16 October, 2019

Social & Lifestyle

So, you’re moving on to a better stage of your life, and with it, you’re also looking to upgrade everything from your home to your lifestyle. Whether you’re currently renting or staying in a small unit, every couple must have thought of upgrading their home for one reason or another.

These are important times for you and I will gladly guide you through your journey to find a better home. So, what are the key steps that you should follow?

  1) Assess your financial situation

You need to calculate all of your commitments such as car loan, outstanding credit card payments, student loans, insurance, and any other monthly payments that you need to settle. Some steps that may help you:

  1. Calculate your DSR based on the total commitment
  2. Check your Credit Scoring, find an expert (financial institutions, lenders)
  3. Discuss, Determine & Decide your shot & long term financial goals

2) Create a wishlist, and start saving

What type of home do you intend to get? Condominiums, Bungalows, or Terrace houses? ? Below are the common startup expenditures you should consider:

  1. Moving in cost (furniture, house fittings, renovation)
  2. Down payment, stamp duty, legal fees

In short, the price tag on your new house isn’t the only thing you’ll be paying especially when there is some hidden cost you may bear, so consider cushioning your expenditure with prior savings (personal & EPF) and investments.


3) Seek help from Putrajaya

So your paycheck isn’t exactly enough, neither is your partner’s. Well good news, there’s always help. All you need to do is look for one here:

  1. RUMAWIP – If you (and your partner) earn below RM15,000 a month
  2. Rumah SELANGORKU – For properties valued below RM250,000
  3. Pinjaman Perumahan SPP – For low income, private sectors only

4) Get your financial facts right before, during & after purchase!

Budgeting is always about planning forward. Not everyone has tons of cash lying around. Making sure that your income stream is stable is key to avoiding financial disarray and none of us wants to get fined by the bank for forgetting 1 month of payment. Don’t be surprised, financial woes for the last decade have become the main factors for divorce!

5) Consider & Commit

It takes two to tango and when it comes to property purchase, you need lifelong commitment to set your life good for the long run. Consider also other commitments that may very well affect your financial situation for a good 20 to 30 years such as:

  1. Raising children (basic necessities, schooling, college fund)
  2. Monthly utilities & maintenance, quit rent
  3. Automobile commitment & cost
  4. House upgrade & repair!

I hope you now know a little bit more on how to upgrade your home. If you still have questions, come chat with me by clicking the button below!

Ask Madam Loan


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