What you should know as a first home buyer<\/h2>
1. Factors\/Criteria for buying a home<\/a><\/li>
2. Processes involved in buying a home<\/a><\/li>
3. Managing your finances<\/a><\/li>
4. Things you didn’t know as a first home buyer<\/a><\/li>
5. Advice for first home buyers<\/a><\/li><\/ul><\/div>\n\n\n\n
\n\n\n\n
Get to know our interviewees<\/strong><\/h4>\n\n\n\n
Before we get into the details, we’ll give you an overview about our interviewees!<\/p>\n\n\n\n
Ain<\/strong><\/td> Wen Wei<\/strong><\/td> Khalimah<\/strong><\/td> Jasmine<\/strong><\/td><\/tr>
$\"\"$ <\/td> $\"\"$ <\/td> $\"\"$ <\/td> $\"\"$ <\/td><\/tr>
Age:<\/strong> 27 years old
Status:<\/strong> Married
Occupation:<\/strong> Social Media Team Lead
Residing in:<\/strong> Petaling Jaya<\/td> Age:<\/strong> 29 years old
Status:<\/strong> Single
Occupation:<\/strong> Chinese Copywriter
Residing in:<\/strong> Taman Connaught, Cheras<\/td> Age:<\/strong> 32 years old
Status:<\/strong> Married
Occupation:<\/strong> Project Admin Manager
Residing in:<\/strong> Ampang<\/td> Age:<\/strong> 29 years old
Status:<\/strong> Married
Occupation:<\/strong> Digital Marketing Manager
Residing in:<\/strong> Kepong<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
What’s being a first home buyer<\/strong> like for Ain, Wen Wei, Khalimah and Jasmine<\/strong>? Let’s find out!<\/p>\n\n\n\n
1. Factors\/Criteria for buying a home<\/h2>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Q1: Why did you decide to buy a house? What criteria do you look into before purchasing?<\/strong><\/h3>\n\n\n\n
1. Location and price<\/h3>\n\n\n\n
When it comes to property, it’s always location, location, location.<\/strong><\/em><\/p>\n\n\n\n
\n
My biggest criteria is its location<\/strong> near the city in Damansara, and it’s reasonably priced<\/strong> – you’d usually get a home at this price outside of Klang Valley. It’s also better for me to pay for a house under my own name<\/strong>, rather than paying rent every month.<\/em><\/p>\nAin<\/mark><\/cite><\/blockquote>\n\n\n\n
Plus, a home in the city for cheap<\/strong>? Ain is super lucky to have scored that home.<\/p>\n\n\n\n
2. Government schemes<\/h3>\n\n\n\n
Take advantage<\/strong> of all the home schemes<\/strong>. When an opportunity falls into your lap (and you have the means to get it), grab it before it goes!<\/p>\n\n\n\n
\n
I purchased this home because of its affordability<\/strong> – it’s under the government home scheme<\/strong> known as Residensi Wilayah<\/strong>. It’s also located nearby where I currently live, a 3-bed, 2-bath<\/strong> home sized at 796 sq. ft.<\/strong> priced at RM198,000<\/strong>. My family thinks that it’s a good idea to apply for it since I fulfill the eligibility criteria.<\/strong><\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n
\n
I purchased the house nearing the closing date of the Home Ownership Campaign<\/strong> (HOC). I wasn’t sure if the government will continue with this campaign, so I took the chance.<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n
Why else should you buy a home? Here’s another reason<\/em>…<\/p>\n\n\n\n
3. Long-term investment<\/h3>\n\n\n\n
\n
I think it’s important that everyone owns a home for stability, security and comfort<\/strong>. Other than it being a place to rest and enjoy family time, I also consider this home a long-term investment asset<\/strong> that will help me achieve financial stability<\/strong>.<\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n
A home is the perfect long-term investment. In the long run, we may just be able to use our property as an income source<\/strong>, while we enjoy the space now. It’s a win-win situation.<\/p>\n\n\n\n
2. Processes involved in buying a home<\/h2>\n\n\n\n
$\"proses$ <\/figure>\n\n\n\n
Q2: What’s the process like when buying a home? Is it complicated?<\/strong><\/h3>\n\n\n\n
1. Finding the right home<\/h3>\n\n\n\n
Where can you find the perfect home<\/strong> that suits your needs? Ain<\/strong> had a very creative idea…<\/p>\n\n\n\n
\n
