Doubt
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As a first time buyer, there are some questions, tips or guides that we should know, let me share some of the experiences as a start of this discussion :D

1st Question: The property you are buying is for your own stay or investment?
For me, I buy it for my own investment because my family already have our own stay in KL. Normally, different purpose will affect the buying decision such as the price range, location, the return?

2nd Question: Where is the "Best" location for my property?
Yes, this is really an important question that we need to take it seriously no matter it's for your own stay or investment. If it is for your own stay, you might want to find some location that is strategic and convenient for you. I always recommend landed property for your own stay. However, for investment wise, you need to observe and research about the location whether is it having a good potential for your ROI? You might need to research about the info about upcoming developments, its accessibility, the developer's background of the property and etc.

3nd Question: Ishh, Money?? (Loan !!)
When it comes to loan part, you must consult the bank that whether you can afford to buy the property or not. Besides, before buying a property, you also must make sure that you are checking property that is affordable. Nowadays, people tend to pay their deposit emotionally for their dream property, then end up lose their non-refundable deposit because can't get the loan from the bank :( Think wise !!

There are actually a lot of tips or guides. So, how about you?

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Did you know that you can withdraw your EPF Account 2 for property buying? Yes, you can. But you can only do the withdrawal one time. Thought I'd share this, as I realised not many people know about this, especially new property buyers.

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You can actually withdraw your EPF account 2 a second time to purchase house, provided your 1st house has been sold. But max 2 times only.

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O.O that's a good info ! Do they limit how many percentage you can take frm the account? hmm, just 2 times, I think should be sufficient for most of the people , since nowaday not many people can afford to buy new property :(

Nich small

hey guys, jst for info for first time buyers as well ....in budget 2015, if your household income not exceed 10k, the government act provide a scheme that offers a funding limit for your first home that not exceed rm500k plus 50% of stamp duty exemption ! But it's only provide 20k units only. I wonder whether I'm that lucky to get it or not....

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Oh wow, I didn't know that. Thanks for sharing, Serene Yap & Nick Fu! Good info.

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The amount you paid as downpayment plus additional 10% of the house cost, provided there is enough money in your EPF account 2.

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oh ya...the EPF account 2 only can take out twice for buying property right?

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Yeah, good to know we can withdraw twice. But for young buyers at their 20s - 30s, usually won't have so much in their account 2 to be able to withdraw 2nd time so soon. Unless the 1st time they withdrawn was a small amount OR they'll have to wait a few more years to accumulate their EPF account 2 :)

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Only twice for purchase. But still can withdraw for reducing house loan.

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Here are some extra money we need to take into consideration when buying your property as well...

- Stamp duty (memorandum of transfer)
- Stamping for SPA
- Stamp duty for loan – 0.5% of loan amount
- Sale & Purchase Agreement (SPA) legal fees
- SPA legal disbursement fee
- Loan facility agreement legal fees
- Legal disbursement fee for Loan Facility Agreement
- Fee for transfer of ownership title
- Mortgage Reducing Term Insurance
- Government Tax on Agreements – 6% of total lawyer fees
- Bank processing fee for loan

Any add on?

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(This post was removed by PropSocial administrator due to inappropriate or spamming content)

James bond craig junio2006 small

My experience? It's a painful process altogether! From researching where to buy, loan, etc. I spent 1.5 - 2 years to find a suitable place for myself. Having to go around asking people's opinion or developers / agents on further details about each properties, going property viewing, which bank for loan application, all the paperwork and more.
But at the end of the day, it's going to be worth it :) *fingers crossed*

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@james_bob, it's a shame how PropSocial didn't exist while you were looking for a property. Now, with PropSocial's neighbourhood info, property info and user reviews, it can help you save time especially during the research period.

Check out some of our information which might be able to help you for your future property hunting :)
Neighbourhood info: http://www.propsocial.my/location/62/klcc
Property info: http://www.propsocial.my/property/5185/bukit-jelutong/radia-residences
User reviews: http://www.propsocial.my/property/1554/petaling-jaya/five-stones#community

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Thanks @Mag! I didn't know. Thanks for sharing.

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My experience ... very scared to sign on the S&P? A big & long commitment...

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Tips?
1) Make sure you calculate the ROI and all the hidden cost in advance. What are the hidden cost you have to bare and not covered by developer, etc
2) Do proper research on the area (for example whether they are building a shopping mall next to it, LRT, College), as that will determine the ROI when the property is completed
3) Get loan quotations from different banks
4) When you have to serve your loan repayment and interest - this would be the most painful part if anyone says the research stage is the most painful part

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