Buying A House/Property 101 in Malaysia

What you need to have in order to purchase a house/property.


Whether you look for property online or through an estate agent, having a precise idea of your requirements will greatly assist in finding your dream home. The main criteria are:

1. The BUDGET factor
2. LOCATION of the house/property
3. TYPE of the house/property
4. The SIZE of the house/property

The BUDGET factor


Your initial budget is the amount of money you are prepared to spend to acquire your property.
Your budget should include:

- Down payment: the proportion of the purchase price not covered by financing (banks will typically lend 80-90% of the purchase price). So, you will need to prepare around 10 - 20% of the balance that is not covered by the loan.

- Legal fees: 1% for the first RM100,000, 0.5% for the next RM4,900,000

- Property stamp duty: 1% for the first RM100,000, 2% for the next RM400,000

- Loan agreement stamp duty: 0.5% of loan amount transfer

- Disbursement fees include fees for registration of charge, land search and bankruptcy search (RM300–700 in Wilayah Persekutuan and Selangor)

- Processing fee: one-time fee charged by the financial institution for loan processing (RM50-1,000)

You will also need to think about ongoing costs following acquisition of the property, such as financing costs. As a guide your monthly commitments on paying instalments for your house, car and other payments should not exceed 1/3 of your gross monthly household income. The Base Lending Rate (BLR) is currently 5.55% (most banks offer a small discount to BLR). The length of a loan can range anytime up to 45 years.

For information on mortgages, see http://www.bankinginfo.com.my/

Location of the house/property


Location is critical to your decision so get to know the area properly before buying. You may consider renting for a few months before buying in a new area. The following considerations will affect your choice of location:

- safety
- proximity and access to work
- proximity and access to schools
- amenities including shopping, leisure, religious facilities, parks
- prestige

TYPE of house/property


The main distinction is between landed and non-landed property. Landed properties include detached, semi-detached, and link houses. Non-landed include condominium units and flats. Apart from your personal preference it is worth bearing in mind that landed properties tend to appreciate more than non-landed properties while non-landed properties tend to give higher rental returns. You should also consider whether you want a basic home which you may want to renovate yourself, an already-renovated home or a new home. You will also need to consider whether you want a freehold or leasehold property. Freehold properties tend to appreciate more and are easier to sell, but if you wish to stay in your property for many years you may prefer a leasehold property as you will be getting a better house for the same money.

The Size of the house/property

Make a checklist of your requirements:

- land area
- built up area
- number of bedrooms (do you require a bedroom on the ground floor?)
- number of bathrooms
- reception rooms
- size of kitchen

About Us

HH Consulting is a dedicated team of Real Estate Negotiators that helps you purchase, sell, look for rented properties be it newly developed and even auctioned properties. You can find the best properties listings here! We provide consultation and services to you. You wont need to worry because once you have contacted us. We will come to you and explain all of the technical stuff so you don't need to be worry about all the jargons . Our services will cover the whole process including legal and finnacial. Your propertiy investment made easier. Just sit back and let us do the work. If you are looking for the right property or looking to sell or rent out your property, look no further. We have ready buyers for you extracted from our large database. Please call 012 6810653 for enquiries and arrangements. If you need to Sell your property or you are looking to Purchase one, don't hesitate to call us. For investors that is seeking seeking a property for their investment, call us for consultation.


We also provide high-end Interior Design Services for home and businesses at very affordable price. Our portfolio in Interior Design is second to none with experience in handling high-profile clients. Call US to make your appointments today. Check out our design in our Interior Design Album.


Contacs US thru:


Email : HHconsulting99@gmail.com
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Tips On Getting A Good Property (Condominium)

Tips On Buying A Good Condo


It will be very difficult for you to find a condo to say the least if you have many requirements that needs to be fullfilled. Though, this is not a unit that you are buying but you still need to do some research before moving into a condo for rent.


Top floors


The highest floor may give you the best view, but renting it can cost you an arm and a leg as well as additional problems with the roof. Also consider the burden of having to bring any furniture or heavy items to the top floor. Find one with a good elevator service maintenance.

Parking Space


This is one of my most important aspect when buying/renting a condo unit.Though it may be a rented unit, you will still need to take care of your security and you have the rights to ensure that you have a place to park your car. If the condo for rent does not offer a parking space, it can bring you a lot of problems such as car theft and robberies. be extra careful if you are buying in the "hot area".


Density


The higher the density, the larger the community will be. When the community is large, the noise level will increase as well. You have to be prepared to accept the noise if you really want the unit. Otherwise, if peace and quiet is important for you, then it is better to choose somewhere else.


Amenities


Amenities around are important to make it convenient for you to live there. For example, you are less likely to buy a washing machine and therefore will be more likely to use facilities such as the laundrette, restaurants and many more. You might also want your unit to be easily accesible to playground, swimming pool or even school if you have children. Look for a unit that is near the LRT or Commuter Station so that you will have alternative in the event of traffic jams.

Traffic


Not only is this important when buying a unit, it is also important for rented units. Nobody wants to come face to face with traffic jams at their door steps in the morning. It makes it inconvenient for you to travel anywhere. Apart from that, heavy traffic can cause more pollution to that area where you are living. If you are particular about the pollution level, this can be a problem for you. Most condominium nowadays is located in the heart of the city. Choose one that is within walking distance of any public transport amenities.


Vulnerable Areas


Vulnerable area refers to area of high risk. The usual risk related to a condo unit is the vulnerability to landslide. Landslide prone areas are dangerous to live in. While you are only renting and is less likely to bear the cost of possible damage, it is not reason enough to put yourself in such a risky condition. Even though it might have the best view in town, please consider the safety of you and your family before buying/renting a condo unit.

Choosing a condo for rent is almost like choosing a condo unit for purchase. It comes with less burden but these are some of the things that you may want to check on to ensure that you will not come face to face with the consequences of a bad rental experience.