It was quite simple. I work as a full-time marketer<\/strong>, so I’m familiar with social media algorithms<\/strong>. While I was home-hunting, I changed my algorithm<\/strong> to fit home buyers, and that’s where I found a house ad, coincidentally by an IQI agent!<\/strong> That’s where my agent Sean Lee<\/strong> helped me with filling up my forms and such.<\/em><\/p>\nAin<\/cite><\/blockquote>\n\n\n\n
Who would’ve thought to use their social media algorithms<\/strong> to find a home? Perhaps one of you can try out this tip, perhaps even to find a car or a bike.<\/p>\n\n\n\n
2. Home co-ownership<\/h3>\n\n\n\n
Co-owning a home<\/strong> can be fun, too! What’s the process like when another person’s name<\/strong> is involved?<\/p>\n\n\n\n
\n
It’s not too complicated, but co-owning a house<\/strong> can be a bit tricky. I had to discuss with my boyfriend on certain matters, such as choosing between a smaller 2-bedroom unit and a larger 3-bedroom. It took us 1-2 weeks to think about it, and we finally decided on the 2-bedroom<\/strong>.<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n
Do keep in mind that there will be some important decisions<\/strong> you’ll have to make together<\/strong>. Be sure to plan properly<\/strong>!<\/p>\n\n\n\n
3. Preparation and planning<\/h3>\n\n\n\n
Purchasing a home isn’t like online shopping<\/strong> – it requires a lot of thought and research<\/strong>. <\/p>\n\n\n\n
\n
There are a lot of steps that are involved in home buying, which can be a challenge for first home buyers<\/strong>. But if you plan well<\/strong>, ask for expert advice<\/strong> from professionals and properly understand the process<\/strong>, it can be simple! It depends on your experience<\/strong> and how much preparation<\/strong> goes into your planning. Thankfully, my experience was made easier with the help of professionals.<\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n
So before you make any big decisions<\/strong> (that may lead to regret down the road), make sure to be prepared<\/strong>, and ask for professional advice<\/strong> when you need it!<\/p>\n\n\n\n
4. Documentation<\/h3>\n\n\n\n
The millions of papers<\/strong> needed to buy a house… you might need an extra pair of hands.<\/p>\n\n\n\n
\n
As a first home buyer, the process was a bit complicated<\/strong> for me. Since it was a government home scheme<\/strong>, there are a lot of documents<\/strong> to prepare. The legal terms<\/strong> such as <\/em>legal fees, stamp duty, Sales and Purchase Agreement (SPA) were confusing at first. But with my real estate agent’s help<\/strong>, the process was made a lot easier<\/strong>! He helped me a lot with my documentation and guided my homebuying journey from start to finish.<\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n
Here’s where having a good real estate agent<\/strong> comes in handy! But make sure you get advice from a licensed agent<\/strong> <\/mark><\/a>to avoid getting scammed<\/strong>.<\/p>\n\n\n\n
3. Managing your finances<\/h2>\n\n\n\n
$\"bagaimana$ <\/figure>\n\n\n\n
Q3: How did you decide on the right home price that fits your budget?<\/strong><\/h3>\n\n\n\n
1. Calculating property affordability<\/h3>\n\n\n\n
Before you even think of purchasing a house, be sure to find out if you can afford<\/strong> it.<\/p>\n\n\n\n
\n
I determine the property based on how much income I earn<\/strong>, and I calculate how much monthly repayments I can afford<\/strong>. The discounts<\/strong> I receive from the bank for my first home also helped me gauge how much I can actually afford to pay.<\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n
Do some calculations<\/strong>, and see if your monthly repayments will affect your day-to-day expenses or break your bank.<\/p>\n\n\n\n
2. Taking out a home loan<\/h3>\n\n\n\n
Unless you’re a millionnaire<\/strong> with tons of cash to spare, you’ll most likely need to take out a home loan.<\/strong><\/p>\n\n\n\n
Khalimah really did her thorough research on this one:<\/p>\n\n\n\n
\n
