Credit: Design and Architecture
You’ve got your crosshair on that dream home; you’ve got the financial capability to afford it. Life’s good and you’re ironically excited to finally spend most of your lifetime savings on that home you’ve always wanted – until disaster struck as COVID-19 welcomed itself into your life.
We understand the disappointment and turmoil you’re experiencing, but as we speak, things are in fact not that gloomy after all. While most reckon that purchasing a property amidst a pandemic is nothing short of a death wish, we disagree – and so do property whizzes and industrial experts!
Credit: Square Foot
While we don’t blame you for thinking that purchasing a home in the face of a pandemic is a bad idea, hard facts and industry statistics have actually proved otherwise. We get your worries, it would be counter-intuitive to spend an enormous amount of assets on a property, especially in the midst of an economic recession.
However, the pandemic has actually enhanced the affordability of homes in several aspects:
- Interest rates are at an all-time low
- Property prices are being reduced due to economic pressure
- Attractive incentives such as the Home Ownership Campaign are being implemented
These factors are tremendously helpful, especially for first-time homebuyers. Without a shadow of doubt, the best time to purchase a home is now!
However, for buyers intending to rent out their spaces, it’s advisable to refrain from purchasing a home for rental purposes, as the rental market is relatively weak at this point.
The HOC is included under the Short-Term Economic Recovery Plan (PENJANA) implemented by the Malaysian government. This implementation aims to curb the bleak situation in the property industry. The HOC is designed to encourage and support the purchase of property, as well as boosting the sale of unsold property.
Under the HOC, homebuyers are spoilt with perks such as stamp duty exemptions provided by the government, as well as property developers. Furthermore, homebuyers are also entitled to at least a 10% discount off the purchase price of the property – talk about affordability!
Now is certainly an ideal time to purchase a home in Malaysia. With the encouragement and support from the government and developers alike, it’d be a waste to not seize this marvellous opportunity to secure a home you can truly call your own!
An opportunity like this could never present itself ever again. Upon the imminent rise of the industry, property prices will start to skyrocket once again, and you’d most likely be sorry for not taking hold of this wonderful opportunity that has been served to you!