If you’ve never had the opportunity to purchase property before, investing for the first time can be a truly nerve-wracking experience. There are so many different features and steps that you must remember to ensure that your project can be a success, as well as a whole host of different risks and dangers that threaten to bring your project to the ground.
Investing in a property takes considerable time and planning, as you must ensure that you cover all bases before you sign a single sheet of paper. Having your funds in place beforehand is absolutely key, as you don’t want to agree to purchase a property only to find out that your loan application was unsuccessful, as you may still be legally contracted to pay for the lot. Understanding the fees that are associated with investing in property should be your next priority, as you need to have the correct sum of funds in place to pay for whatever is necessary. Failing to secure sufficient cash for your investment could see you lose it before it’s even yours, so don’t make the mistake of waiting too long to source your funds.
Understanding the legal side of things is likely to be your next port of call, as you could easily fall victim to scams or disadvantageous agreements if you do not have a good grasp on what is right and wrong. It’s a good idea to research the land type of your chosen property, as you can often choose between freehold, leasehold and even Bumi Lot. Read through this information rich infographic to learn more about land types and what this means for your purchase.
Infographic Designed By PropertyGuru No.1 Property Website