I decided to take out a home loan. You can do market research<\/strong> to see if you’re eligible to pay off the monthly payments<\/strong> by looking at homes within your desired area. You can also get a property valuation<\/strong> to find out what the current market prices are. It’s also important that you consider your financial capabilities<\/strong>, including your income, your commitments and your ability to pay off the monthly repayments. I’ve personally gotten advice from the bank<\/strong> to find out my home loan eligibility.<\/strong><\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n
Besides searching on websites<\/strong> to find out the current market prices, you can also find out how much home loan you can get with your salary<\/strong><\/mark><\/a>.<\/p>\n\n\n\n
3. Joint home loan<\/h3>\n\n\n\nHow else can you save<\/strong> on repaying for a home? By taking a joint home loan<\/strong><\/mark><\/a>!<\/p>\n\n\n\n
\n
I’ve decided to take out a joint home loan<\/strong> with my boyfriend. We chose this option to lessen the burden<\/strong> of monthly repayments<\/strong>, so we agreed to share the cost<\/strong> of the utility bills, repayments, renovation and other fees together. If we have to sell or invest the home, the money we receive will be split into two<\/strong>. Simple!<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n
Just divide the repayments into two<\/strong> with your co-owner. Easy and cost-efficient.<\/p>\n\n\n\n
4. Things you didn’t know as a first home buyer<\/h2>\n\n\n\n
$\"perkara$ <\/figure>\n\n\n\n
Q4: What did you find out for the first time during the home buying process (hidden fees, facts, etc.)?<\/strong><\/h3>\n\n\n\n
1. Fees and no-no’s<\/h3>\n\n\n\n
Maintenance fees<\/strong>, of course… but did you know that choosing the top floor of a condominium<\/strong> is a no-no?<\/p>\n\n\n\n
\n
Maintenance fees,<\/strong> and the downsides<\/strong> to choosing the topmost floor<\/strong> for a condominium! The house I purchased is on the top floor, and I only discovered this video from VC Estate<\/strong> about why you shouldn’t choose the top floor<\/strong> after everything was settled…<\/em><\/p>\nAin<\/cite><\/blockquote>\n\n\n\n
This was the video Ain was talking about:<\/p>\n\n\n\n

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A post shared by IQI (@iqiglobal)<\/a><\/p><\/div><\/blockquote>

Ain<\/strong><\/td>	Wen Wei<\/strong><\/td>	Khalimah<\/strong><\/td>	Jasmine<\/strong><\/td><\/tr>
$\"\"$ <\/td>	$\"\"$ <\/td>	$\"\"$ <\/td>	$\"\"$ <\/td><\/tr>
Age:<\/strong> 27 years old Status:<\/strong> Married Occupation:<\/strong> Social Media Team Lead Residing in:<\/strong> Petaling Jaya<\/td>	Age:<\/strong> 29 years old Status:<\/strong> Single Occupation:<\/strong> Chinese Copywriter Residing in:<\/strong> Taman Connaught, Cheras<\/td>	Age:<\/strong> 32 years old Status:<\/strong> Married Occupation:<\/strong> Project Admin Manager Residing in:<\/strong> Ampang<\/td>	Age:<\/strong> 29 years old Status:<\/strong> Married Occupation:<\/strong> Digital Marketing Manager Residing in:<\/strong> Kepong<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n What’s being a first home buyer<\/strong> like for Ain, Wen Wei, Khalimah and Jasmine<\/strong>? Let’s find out!<\/p>\n\n\n\n 1. Factors\/Criteria for buying a home<\/h2>\n\n\n\n $\"\"$ <\/figure>\n\n\n\n Q1: Why did you decide to buy a house? What criteria do you look into before purchasing?<\/strong><\/h3>\n\n\n\n 1. Location and price<\/h3>\n\n\n\n When it comes to property, it’s always location, location, location.<\/strong><\/em><\/p>\n\n\n\n \n My biggest criteria is its location<\/strong> near the city in Damansara, and it’s reasonably priced<\/strong> – you’d usually get a home at this price outside of Klang Valley. It’s also better for me to pay for a house under my own name<\/strong>, rather than paying rent every month.<\/em><\/p>\nAin<\/mark><\/cite><\/blockquote>\n\n\n\n Plus, a home in the city for cheap<\/strong>? Ain is super lucky to have scored that home.<\/p>\n\n\n\n 2. Government schemes<\/h3>\n\n\n\n Take advantage<\/strong> of all the home schemes<\/strong>. When an opportunity falls into your lap (and you have the means to get it), grab it before it goes!