Advice for Anyone New To Buying Property in Malaysia

Real estate in Malaysia has similarities and differences when compared to markets and procedures in other countries. The process of buying a home or investment property is largely straightforward although you still have to be a little careful. Several pieces of advice will help if you are thinking about getting into the Malaysian real estate market.

 

Do Your Research First

You need to do detailed research before deciding to buy a property. You need to explore current property values in an area and any trends in price that have occurred in recent years. You will want to understand if there are development plans or other issues that could change the area in the near future. This will give you a clear idea about what a property should cost in the area and what it might be worth in the future.

 

Know How Much You Can Afford

Owning property in Malaysia requires more than just securing financing to cover the purchase price. You are also responsible for maintenance, repairs and other fees. You need to calculate how much you can realistically afford. Just because a lender is willing to give you a certain loan amount does not mean you can live comfortably making those payments. You must create a realistic budget that includes estimated amounts for fees, savings and maintenance to know if you can afford a specific property.

 

Choose the Right Type of Property

You should take some time to choose the right type of property. This means knowing how you plan to use the property for the next few decades. You should choose larger and more developed buildings as rental investment properties. You might want to go with a smaller house if it is just for you and a spouse without children. It can help to go through a Malaysia properties specialist (ask Propwall) to see all of the available options. You should avoid choosing a property or house that is too large for your purposes.

 

Decide Between Leasehold or Freehold

You need to decide between leasehold and freehold before shopping for properties. Leaseholds are often less expensive to start although complications with title transfer approvals can make selling them in the future more complex. Leasehold properties might also include extra maintenance or repair fees dictated by the actual owner. Freehold properties allow you to fully own the land or house. They are not as easy to find in some areas although you will not have to deal with a primary property owner. Which option is best depends on your personal situation.

 

A Malaysian Guide To Home Buying


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