Workers building houses at the Belait District. Picture: BT/Jefrisalas
Saturday, June 12, 2010
MAKE A PLAN TO CHANGE
Planning is of course a must. Isnora Minudin, chartered financial consultant at the Investment Banking Division of Bank Islam Brunei Darussalam , says when buying a property for the first time, identifying long-term goals and how homeownership fits into your life, is a key place to start. "People purchase properties for a variety of reasons. Some (buy) for their own dwelling, investment or simply as a second home." When choosing a property, your intentions should be clear to avoid any mishaps later, she adds.
Amairul, as he prefers to be known, says he bought a house overseas without real planning involved. "When I was living overseas and I had a bit of cash saved up so I decided it would be a good time to buy my first house as I was looking to stay in the country for a long time." But he decided to return home soon after and now, is still spending a a big chunk of his savings paying off the home mortgage. "It was oversight on my part," he says.
MULTIPLE CHOICE
With housing developments on the rise, buyers are spoilt for choice. Isnora of BIBD says "some other considerations to make (when buying a property) are the location and quality of the property, its price and the rate you will be paying for your home financing." If you are currently renting a house, consider buying one of your own which is within your payment abilities. Amy Liew, manager of Bruworld Real Estate Agency, says that for a first property, the rule "location, location, location", applies. There are still many people looking to buy houses, she says, adding that it was not only restricted to the private sector. "Government is buying as well," she says.
Isnora confirms this trend of high property purchases, saying, "Yes, this is also contributed by the fact that the larger community are now more aware of financial planning needs. Nowadays, consumers have become smarter and more prepared for their future as we see more and more young aged customers taking up home financing".
COUNTING THE CASH
When she meets clients who are first-time buyers, Liew normally asks them about their budget, preferred locations as well as the type of house that they were looking for. "It depends on their lifestyle as well," she says, adding that someone looking to start a family would usually be looking for a bigger property to grow into. "If they have a lower budget, then we have low-cost housing, which are usually semi-bungalows starting at a selling price of $120,000," she says. Normally people would also come in with a starting budget of around $150,000 to $180,000, she adds.
There are a lot of local people buying up properties for investment, she adds, noting that it was mainly shophouses and houses as target investments.
Isnora says BIBD is available to provide home financing solutions should a consumer need aid in purchasing a property. "Choosing a property is a lifetime decision. You need to consider your repayment abilities and find out your financing entitlement, ie, what you can afford to pay monthly and mortgage within your budget, and not (create) a burden to your finances." She adds that a certain amount of down payment is normally required ranging from five per cent to 20 per cent of the property cost, so customers should plan their finances well ahead. "This fund should ideally be a separate savings and not from their emergency funds." The Brunei Times
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