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Purchase a home based on your own needs and financial capabilities, not on the opinions of others.

These are the fundamental rules of property investment, according to Chan Ai Cheng, president of the Malaysia Institute of Estate Agents.

If a buyer is unsure about their job or financial stability, Chan suggests renting rather than buying.

Chan said that purchasers must understand that property is a medium to long-term investment, not a speculative one.

“Purchasing or renting are both great options. Renting gives you flexibility and purchasing builds equity and hedges against inflation,” she said in a statement today.

Chan believes that property prices have adjusted as a result of the ongoing Covid-19 pandemic.

She does not expect prices to fall any further unless something unexpected happens.

The building materials cost index (BCI) has increased by 0.3 per cent to 3.1 per cent, raising the cost of construction.

According to Chan, this, combined with a labour shortage, would put upward pressure on price increases.

“Our members are already experiencing this in the landed residential homes sector. It is a known fact that property prices go up and fluctuate over time and it is now at one of its lowest points.

“It’s our view that it’s an opportune moment to purchase if you have the need and ability to do so. The longer you wait the higher the price will be then it will be out of reach for many,” she said.

Chan anticipates that many new buyers will enter the market after a two-year wait.

“Many have saved money for this purpose and most importantly, they require a roof over their head,” she said.

Source: NewStraitsTimes, Sharen Kaur / February 4, 2022

 

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