Upgrading your house, things to be concerned about
Although the property market seems to be focusing on the first-time homebuyers, there are other segments of buyers in the market, and among them are the upgrades.
Upgraders are typically homeowners who are looking to buy their next home to accommodate their growing family. But there are also other good reasons for the owner to upgrade their house. It could be either due to the attractive offerings from the newly launched projects, or a type of investment for the financially savvy people.
Buying a property has always been a big decision to make, hence all the more reason for you to think through on your spending and purposes. The following points might be something that you might want to check out and to see if now is the right time for you to upgrade.
The change of family structure
Your sweet family of two could become more prosperous with one or two additional family members. Either you are planning to have children, or your elderly is coming to live with you, the change of family structure is one of the concrete reasons for you to consider an upgrade.
Depending on the additional member of your family, the type of upgrades you need will also differ. If you are living in a 3-bedroom apartment that is not senior-living-friendly, it might be hard to accommodate your parents or grandparents. It could also be dangerous for them. Hence, finding a suitable one would be crucial to ensure the safety of your loved ones.
Financial concern
Are you in a financially ready position to go through another process of buying a house? Deposits, lawyer’s fees, and stamp duty aside, can you cope with your current responsibilities, on top of this new addition?
While you may have had enough for the visible cost of purchasing your next property, have you included the hidden costs as well? You would need to be prepared for the property taxes in Malaysia namely, Property Assessment Tax, quit rent, as well as Real Property Gain Tax (RPGT) if you are planning to sell your other property.
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