It doesn’t matter if you are looking for a house, apartment or condominium because buying your first property is a pretty big deal and it helps to get you onto the first rung of the ladder. The difficulty lies in getting onto this rung in the first place because a number of things are put in our way to make applying for and getting a loan application approved more difficult. Lending institutions are a lot fussy nowadays in today’s financial climate and this has made it difficult for the younger generation to be able to get their first property.
The good news is that there is help out there and once you submit your HFE application, there are a number of government loans and other perks that you can take advantage of to make buying your first property a little easier. You can’t keep continuing to rent property over the coming years and have nothing to show every single time because you will never own the property outright. You need to get yourself onto the property ladder and the following are some of the benefits that you can enjoy.
It makes it easier next time
Once you get yourself onto the first rung then it becomes much easier to buy your next property and so on. You will have a history of making your payments in full and on time and lenders will be able to see that you are an individual who can be trusted. You will be able to provide paperwork indicating that you never fell behind on your mortgage payments and this is exactly what lending institutions are looking for.
Your property will rise in value
You only need to look at the property prices of the past two decades to get an idea of what direction the prices are going in right now. By buying your first property, you are guaranteeing your financial future and you can use the same property to sell much later on to make a significant profit. The property will always rise in value above inflation and as we run out of more space here in Malaysia, owning your own property will be a significant perk.
There are schemes to help
As was pointed out briefly before, when you make your HFE application, this can open you up to a number of schemes put into place by the government that will make it easier for you to buy your properties. A significant amount of money can be saved and these schemes have helped people to realize their dreams and to own their first property.
It is reassuring to know that you have a roof over your head and it actually belongs to you. You’re not renting, so you can’t be moved out of the property at very short notice and you’re not subject to increases in rent payments over the years. It makes a lot more financial sense to buy your property.
