Malaysia is a lovely place to live in – it’s one of the most developed and modern countries in South East Asia, but it still offers you a serenity like no other place. Known for its pristine beaches and stunning coasts, Malaysia has maintained its popularity as one of the best places to retire in. So, in case you are looking for a house for rent, or you wish to buy an apartment in Malaysia, then this can be the best decision of your life. And, we are here to enlighten you on the top 10 things you should know before buying an apartment in Malaysia.
- Firstly, you should make yourself aware of the Country’s real estate market. The property market in Malaysia has seen several ups and downs in the past few years, but you can still get great deals in real-estate at present, whether you are a local or a foreigner. The goal is to get a mudah house for rent or to buy an apartment that is affordable and conveniently located. And the time is now if you are looking to make a move.
- Secondly, you should be aware of the loan options available to you, especially if you are not looking for getting an apartment by entirely paying the amount from your pocket. This is because some people face difficulty in getting the loan due to poor credit scores, and then again, some people find it difficult to get affordable loan interest rates. These are the things you should remain wary of.
- Another most important thing is to take the time to do a good bit of research before getting an apartment. This is more important if you are buying your first home in Malaysia. The sheer number of options available is going to leave you awestruck, so the best way to make a reasoned decision is a thorough property search on the parameters like the location, amenities, apartment size, connectivity, etc.
- The next big concern is analyzing your budget properly. There is no absolute necessity to get an apartment that you find difficult to afford. The real estate market in Malaysia is showing a positive outlook presently, and there are huge options available. Selecting the right budget would help you in several ways.
- The location of the apartment is extremely important. You should decide well in advance where you want your apartment, as this not only determines the ease of access, connectivity, and convenience but also is important from an investment perspective. Buying apartments located centrally, or at least not far out of the cities, sounds more practical.
- Understanding the type of property to be purchased is also essential. You should make up your mind whether you want a new apartment, or an old one; a pent-house or a studio; the size of the apartment, and so on.
- Knowing the upfront costs is very important. You should choose the option that lets you pay 10% of the total cost of the apartment as down payment, and you should go for a 90% loan. Most banks and financial institutions will agree to offer a maximum of 90% in the loan, and you need to do a bit of searching for that.
- Ancillary costs that come with buying an apartment may run your pocket empty, so you need to remain careful about that. These are the hidden costs that are charged from you over and above the down payment and the loan amount. If you are a first time home buyer, it may come to you as a surprise, but in fact, you cannot avoid them entirely. Such ancillary costs include stamp duty, sale and purchase agreement legal fees, loan agreement legal fees, and a number of other legal fees, government taxes, etcetera.
- You should also get yourself acquainted with the required approvals and licenses that you require for getting a house for rent in Malaysia. Especially if you are a foreigner, these are the things you must know. The government approvals can take months, so one should prepare well in advance. You should also verify the seller’s right and title over the apartment, and make sure the property is free from any dispute.
- Finally, it’s always beneficial to get a good and experienced property agent. An experienced agent will help you in a number of ways to get the apartment of your dreams. However, it’s equally important to stay clear of any fake agents and fraudsters.
These are 10 things you should know before buying an apartment, and hopefully, they will guide you to an easy home-hunting.
Apart from being a great place for tourism, Malaysia is also referred to as one of the most favorite countries to live in as well. A country boasting of it’s, multicultural modernism coupled with simplicity and accepting nature of its natives, is surely an attractive place to get settled in.