The process of purchasing or obtaining a house or property is something you really need to sit down and really think about. It is a big decision both financially and emotionally, you don’t just say, “Hey, I’m gonna get a new place to live!” and just go for it, there are many factors you will need to consider as a homebuyer. The location, security, convenience, the agent, price and possible bank support are some of these important factors. If you want to know more about properties in Malaysia, check out EdgeProp!
So to assist you in making that big move, here is a list of things you as a homebuyer will need to consider and look at prior to purchasing a house or property in Malaysia.
Do Your Research
Like all big decisions, you do not just go into it immediately, if you want to make that decision worthwhile. You need to do your homework, your research to ensure that the decision you make will be the right one, this is, no doubt, the case when it comes to decisions you make when looking at properties. You have to make sure that the property or building allows pets if you are an animal lover yourself! Some of them strictly do not allow any pets.
What To Also Consider
The Banks: You will most likely or definitely need the assistance of your respective bank when you are buying property. Take a look at what your bank offers when it comes to the acquisition of property. But if you are still looking for a bank, consider reputable banks that are known to provide the best assistance in obtaining land and banks that are still strong economically.
The Law: Obviously, you will need to be well versed in your understanding of laws that revolve around obtaining property, along with complying with said laws.
The Right Agents: There are scammers out there that seek to take advantage of homebuyers. Ensure you head over to Government sites to see if your agent and their company are registered to assist you in buying a house.
You should also choose a property that suits your needs in terms of location. For example, you may want your home to be close to your workplace, or near to the public transport service. You might also want a pace that is close to essential and basic services such as hospitals, grocery stores, pharmacies, etc.
But do bear in mind, that location is a very significant factor when it comes to the pricing of a property. Homes near public transport hubs like LRT stations tend to be rather expensive, so look out for that as well.
You must also make sure that your financial health is still able to support, not only your home buying budget but your family and daily needs as well.
It is recommended that you buy homes early as well, as home loans can take around 10 -30 years of payment. So if you were to take out a loan at 20, you can have a fully paid-off home by the time you are 40 or 45 years of age.
In addition to paying off your dues, you need to get a running start and prepare your initial down payment. Normally, this is a large amount depending on the house you are getting, so you will need to prepare and allocate a budget while maintaining funds for other needs.
You can set about 10% of the payment, while the bank handles the rest. There are some cases where you will need to pay an additional 10% after a few months of starting the initial down payment, but this can differ between agents.
But it doesn’t stop there, there are also other fees and charges that you may come across. Fees that may be included are:
- Memorandum of transfer (MOT)
- Sales and purchase agreements (SPA)
- Legal fees.
- Valuation fees
- Bank processing fees
- Transfer of Ownership fees
- Stamping fees for SPA
- SPA legal disbursement fee
- Loan agreement legal fees
- Stamp duty for loan agreement
- Loan facility agreement
- Legal disbursement
- Government tax and other fees for various agreements.
There maybe more charges involved depending on the situation. So ensure that you go through all these changes with your agent. If you are a foreigner, there are extra steps for you to obtain a property in Malaysia.
Get A Lawyer and Property Specialist
Even if you have done all your research you may still find yourself having an uneasy feeling deep down, a feeling that you might have missed something. You know like when you travel and you always feel like you forgot something important at home.
To help ease this in the context of getting a house, you can look into hiring a lawyer or a property specialist. These are people who are well versed in understanding the laws and outlooks for the property.
If you have a friend or family member who are in these practices, even better! You can have them as your source of help and all the better because it is someone you trust.
When getting a specialist or lawyer, you need to do your homework, you need to check their reputations and ratings so that you can get someone you can depend on. You need someone who promises you as a client and will help you along every step of the way, guiding you to ensure you don’t make wrong decisions. But remember, then need to be paid their commission too.
Give Yourself Time
Rushing things is never good, it only leaves room to make mistakes when you go into something too quickly, this is the same case when buying property. It is a big decision, after all, many homebuyers are pressured by deadlines, and stressed because of all these factors mentioned above, they can have a detrimental effect on your mental health and wellbeing if you go about it the wrong way.
So not only is research important, but the time to think about it also is.
If you are planning to get a pet, you can watch this video to know which pet is best to put in an apartment, if you plan to live there;