<\/p>\n\n\n\n \n I purchased this home because of its affordability<\/strong> – it’s under the government home scheme<\/strong> known as Residensi Wilayah<\/strong>. It’s also located nearby where I currently live, a 3-bed, 2-bath<\/strong> home sized at 796 sq. ft.<\/strong> priced at RM198,000<\/strong>. My family thinks that it’s a good idea to apply for it since I fulfill the eligibility criteria.<\/strong><\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n \n I purchased the house nearing the closing date of the Home Ownership Campaign<\/strong> (HOC). I wasn’t sure if the government will continue with this campaign, so I took the chance.<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n Why else should you buy a home? Here’s another reason<\/em>…<\/p>\n\n\n\n 3. Long-term investment<\/h3>\n\n\n\n \n I think it’s important that everyone owns a home for stability, security and comfort<\/strong>. Other than it being a place to rest and enjoy family time, I also consider this home a long-term investment asset<\/strong> that will help me achieve financial stability<\/strong>.<\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n A home is the perfect long-term investment. In the long run, we may just be able to use our property as an income source<\/strong>, while we enjoy the space now. It’s a win-win situation.<\/p>\n\n\n\n 2. Processes involved in buying a home<\/h2>\n\n\n\n $\"proses$ <\/figure>\n\n\n\n Q2: What’s the process like when buying a home? Is it complicated?<\/strong><\/h3>\n\n\n\n 1. Finding the right home<\/h3>\n\n\n\n Where can you find the perfect home<\/strong> that suits your needs? Ain<\/strong> had a very creative idea…<\/p>\n\n\n\n \n It was quite simple. I work as a full-time marketer<\/strong>, so I’m familiar with social media algorithms<\/strong>. While I was home-hunting, I changed my algorithm<\/strong> to fit home buyers, and that’s where I found a house ad, coincidentally by an IQI agent!<\/strong> That’s where my agent Sean Lee<\/strong> helped me with filling up my forms and such.<\/em><\/p>\nAin<\/cite><\/blockquote>\n\n\n\n Who would’ve thought to use their social media algorithms<\/strong> to find a home? Perhaps one of you can try out this tip, perhaps even to find a car or a bike.<\/p>\n\n\n\n 2. Home co-ownership<\/h3>\n\n\n\n Co-owning a home<\/strong> can be fun, too! What’s the process like when another person’s name<\/strong> is involved?<\/p>\n\n\n\n \n It’s not too complicated, but co-owning a house<\/strong> can be a bit tricky. I had to discuss with my boyfriend on certain matters, such as choosing between a smaller 2-bedroom unit and a larger 3-bedroom. It took us 1-2 weeks to think about it, and we finally decided on the 2-bedroom<\/strong>.<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n Do keep in mind that there will be some important decisions<\/strong> you’ll have to make together<\/strong>. Be sure to plan properly<\/strong>!<\/p>\n\n\n\n 3. Preparation and planning<\/h3>\n\n\n\n Purchasing a home isn’t like online shopping<\/strong> – it requires a lot of thought and research<\/strong>. <\/p>\n\n\n\n \n There are a lot of steps that are involved in home buying, which can be a challenge for first home buyers<\/strong>. But if you plan well<\/strong>, ask for expert advice<\/strong> from professionals and properly understand the process<\/strong>, it can be simple! It depends on your experience<\/strong> and how much preparation<\/strong> goes into your planning. Thankfully, my experience was made easier with the help of professionals.<\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n So before you make any big decisions<\/strong> (that may lead to regret down the road), make sure to be prepared<\/strong>, and ask for professional advice<\/strong> when you need it!<\/p>\n\n\n\n 4. Documentation<\/h3>\n\n\n\n The millions of papers<\/strong> needed to buy a house… you might need an extra pair of hands.