Properties in Malaysia

Buying a house or property, wherever it may be, is still a huge leap of faith not just emotionally but mostly financially. There are a lot of considerations to look at from agent, location, security, price, and even bank finance support. It may be your second or third time buying a property, however, the stressful decision making is still the same. Check out to know more properties in Malaysia. To help you in your next big move, here are the things you need to consider when buying a house or property in Malaysia:

Conduct a comprehensive research

When starting off a completely unfamiliar plan, a comprehensive research about your objective will go a long a way. It is also the same when buying a property; it does not matter if just moved in to Malaysia or you have been living here for your entire life. Researching about the housing market is still a major factor that you need to invest. A few properties available in Kuala Lumpur are the Avelon Tower @ Plaza Medan Putra, Desa Putra, Casa Idaman, Prima Midah Heights and Kiaraville.

What are the possible things that you may look at?

• Bank – You need bank assistance; therefore, you need too look at your local bank offerings. It is also vital to carefully choose what bank offers the best support in acquiring a land and what bank that is most likely still in the industry in the next 20 or 25 years.
• Rules, guidelines, or laws in buying a property – You must explore and understand all the guidelines before making your big decision. You have to ensue that you are ready to comply in any legal requirements. Knowing all the rules that may affect your purchase will save you a lot of headache in the long run.
• Accredited agents to avoid getting scammed – You may want to buy a property in Malaysia so bad that you use all your emergency fund, however, it does not save you from scammers. There are still people who will take advantage your investment, which may lead losing your saving savings. Visit your government websites or offices to verify if the agent or company that sells you a property is licensed and recognized by authorities.

Choose a strategic location and make to view your property in person

Strategic location is where your convenience both in transportation and budget are covered. If you are buying to save yourself from traffic jams and long hours of travel from home to work, the look for a place that near your office. Some thinks that it’s okay to have place that is just one ride away from your workplace. This may be highly ideal; however, it benefits you more if you buy a property that is just walking distance from your workplace. You supposedly fare from going to work can add up to your monthly payment to your bank loan instead. After covering this, then look if all the needed establishments are accessible from your place. You must look if you are near a hospital, drugstore, convenience store, grocery store, flea market, and other establishments that affect your daily life. Properties that have a strategic location include the properties in Selangor. Check out Bandar Puteri Klang, Seksyen 7, Shah Alam, Bukit Jelutong, Bandar Bukit Tinggi and Pangsapuri Lagoon Perdana.

If some looks for a location that is near their workplace, some looks for a place that is near their family members. To accomplish this, you may ask their village or subdivision managers or supervisors for available property that you can move in. You may also look around the place and see any accessible areas that you can still buy a property. You just need to make sure that the transportation is easy from going from your house to your family members’ area.

Assess your financial status and review payment scheme options

Ensure that your budget can support your family, daily needs, and payment to bank loan. It is highly recommended to buy a property as early as possible. This is because normally a home loan takes around 20 – 30 years of payment. If you start buying at 20 years old, then you ensure that you already have a home at 40 – 45 years old. Your advantage in this age is you can lower your monthly payment because you have longer time to payment unlike with late buyers. This also makes your dream house or property more affordable and feasible.

Aside from your preparation in paying your monthly dues, you also need to establish a good start. You need to prepare your initial down payment. Normally, this is a huge amount depending on the total amount of property you are buying. You need to financially prepare yourself for the cost because it is way more than your expenses in travelling or other hobbies. You need to prepare around 10% of the total amount and then your bank loan will support the remaining 90%. However, there are some computations that you need to pay again another 10% after few months of paying your initial down payment; this is for you to finally move in your dream house. It differs from agent to agent, so, make sure to read the guidelines and computations and ask all your concerns.
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The huge payment does not stop at the initial deposit; there are still other fees and charges that you need to be aware of. It does not just stop there.

Here are just some of the other fees that you need to cover as a buyer: memorandum of transfer or MOT, sales and purchase agreement (SPA), legal fees, valuation fees, bank processing fee, transfer of ownership fee, stamping fee for SPA, SPA legal disbursement fee, loan agreement legal fees, stamp duty for loan agreement, loan facility agreement legal disbursement, government tax and other fees for agreements, and other charges to legally buy your property in Malaysia.

Please ensure that you thoroughly ask all these other charges to your agent to avoid getting surprise about it. Aside from these things, if you are a foreigner, you need to exert an extra mile before buying a property in Malaysia. This country is not like other countries where foreigners have the same privileges in buying a property with local citizens. There are few restrictions before you can start negotiating your agreement with your agent. A good example is foreigners cannot a buy an agricultural land in Malaysia. As a foreigner, research what types and where are the areas that you can legally buy before placing your initial deposit.

Ask assistance to a lawyer and a property specialist for proper information
Even after doing all your research, looking at the location of your soon-to-be property, and figuring out your budget for the next 20 or 30 years but you still have questions or uneasiness feeling, then you may want to ask a lawyer or a property specialist. This is highly recommended to all buyers or sellers of property unless you have an established experience and background in this industry. Some buyers normally ask their relatives or close friends who work as a lawyer or a property specialist. This is a wise decision because you need to inquire to someone that you can trust.
This will help you objectively look at your decision in different perspective and the same time they will put your best interest first. You need to keep in mind that some agents are still focus on earning their commission without actually telling you everything. You must consider that this someone can have enough time for your questions and queries; he or she must be someone whom you can call or message anytime in case an issue arises during your discussion with your agent. Ensure that they take all their cases or clients seriously without prioritizing a case or client that earns higher than yours. This is because it may pile up at their schedule and you end up not getting any help from them. It will definitely affect your timeline especial to your bank loans. Therefore, asking a close lawyer or property specialist will give you a good head start; they may even stop from buying an insanely expensive property or getting scammed.

Give yourself enough time to decide whether to pursue buying a property or not

Do not rush your decision to buy your dream house; give it a lot of time or even a vacation with your family may help you finalize your decisions. A lot of buyers are being pressured by deadlines or agents that end up not considering all the factors before buying. You must also consider your food options as well. For example if some family members prefers salad over meat. Also, some might even prefer certain meals due to them wanting to take care of their liver.

Some did not understand the additional charges, which caused them so much in the long run. Some do not consider the location that the reason they got the place at a lower price because it is far from any public transportation. Some did not research well about the laws or local regulations, which ended to paying penalty fees instead of saving this money for their monthly payment. All of these instances happened because of bad decision-making process and basically rushing their decision as if they have a deadline in buying a property. This is a huge leap in your life, therefore, if you need to a week, month, or even a quarter, then give yourself ample of time to think about it. Keep in mind that this decision can either break or make you.