Be financially secure before buying a house

IPOH: Buying a house is a good investment but one needs to be sure he has the financial ability before making the commitment.

Universiti Teknologi Mara (UiTM) Seri Iskandar senior lecturer and property expert Dr Azizul Azli Ahmad said those making plans to own a property need to have the right strategy from the start.

“The first thing they need to find out is whether they are financially ready to buy a house with their current salary. They need to understand how far they can go (financial ability) when they want to buy a house because, bear in mind, salary increments in the country are still low in many sectors.

“Buying a house is a huge financial decision. So it is important to evaluate your financial situation before considering investing in real estate. What is your current salary? Are you expecting a raise in the short term? What are your monthly expenses?

“You need to also know the property that best suits your salary because you will not want to end up going through the auction experience when you fail to pay your mortgage, ” he said.

Azizul said this in his talk on Eight Strategies in Buying a House, on the last day of the MyRumah Property Showcase organised by the New Straits Times (M) Bhd (NSTP) at Indera Mulia Stadium here today.

According to him, the eight strategies include why one needs to buy a house at a young age, what is the right property to own for first time buyers, and why one has to expect less for the first house.

He said house buyers need to understand these strategies so that they will not regret later.

“Many of us are happy when the bank approves the house loan, and assume that we are finally capable of owning a house. This is wrong because this is only the start of a new and long term commitment with the bank.

“The house loan can last for 35 years, not five years. And anything can happen to our finances within the period,” he said,

Azizul added until one was really financially able to own a house, it was wiser to rent.

Meanwhile, MyRumah manager, Mohd Hasnan Abd Abbas said throughout the four days, the showcase had achieved its target in terms of good crowd turnout and property sales.

“Many developers here have achieved their sales target. Visitors meanwhile were excited to be able to take part in our activities,” he added.

© New Straits Times Press (M) Bhd

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