Is Now A Good Time To Buy A New Home?

Buying a home is already a major decision for most people as there are a lot of things that you need to consider, one of those key factors is “timing”. As in, when exactly is a good time to buy a new home.

Given the growth that the property market experienced in 2022, it seems like Malaysians are buying houses left and right!

But is that a good indication for you to buy a property? Not necessarily.

While the general advice is that you should buy a home when you have the financial capabilities, there are other factors that you should consider.

What to consider

If you’re thinking about buying a house, you need to ask yourself several questions to determine whether the time is right for you to do so.

Whether you are a first-time homebuyer or getting your second property, here are some of the important things to consider when deciding to buy a home:

Interest Rates and OPR. The overnight policy rate (OPR) and interest rates can have a significant impact on the affordability of buying a home. The higher the OPR and interest rates, the more you’d have to pay your monthly mortgage.

Bank Approval Process. Unlike applying for a credit card or personal loan, the process of applying for a home loan can be a long and tedious affair. From having the right documents to building up a proper credit score, the bank approval process for home loans can require a huge amount of time and effort.

Economic Conditions. Understanding the broader economic market can also factor in your timing to buy a home. Job stability, inflation rate, market trends, and overall economic indicators can affect your ability to pay your monthly mortgage in the long run.

Financial Readiness. Your finances are the major factor to consider when buying a home. Make a detailed assessment of your financial situation, such as your income stability, credit score, savings, emergency funds, and the ability to make a down payment for a house.

Easing your financial burden

Oftentimes, the factors that can determine the best time to buy a home are beyond your control. The only thing that you can do is just make sure that you are financially prepared to be able to make the decision when the time is right.

Sime Darby Property (SDP) understands that during challenging times, it’s difficult to make such a life-changing decision.

To help ease the burden of things such as OPR uncertainty and stringent bank loan approvals, SDP is promoting its Great Deals campaign which offers key benefits that will help those who aspire to purchase a home.

Finding your perfect home

With the SDP Great Deals, finding the right property that you want can be easier on your finances due to all the benefits it provides. Instead, deciding on which property to purchase could be the biggest burden you face!

Planters’ Haven

Nestled within 246 acres of immaculate greenery, Planters’ Haven is an exclusive getaway featuring 158 private lots. Located in Nilai, its serene hills and winding, tree-shaded lanes harmonize with breathtaking sunsets. This tranquil haven is secured by electric fencing and 24/7 surveillance, offering peace of mind. All are within close proximity to daily conveniences and easy access to KL city’s vibrant lifestyle.

SDP Great Deals: Low-interest rates, instant approval, referral fee, 999.9 gold bars, RM8,000 reward.

The Eighth

Meet the best value semi-ds that suit your lifestyle, Perched on the highest ground in Elmina Green, The Eighth comprises 168 meticulously crafted twin villas, offering three distinct layouts with a generous lot size of 40’ x 80’. Enjoy unmatched fittings and access to four lush neighbourhood parks. Located just a short drive from the conveniences of Elmina City Centre, find everything you desire in a home, starting from only RM1.6 million*.

SDP Great Deals: Low-interest rates, instant approval, 999.9 gold bars.

The Serenade

Live luxuriously in The Glades, a prestigious gated and guarded freehold enclave in Putra Heights. Grab hold of its latest launch, The Serenade, with its modern, spacious, and low-density condominium, offers private and spacious homes suitable for families at any stage of life. With four layout choices, two to six units per floor, and sizes ranging from 1,690 to 2,465 sq ft, These contemporary and stylish homes are thoughtfully designed for the whole family. Enjoy large ensuite bedrooms and ample wardrobe space, ensuring a great living experience in the retreat you’ve always dreamed of.

SDP Great Deals: Low-interest rates, instant approval, referral fee, RM8,000 reward.

At the end of the day, the perfect time to buy a house will always fall on you and your financial capabilities. However, with SDP Great Deals, you can reduce most of the burdens that come with choosing to buy a new property.