Buying a property can be an overwhelming experience for anyone that willingly has a go at it,

especially first-time homebuyers.

The unfamiliarity with the process, the excitement of owning a home, the craving for the whistles

and bells and overwhelm by the choices in the market – all these can lead to the pitfalls that many

have fallen into.

Here are some of the mistakes that first-time homebuyers need to be wary of before making a

purchase:

1. Holding out for the "perfect" home with the “lowest” price

One of the most common mistakes first-time homebuyers make are holding out too long for the

"perfect" home while hoping the price to go lower.

While it is a buyer’s market and the pace of house price growth is slowing down, it is still a risky

move even for seasoned investors, let alone first-time buyers.

This is because the tide can change rapidly while buyers unknowingly waiting for the right house to

appear before their eyes.

But most of them will end up paying more and regret not buying one they liked early on as the

market eventually move on them.

Hence, if you find a property that checks seven of the 10 boxes you're looking for, you should take it.

2. Not seeing the true potential of a home or a location

Many buyers do not look at the potential of a home or a location but often get distracted by

something immaterial or the “flashy” details, such as fittings and furniture, appliances and kitchen

countertop.

As this could be a once-in-a-lifetime investment, things should not be taken lightly. Buyers are highly

advised to pay attention to the location and property itself and conduct a thorough inspection and

research in order to assess whether it is a good buy or not.

A location that is less-matured today could offer a promising outlook with the urbanisation taking

place in the area. This can be driven by infrastructure projects such as roads, highways, railways,

ports, airports and major township developments.

With regards to the property itself, pay more attention to the structure instead of the superficial

factors, especially when you are purchasing a sub-sale property. You wouldn’t want to fork out

another huge amount of money on your own to repair defects that were overlooked earlier.

3. Working exclusively with the seller’s agent

The property agent appointed by the seller only represents the best interest of the seller and their

one-and-only purpose is to sell the home at a price the seller has predetermined.

Subsequently, the more money the home sells for, the higher commission they get. For all intents

and purposes, they are trying to sell the home at the highest possible price; something first-time

homebuyers are probably not all that fond of.

Therefore, any first-time buyers should engage their own property agent to represent them in the

process. While their services will certainly cost you extra, their expertise can easily save you more on

the deal than what it would cost to hire them.

4. Not doing enough research

Searching for a home and doing research on the location, pricing and nearby facilities and amenities

is a lot easier than it used to be.

With the advent of technology, and certainly the Internet, one can easily find almost all the

information and details they need for a property.

For official property statistics such as transaction prices and volume of a particular area, they can

visit National Property Information Centre’s website at napic.jpph.gov.my.

As for area insights, there are more than 20,000 of registered property agents at your service, ready

to serve you with their professional services and expertise.

Moreover, established agency firms like PropNex Malaysia are organising consumer empowerment

seminar on a regular basis to assist buyers and investors in spotting great deals in the market.

5. Making An Emotional Decision

Buying your first home comes with so many feelings: excitement, anxious, fear, joy, and just about

every other expression on the emotional spectrum.

But bear in mind that any transaction you purposefully walk into should be predicated on one thing:

the numbers. The numbers need to reflect your budget, and what it is you are looking to get out of

the property.

In short, do not let the sense of excitement make you overshoot your budget and end up buying a

property that is beyond your affordability.

Instead, it is advisable to let your agent vet homes in your place. There is a good chance they know

about listings that aren’t even on the market yet. At the very least, they will filter out homes that

don’t meet your criteria, and save you countless hours of tedious searching.

Looking to buy or sell a property? Get in touch with PropNex Malaysia at +603 7954 2233 or