PETALING JAYA (April 10): With more properties at below market prices expected to come up for sale amid the dampened property market brought on by the sluggish economy and Covid-19 outbreak, many property investors are preparing to seek good buys.
Nevertheless, PropStar Realty senior real estate negotiator Kevin Teh reminded property investors that real estate is a long-term investment hence they should first check their financial health before putting their money into a new purchase.
"Usually, there is this mindset that the first property one buys is for own stay. Subsequent ones for investment. If it's for your own stay, you won't care whether the market is going up or down.
"However when it comes to your subsequent purchases for investing purposes, the question to ask is: 'can you wait?' If you can, then buy now, provided that you are financially stable," said Teh during the EdgeProp.my Fireside Chat on "Undervalued Properties: Opportunities, or Risk?" on Facebook Live today.
On the other hand, there may be those who are reluctant to make any purchases as they are afraid that the market may crash or hit bottom in the near future. To them, Teh said an investor should always consider the long-term value of the property.
"Property prices will eventually go up. Historically, on the average, a property's value will sort of double over 10 years. It's not an overnight thing. Besides, if they were to wait, they may let a good opportunity pass them by," he added, stressing that real estate investments are more stable and not as volatile as other forms of investments such as the stock market.
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For the full report on the Fireside Chat read the April 17, 2020 issue of Edgeprop.my pullout.