What are your thoughts on buying a property during this pandemic?

Is it good or bad.

Asking this because I see a lot of very different views of Pros and Cons when googling this.

What are the benefits or buying a property right now vs another 3 or 5 years?

better price is off course a pro but job security is cons.
if you lose your job and cannot pay installments, gg.

true, thats one thing.

another i also read that in next 3 years the price might be going further down due to developers harder to sell their houses because of pandemic..

not sure how true this is.

I think buying property is quite a huge commitment and i am not sure when i should pull the trigger and buy my first house..

Having the same doubts too.

It's definitely a buyers market now but some say it'll go down even further.

Whether prices for new launch property will go down, hard to say, the cost of raw materials + vaccine optimism + incentives mean a lot of developers are still willing to sell at atas price unless they're marked for affordable housing/aim for B40 market. Many high rises are also taking at least 3 to 4 years completion, so be aware that you won't be even able to live in them until you get the keys after they complete.

Bear in mind also that if economy recovers, even with property glut there will be rising interest rates.

It also depends on price range of property + location. If location near central business districts, even properties around 600k to 750k range get snapped up very quickly as long as price psf under RM800 psf. Anything under RM500k will get bought even quicker, unless the location is bad (no public transport / no amenities nearby).

If subsale, if the location is matured the owners mostly paid off loan or near finished payoff loan, they can happily play waiting game if they want. Right now there's lots of good deals for subsale, just that you really need to take your time to look.

Note also that if you're buying high rise, very hard for property price to appreciate if your intent is to sell off.

If you're buying for own stay, there's no real "right time", if within your means and price is within actual market value, go for it, unless you plan to relocate elsewhere within 10 years of moving in.

This post has been edited by DragonReine: May 18 2021, 12:27 PM

Thank you very much for your advice.

Very much appreciated.

I am so confuse past 2 weeks with reading articles regarding buying houses, age is near 30 and really feel like i need to get my first house already..

No problems! Honestly as I said, if own stay there's no "right time", with exemption being property bull run/extremely inflated pricing like back in 2013-2015, which is a bad time to buy for everyone except people with more sens than sense

If your aim is own stay instead of investment, treat property as a lifestyle asset much like buying a car instead of deciding whether you want to time the market.

It does mean you need to be very harsh on assessing your financial capability and make sure you don't overspend (i.e. fall into the trap of lifestyle inflation). Example question to yourself: Do you really need a fancy new launch serviced apartment with 30+ facilities (read: high monthly maintenance fees and assessment rates) or do you just need a comfortable, not-necessarily-fancy older residential title condominium to stay in until you possibly want to upgrade when near retirement? Because you're not going to earn back money from renting out to tenants, it's especially important to consider long term costs of the property like maintenance and assessment.

It depends heavily on loc n u dun see price down in certain parts of certain towns.

Yes price ll b cheaper if
1. Loc differ
2. Quality differ
3. Density differ
4. Etc etc

Wat u can actually c now is less launching in market as some developers oso kecut to launch. Some ll stil launch but delaying it.

U can see some so claimed cheaper units avail fr developers vs the current mv but alwiz gd to find out Wat was the actual pre launching price back then. If the pre launching price many yrs ago is in fact lower than the so called cheaper price now then its not really cheap.

On the other hand if buying a prop tats way cheaper than pre launching price then u need to think 3x 4x 5x b4 betting on it. It does show u sthg tat tis project can actually achieve.

Sustainability is part of the game 😉

there is no right or wrong timing to purchase a property
if you are purchasing it now for own stay, it is a great opportunity as you can get some steal deal or more rebate since now is supply > demand
developers are giving more offer/rebates...there are many rumors some may it yet to hit rock bottom and some say it could climb up again as soon as next year
however, if you alrd lay an eye on certain projects or units, always check ahead at property site such as propertyguru to know more before take on nx step

Buy... a lot of below market value prop..

if you know lelong props and have confidence, buy lelong...

But no one knows when is the lowest point, it could plummet further

When one is committed to a long term liability like a housing loan, be prepared for an exit plan if one cannot cont to repay. When shit falls from sky, be prepared to cut losses and DONT wait for the bank to do it for you.

The key to a successful long term commitment is to buy within affordability and have financial plans to repay within the shortest time.

If its for investment, you have good cash flow and in a healthy financial situation, plus unsure where to invest, a good property at correct pricing at this time can be a good investment tool.
Just make sure you do your homework, especially if its for investment.
If its for own stay, then the sky is the limit.

thank you everyone for your advice!

I will do more research before pulling the trigger to buy a house.

will see how it goes, hopefully everything goes well tho.

I really appreciate the insights and advice that everyone provide. Thank you

in similar situation but put it on hold for next few months first. Wanna to collect extra cash to buy for own stay.

Buying for Investment:-
1) As the pandemic is hitting hard on the current unemployment and many of the businesses due to the MCO, it could be a right time but you will need to justify on your price of entry and assume the future position of the disposal of the property by predicting the outlook based on your views in the future

2) Always remember to buy within your budget and also ensure that you don't rush too fast to your decision. Also make sure you yourself equipped with the knowledge and skills of identifying a good property for investment. Rental yield and price range, again also quite important, pairing with the catalyst in the location.

3) Becareful with cash out options as not necessary all cash outs are good. It could be a trap when cash flow went into some problems. For instance, if the cash out is RM100,000, make sure it is used as reserve and not to use it for the wrong purpose because when the Occupation Permit or Certificate of Fitness (CF) out, because sometimes these properties with cash out experience a higher loan outstanding that the market valuation so selling it might be a bit difficult.

Buying for Staying:-

Only depends on you and your comfort in terms of budget and location.

Good luck in your next move.
Waiting for the right time to buy is like timing the market in stock.
You will be waiting forever lol.

When people say price will drop, it won't be like 50% off come buy!!
So like if it's affordable for yourself, and you feel like it's a good deal then by all means go ahead with it