GENERATION-Y should look for a property which is the most affordable and has a room for capital appreciation.
Khalil Adis Consultancy Pte Ltd founder Khalil Adis said the question first-time home buyers usually would ask him was the location of their potential property.
“Always go through a 5C checklist when you decide to buy a property.
“The 5Cs are the developer’s masterplan, the transport masterplan, the allocation from the government, the economic driver and the job creation.
Talk by Prof Joe Choo on Feng Shui Tips To Achieve The 4R at gurney paragon mall
“Penang is highly rated internationally and its economy is driven by its food and beverage, the tourism industry and the manufacturing industry.
“From my analysis, Penang island is slightly too saturated for Gen-Y and they need to look for next growth area where the Government has allocated budget for infrastructure and transportation development.
“First-time home buyers should avoid buying properties in foreign market-driven areas,” he said during his talk on ‘First-Time Home Buyers Tips Plus Renovation Strategies’ at the StarProperty.my Fair 2017 yesterday.
Another speaker, Prof Joe Choo, said in her talk on ‘Feng Shui Tips to Achieve The 4R’ that it was vital to use the selection of auspicious dates for certain occasions to maximise desired results.
“The 4R refers to the right people, the right word, the right place and the right time,” she said.
Richard Oon, with more than 25 years experience in the field of taxation, shared some pointers on tax rules for rental income in his talk on ‘Every Smart Property Investor Has to Know About Taxes’.
“Firstly, rent out your properties as soon as you can even if you have to reduce the rental slightly, rather than keeping the property vacant for one extra month. After a few years, review the rental and it would be better than keeping it empty.
“When you buy a new house, new purchase of furniture don’t qualify for a deduction, but replacement assets do.
“This means that the first round of furniture you buy to rent out the property is not tax-deductible against the rental income.
Talk by Richard Oon on Every Smart Property Investor Has To Know About Taxes
“Don’t spend so much money on initial new furnishings. When the furniture needs to be replaced eventually, the whole replacement cost can be tax-deductible.
“Also, track your income and expenses by the end of the year. Ask your tenant what repairs need to be made, especially towards the year-end,” he said.
Another speaker Dr Daniele Gambero said transformation, timing and demand were key in looking for properties.
“When we look into property market, it has always been the location.
“But, this is totally untrue today. I can name many projects in Malaysia in prime locations but were not feasible.
Dr Daniele Gambero on Transformation-Timing-Demand: The Propenomy Model Applied
“Of course location is important, but what makes a location? It is transformation.
“For example, 10 years after the successful Kowloon West in Hong Kong was developed, the economic growth there has spurred the price of properties around that area.
“This is how economic transformation affect in a very positive way the property value,” he said in his talk on ‘Transformation - Timing - Demand: The Propenomy Model Applied’.
The property education talks were brought to the fair by BDB Land.