If you are planning to settle in Malaysia, the first thing you must have in mind is to find a property where you and your family can live. You can either rent or buy this property, depending on your means. If you plan to buy this, you have to consider the fact that the processes involved might not be the same from the place you came from, thus it is best to familiarize first some of the things you need to know before going through any deal so that you can be successful in get a property in Malaysia. Edgeprop.my is a well-known property agent in Malaysia.
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There are good reasons why more and more foreigners are enticed to invest in Malaysia than to its neighboring countries. One of the biggest reasons is the fact that properties in Malaysia are still the best prices as in Singapore or Hongkong, the prices are almost impossible. And to think that in Malaysia, the rental situation is still quite stable. So, why go the hard way when in this country, there are a lot of perks in which proof of that is their increasing tourists. Not only that, you have better chances of getting employed here. A few of the good properties you can check out is Sri Jati, Desa Pinang, Villa Wangsamas and Park Avenue.
But before that, here are some of the things you need to know before buying a property:
1. You must not let your emotions cloud your judgment when it comes to buying a property. Even if this is going to be just your home and not for business, you must adopt the mindset of a businessman here. While you should consider the quality of the property, you must know how to strike a deal as the lower the price you will end up with, the better returns you will in the future.
2. Do your proper research. Note that location is a very important aspect when it comes to properties and in fact, this can also affect the price. However, you have to consider this more than the price actually as in the long run, living in a place that is far from your workplace and other amenities you can’t live without will entail you to live expensively. Yes, note that you will be living here for a long time, like maybe for the rest of your life. That means you have to deal with the commuting expenses every day as well as the other members of your family.
3. If you have a small family, consider as well the fact that it might grow like maybe after a year or two, you will have a new baby. So, you might want to include this consideration when looking for a property in Malaysia to buy. Well, if you don’t have plans of having another baby, that is another story.
4. Be ready with your down payment. Most of the time, a property owner will require a 20% down payment and aside from that, there are also other costs. You can ask about this from your agent.
5. One thing though, you must calculate everything beforehand. This way, you really know what you’re getting into. Yes, you might sound like you are paranoid, but who cares! You are just making sure that you can really keep up with future payments. After all, this will take you a lot of years to pay and if you default the payments for a month or more, you can be assured that everything you have paid will be forfeited by the bank. Thus, it is better to be safe than sorry.
6. If this is the first time you are buying a property, it is best to choose a low-cost one. Yes, but then again, if you can afford a grand one, then why not! Especially if you want it to become your home and not for business, you should go for what you can afford comfortably. Just make sure that you won’t have a struggling time keeping up with the future monthly dues or you might end up losing the property as well as your investments.
7. If you have no plans of buying the property in cold cash, or if that option is quite impossible in your situation, then you have to be a good creditor. That is right as if you have a bad record, you will really have a hard time getting approval from banks, even with the help of your agent. And Without their approval, you can hardly go on with the transaction. So, right now, you should start cleaning your debts if you are really intent in buying a property.
8. Choose the bank properly. The thing is, different banks offer different interest rates. This is why, you have to really check first your options so that you will end up with a bank with the most favorable terms. It is quite important as you will have to deal with the same bank for a number of years like maybe 15 to 30 years.
Buying a property in Malaysia is not as simple as it is, especially if you are an expat. There are different rules to follow compared to their locals. At the same time, you cannot also buy all types of properties. This is why before you start anything, you must first get familiar with their rules. The properties available to take a look at is the Platinum Victory Lake City PV 13, Taman Sri Sentosa, Kuchai Entrepreneurs Park Shop Apartment and Amadesa.
After checking with their rules, that should be the time you start with the steps.
Owning a property in Malaysia is quite beneficial. Yes, there are times when renting is better, but most of the time, owning your home is more advantageous. However, there are some who have no way to own one, that is why, they settle to renting first. But don’t think for a second that they won’t buy their own home if they can. This is why, if you have the means, you should not hesitate getting your own property. It is not just for you, but for your kids as well and even for your future for that matter.
Owning your own home is really not a problem even if you will be assigned to another place far away from your home. You can always have your place rented and use the money to rent a place near your workplace. The bottom line is, you still have your property and you can go back on it anytime.
And when the time comes when you need to settle in another place for good because of your job or other important matters, you can always sell your property and buy another near your new place. You will even be surprised with the profits you get from selling the property after many years that you bought it. Just imagine that you have not only lived in your property for a long time, once you need to dispose it, you even earn money.
Indeed, investing in a property is without a doubt rewarding. This is the reason why the real estate industry is always booming, and this is also the reason why, a lot of entities are trying to protect this and will be willing to assist those who want to be their customer. So, if you are planning to buy a property in Malaysia right now, you should know that you have a lot of advocate.