freehold properties, as it affects lease renewal terms, costs, and long-term value implications.  For a clearer financial picture, think about all costs like taxes, fees, and repairs. Review essential legal documents like title deeds and permits, with a trusted lawyer's assistance if needed. By considering these factors carefully, you'll make informed decisions and step into homeownership with confidence and peace of mind!