Tips and guidelines for first time property buyer in Malaysia.

First time buying house? 

Fret not, here are some tips and guidelines to help you navigate property market and make the best decision for your future.

1. Know your budget and needs.

Before you start browsing for properties, you need to have a clear idea of how much you can afford and what kind of property you are looking for. Do you want a landed house or a high-rise apartment? How many bedrooms and bathrooms do you need? What are the amenities and facilities that are important to you? These factors will help you narrow down your choices and save time.

2. Do your research

Once you have a shortlist of properties that match your criteria, you need to do some homework on the location, developer, and market value of the properties. You can use online tools such as PropertyGuru, iProperty, or Brickz to compare prices, view photos, and read reviews of different properties. You can also visit the properties in person to get a feel of the neighborhood, the condition of the property, and the surrounding facilities.

3. Get pre-approved for a loan.

Unless you are paying cash, you will need to get a loan from a bank or a financial institution to finance your property purchase. To avoid disappointment, you should get pre-approved for a loan before you make an offer on a property. This will show the seller that you are serious and ready to buy, and also give you an edge over other buyers who may not have secured their financing yet.

4. Get a reliable lawyer and property agent

Hire a reliable lawyer and a property agent. Buying property in Malaysia involves a lot of paperwork and legal procedures. You don't want to mess up anything or get scammed by unscrupulous sellers or intermediaries. That's why it's important to hire a reliable lawyer and property agent who can guide you through the process and protect your interests. They can help you with things like checking the title deed, drafting the sale and purchase agreement, applying for state consent, paying the stamp duty and taxes, etc.

5. Negotiate and seal the deal.

Once you have found your ideal property, it's time to make an offer and negotiate with the seller. You can use your pre-approved loan and your research as leverage to get the best price possible. Don't be afraid to haggle, but also be realistic and respectful. Once you have agreed on a price, you can sign the sales and purchase agreement and pay the deposit. 

Congratulations, you are now one step closer to owning your first property in Malaysia!

Signing off for now, take care!

Ashlin REN01427