<\/p>\n\n\n\n \n As a first home buyer, the process was a bit complicated<\/strong> for me. Since it was a government home scheme<\/strong>, there are a lot of documents<\/strong> to prepare. The legal terms<\/strong> such as <\/em>legal fees, stamp duty, Sales and Purchase Agreement (SPA) were confusing at first. But with my real estate agent’s help<\/strong>, the process was made a lot easier<\/strong>! He helped me a lot with my documentation and guided my homebuying journey from start to finish.<\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n Here’s where having a good real estate agent<\/strong> comes in handy! But make sure you get advice from a licensed agent<\/strong> <\/mark><\/a>to avoid getting scammed<\/strong>.<\/p>\n\n\n\n 3. Managing your finances<\/h2>\n\n\n\n $\"bagaimana$ <\/figure>\n\n\n\n Q3: How did you decide on the right home price that fits your budget?<\/strong><\/h3>\n\n\n\n 1. Calculating property affordability<\/h3>\n\n\n\n Before you even think of purchasing a house, be sure to find out if you can afford<\/strong> it.<\/p>\n\n\n\n \n I determine the property based on how much income I earn<\/strong>, and I calculate how much monthly repayments I can afford<\/strong>. The discounts<\/strong> I receive from the bank for my first home also helped me gauge how much I can actually afford to pay.<\/em><\/p>\nJasmine<\/cite><\/blockquote>\n\n\n\n Do some calculations<\/strong>, and see if your monthly repayments will affect your day-to-day expenses or break your bank.<\/p>\n\n\n\n 2. Taking out a home loan<\/h3>\n\n\n\n Unless you’re a millionnaire<\/strong> with tons of cash to spare, you’ll most likely need to take out a home loan.<\/strong><\/p>\n\n\n\n Khalimah really did her thorough research on this one:<\/p>\n\n\n\n \n I decided to take out a home loan. You can do market research<\/strong> to see if you’re eligible to pay off the monthly payments<\/strong> by looking at homes within your desired area. You can also get a property valuation<\/strong> to find out what the current market prices are. It’s also important that you consider your financial capabilities<\/strong>, including your income, your commitments and your ability to pay off the monthly repayments. I’ve personally gotten advice from the bank<\/strong> to find out my home loan eligibility.<\/strong><\/em><\/p>\nKhalimah<\/cite><\/blockquote>\n\n\n\n Besides searching on websites<\/strong> to find out the current market prices, you can also find out how much home loan you can get with your salary<\/strong><\/mark><\/a>.<\/p>\n\n\n\n 3. Joint home loan<\/h3>\n\n\n\nHow else can you save<\/strong> on repaying for a home? By taking a joint home loan<\/strong><\/mark><\/a>!<\/p>\n\n\n\n \n I’ve decided to take out a joint home loan<\/strong> with my boyfriend. We chose this option to lessen the burden<\/strong> of monthly repayments<\/strong>, so we agreed to share the cost<\/strong> of the utility bills, repayments, renovation and other fees together. If we have to sell or invest the home, the money we receive will be split into two<\/strong>. Simple!<\/em><\/p>\nWen Wei<\/cite><\/blockquote>\n\n\n\n Just divide the repayments into two<\/strong> with your co-owner. Easy and cost-efficient.<\/p>\n\n\n\n 4. Things you didn’t know as a first home buyer<\/h2>\n\n\n\n $\"perkara$ <\/figure>\n\n\n\n Q4: What did you find out for the first time during the home buying process (hidden fees, facts, etc.)?<\/strong><\/h3>\n\n\n\n 1. Fees and no-no’s<\/h3>\n\n\n\n Maintenance fees<\/strong>, of course… but did you know that choosing the top floor of a condominium<\/strong> is a no-no?<\/p>\n\n\n\n \n Maintenance fees,<\/strong> and the downsides<\/strong> to choosing the topmost floor<\/strong> for a condominium! The house I purchased is on the top floor, and I only discovered this video from VC Estate<\/strong> about why you shouldn’t choose the top floor<\/strong> after everything was settled…<\/em><\/p>\nAin<\/cite><\/blockquote>\n\n\n\n This was the video Ain was talking about:<\/p>\n\n\n\n <\/div> <\/div> <\/div><\/div><\/div> <\/div> View this post on Instagram<\/div><\/div> <\/div> <\/div> <\/div> <\/div><\/div> <\/div> <\/div><\/div> <\/div> <\/div> <\/div><\/div><\/div> <\/div> <\/div><\/div><\/a> A post shared by IQI (@iqiglobal)<\/a><\/p><\/div><\/blockquote>