Guidelines: How to Buy Property in Malaysia 2021
Getting married and having kids are examples of what it’s like moving forward into the realm of adulthood. But that’s not all. At some point in their lives, every Malaysian ponders the question, “When can I buy property?” once they’ve hit that critical junction, living off the threshold of adulthood and wanting to proceed to buy property in Malaysia.
After all, it’s only natural to want to own a property when you’re planning to start a family. Even if you’re not, buying a property in Malaysia has its benefits as well. Even amid the intensity of the current Covid-19 pandemic.
That being said, we understand that the start-to-end process of purchasing a house can be incredibly vexing, especially if you haven’t done it before, so we’re here to make things a little less complicated for you. Here are five easy steps to becoming a property owner in Malaysia.
1. Reaffirm Your Property Investment and Purchase Convictions
Essentially, we strongly recommend that you strengthen your conviction before purchasing a house. ‘Why do I want to buy a property?’ is a question you have to continually ask yourself until you can find a strong enough answer. Get to know the ‘why’ before figuring out the ‘how’.
The reason we suggest this is to avoid you being regretful of your decision. When you have conviction, you have the fuel to keep the fires of motivation burning inside you, making it an important part of your home purchasing decision.
Once you’ve confirmed that your desire to own a home is solid and ever-present, you can proceed to the next step of your journey to being a property owner.
2. Research and Gather Insights on Malaysia’s Property Market
Before you buy a property in Malaysia, like with any other product or service, a thorough research is urged before proceeding with the purchase. Some key topics to note before buying a house include;
- Type of Property; Commercial, Land or Residential?
- Your Budget
- Location
- Incurring costs
Familiarising yourself with the current goings and jargon of the real estate industry will help you make an informed decision about buying a new house. Ideally, you should start with the basics and work your way up to more complex terms. The most important aspect is that you know what you’re looking for in a place to call home.
3. Keep a Close Eye on Your Financials
Consider your budget with utmost scrutiny. As an adult, it comes with no surprise that you have other financial obligations aside from purchasing a house. Things like monthly subscriptions, bills, car loans, and allowances for meals are various aspects to look out for.
Aside from current financial obligations, evaluation of recurring costs after a home purchase should also be considered, such as monthly repayments that could potentially go on for years and stamp duty taxes placed on your property investment. As frightening as it is to take note of these costs, it is necessary.
However, suppose you’ve reached this step. In that case, we can only assume that you’ve passed the initial stages of research and insight on Malaysia’s property market, which goes to show that you already have a good understanding of your financial management.
4. Hire a Real Estate Negotiator
“Like other industries, real estate has many different professionals who specialise in different aspects of the industry.” Under the supervision of a registered real estate agent, a real estate negotiator will assist you while you traverse the property market.
Hiring a real estate negotiator is optional. But keep in mind that they can help save you loads of time when purchasing your new home. As industry experts, their knowledge encompasses various aspects of the property world, such as type of home, unit size, land tenure, and can help you decide which new house to buy or which property investment to make; according to your budget.
Nevertheless, potential homeowners should not put off their research regarding purchasing a new property should they hire a real estate negotiator. Adequate research is vital in keeping yourself aware of the property market, which helps you to make an informed decision and a smart consumer.
5. Shake Hands and Close the Deal
Once the dust has settled and all the previous steps have been met, you are ready to buy property in Malaysia! Be sure to have a lawyer look up all the fine prints of the contract once you have an agreement set with your seller to finalise the deal.
Be sure to take your time when deciding to finalise your property purchase. Deciding on a new house that suits your best interest is a long and sometimes tedious process, but when done right—will impact your life in a positive way.
Lastly, here’s how you purchase and invest in properties in Malaysia as a foreigner.
Article by: IQI Global
