We always preferred something that “cheap, beautiful and good” or a Cantonese phrase that commonly used by the community, “peng, leng, zheng”.
However, in real life, it is often unrealistic to expect to get all three concurrently.
In the property market, the equivalent terms would be low price, landed and good location. For the young working adults, these are the main reasons they are looking in buying the property.
To acquire a perfect home, it is ideal if such property possess all the three key elements. However, it is hard to find such perfect home if the purchasers confine their selection to this formula.
Choosing one or two of these criteria may allow the purchasers to find their perfect property. It will become more complex task if one seeks to purchase a property in major cities.
From the developers’ perspective, insufficiency of land becomes the major problem to develop landed residential properties especially at city center and at the same time, make them affordable.
So, what are the main considerations for the young working adults in acquiring their first home?
To understand more about this question, let us imagine being one of these purchasers.
For the first-time home buyer, finding a good home deal is not easy as it heard as they need to save for the down payment before buying a home and subsequently, paying instalments for a longer period.
It’s not like buying a car due to appreciating nature of the home’s value.
Buying a home should always be a priority for the young working adults. If the savings are spent to buy a car first, the cost of owning a property will increase later due to inflation.
The most important factors in buying a suitable home for the first-time buyer are affordability, location, financial planning and desired lifestyle.
Apart from that, affordability is the most fundamental consideration in buying the first property.
First time home buyer need to make sure that the monthly loan repayment must be within their capability to pay without creating any financial burden. Nowadays, it is a trend to see young working adults tend to choose new property developments due to brand new features that suits their lifestyle and lower maintenance requirement.
However, first time home buyer can consider looking the property in sub-sale market as it could open more choices due to plenty of good deals at reasonable prices. Such properties can be transformed into a brand-new home after some renovations.
Next to affordability, location is one of the contributing factors for one to purchase the property. For most of the people, property near to the city center are important whether for own occupation or investment. However, for the young working adults that have limited budgets, they maybe need to expand their radius of area to suburban which provides more alternative with cheaper price tags.
But nothing to be worried as there are many residential developments in the suburban areas which offer an ideal environment with a decent price. Many of these developments have the potential to become a matured neighborhood which substantially provide proper infrastructures in such place.
First time home buyers also need to consider other commitment in adult life such as cost of living, family expenses and investment for the future before forking a large amount of money for their first home.
The ideal lifestyle is a subjective topic as it different from one person to others. Some of the people will consider a property that covers a comprehensive facility that suit their active lifestyles. For this kind of lifestyle, a high-rise development would be a good choice for them.
As a conclusion, the ideal concept of “cheap, beautiful and good” in the context of buying a property especially in the major cities may be too good to be true in real life.
However, there are always alternative available for people to buy a property such as auction listing or rent-to-own scheme. All these options are there to assist first time home buyers acquiring their first property. They need to be fully aware of all the factors involved in purchasing the property and keen to explore more possibilities before taking the leap.
Always remember, when you are looking for a property that possess all three elements of “peng, leng and zheng”, you should think twice and leave more options open for any possibilities.