5 Property Buying Essentials

Are you considering fulfilling that ever-exciting step in adulthood of buying a home? 

Buying a property for sale in Malaysia isn't a bread-and-butter process. It involves various steps and requires multiple considerations before submitting a purchase and finally receiving the keys.

If you're wondering where to start your property-buying journey, here are 5 essentials for buying a property in Malaysia.

 

1. Conduct Location Research

The more you know, the more you don't know. Now imagine it the other way around and complete this sentence: the more you don't know, the…

Whether it's buying or anything regarding property, any source would tell you the same thing — research is the most essential thing you need to do before jumping in — as it helps you understand what you're really getting into. 

When researching a potential new home, look at factors like safety, future developments, and the neighbourhood's history to help you make an informed decision that aligns with your aspirations.

 

An editorial writer from Tekkashop Furniture, Fatiha's, tip: 

Utilise a property website in Malaysia and discover amazing properties across Malaysia, such as the rising economic powerhouse in Kuala Lumpur – TRX Malaysia.

 

2. Have A Purchasing Budget

Budget and buying a property are like two peas in a pod. So, the general rule is that if you plan to get a loan, your monthly loan payments should be at most one-third of your income. 

For example, if you are a couple with a combined income of RM12,000, your monthly repayment should be about RM4,000. According to says.com, 1 in 3 Malaysians cannot buy a home and maintain their current lifestyle at the same time. Hence, the last thing you want to do is to break the bank each month just for a home.

As for down payments, you'll need to ensure you have the 10% upfront. Other additional costs, such as legal fees, the real estate agent's commission, and stamp duty, are also essential to consider.

 

3. Look At The Infrastructure

In "House prices and quality of life. An economic analysis", it's stated that a housing unit and its location influence virtually all aspects of a person's life quality.

Imagine if your new home doesn't have uninterrupted water supply and electricity, internet coverage, access to roadway or train networks, parks, schools and hospitals. In the long run, this definitely puts a dent not only in your lifestyle but also in the amount you have to fork out to supplement the shortcomings of this new property.

A good location can mean different things to different people, be sure to look for the amenities specifically suited to your needs and preferences.

 

4. Hire A 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 to help streamline every step of the way.

As someone knowledgeable in the field, they can help you look for the right property within your budget and also help negotiate deals, coordinate viewings, ensure communication and protect you from getting scammed.

Any property agent in Malaysia is also more than familiar with the 18-year property cycle (the idea that property prices will rise and fall over time in a relatively predictable pattern). This factor dictates whether property prices go up or down. 

 

5. Conduct A Property Inspection

A comprehensive property inspection is an important aspect of home buying, safeguarding against potential pitfalls and ensuring that you truly get your money’s worth.

During this phase, evaluate and identify any signs of wear and tear. This provides a clear understanding of the property's current condition and empowers you to make informed decisions about necessary negotiations.

This offers peace of mind from the foundation to the roof and ensures your new home is sound and secure.

 

Conclusion

Mastering these five property-buying essentials gives you the knowledge and confidence to navigate the real estate world successfully. 

Remember to conduct location research, plan a purchasing budget, check the home infrastructure, hire a property agent, and do a property inspection. These essentials will ensure you find the perfect property that aligns with your goals.

Happy property-hunting!