Buying a house in Malaysia is a worthy investment that everybody should consider. Not only it secures your future but also guarantees your comfort and overall wellbeing.
In the past few years, the Malaysian property market has been rather uncertain. However, right now, the climate is favourable for aspiring homeowners and investors who wish to buy a new property in Malaysia.
Malaysia is such a beautiful place to live in. It has a variety of affordable houses to suit your taste and lifestyle. If you are planning to buy a new property in Malaysia, there are several factors to consider to ensure that you are on the right track.
Below are 5 essential factors to consider when buying a property in Malaysia.
1. Know your budget
Money is crucial in any buying process. Knowing your budget will help you determine what type of house you can afford.
You don’t want to fulfil unrealistic dreams just because Malaysia’s real estate market is presently favourable for potential homeowners and investors. At present, there are banks that offer 100% financing, low-interest rates, stamp duty exemption and more.
Just remember the general rule for loan payments which is that you shouldn’t pay more than 1/3 of your income. For example, if you earn a monthly income of RM15,000, your monthly home repayment should not exceed RM5,000. The remaining 2/3 will cater for food, car maintenance, utility bills, security, savings, etc.
2. Decide on a location
Where do you want to buy a house? This is another important question to ask yourself. When you start your research, you will find a plethora of new housing projects in Melaka and other states in Malaysia.
Typically, prices of the new properties are higher in urban cities due to good road networks, continuous electricity, industrial development and exposure. Ask yourself if you fancy a city life before making the decision.
For those who prefer to live a more serene life, new properties in smaller cities such as Melaka can be a better choice.
While the location is worth considering, inspecting the neighbourhood at different times (day and night) is recommended.
You don’t want to live in an insecure location or be surrounded with people that will influence your kids negatively. For example, many homeowners in Melaka enjoy a peaceful living environment and excellent security.
When buying a property, make sure to check for the availability of basic infrastructure in the area.
For example, uninterrupted water supply and electricity, internet coverage, access to roadway or train networks, recreational parks, schools, hospitals, stadiums, exhibition centres, etc.
Certainly, the infrastructure available around your property will have a significant impact on your quality of life.
5. Hire an experienced real estate agent
Looking for a new property can be overwhelming for first-time homebuyers. However, the process can be simplified when you hire an experienced real estate agent.
He or she will be knowledgeable in the field and can help you look for the right property within your budget. The hired specialist will also help negotiate deals, coordinate viewings, ensure communication and protect you from getting scammed.
They are also more familiar with Malaysia’s typical property cycle – a factor that dictates whether property prices go up or down.
The bottom line
Research, knowing your budget, hiring an experienced real estate agent are the basic things to do when buying a property.
In the meantime, Malaysia’s real estate market is undergoing an uncertainty. As such, there are plenty of properties for sale which remain unsold for a period of time.
The abundance of residential properties that are available for sale has resulted in a drastic reduction in prices. If there’s a good time to buy a property in Malaysia, it is now!
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