You’re finally ready to own your own home. But Malaysian Insider says that the country’s average house prices are about four times higher than the median income of the population. That makes the homes unaffordable to the majority of the country’s residents. As a point of reference, the maximum median range for home prices, when viewed alongside the median income, shouldn’t exceed three times the amount of the median income.
Buying a Home
Here are some tips to help you know what to look for in choosing a Malaysian property for you and your family:
1. Landscape. Are the grounds well-kept? Most home buyers make the mistake of skipping the garden or outdoor area of the property. While looking over the house, from top to bottom is important, checking the condition of the outdoor area is equally crucial.
If you don’t, you might miss out on some plumbing issues or underground termite issues that could jack up your expenses considerably. Make sure you know what you’re getting into when you buy a home. And that includes checking every inch of that property—indoor and outdoor both.
2. Ask about vacant lands. What do the developers intend to do about the vacant lands? While some people might stay away, unsure of what effects future developments might have on the area, it does pay to keep an eye out for future trends. Consult experts as well as ask the developers about future construction plans. But never believe 100% of the developers’ promises, especially what is in their interest if for you to sign the Sales and Purchase Agreement.
3. Pick gated communities. The Malay Mail Online says that, these days, most home buyers go for gated communities and condos, making them a popular choice for investors or home buyers who want to a secure neighbourhood to stay in. So keep that in mind when you start shopping around for a home.
4. Use online tools. With property listing sites, finding homes are now easier than ever. You can look around for a property in Malaysia with Property Guru, a listing site that sellers and buyers both use, plus a dozen other listing sites. Look over the photos and generate a list of the prospective homes you want in the area you like.
Then go make the appointment to view as many as you can. This is the biggest item in your shopping list of your entire life. So you better seek high and low to get the best bargain.
5. Look for schools. It’s not uncommon for many home buyers, especially those with kids, to choose properties near well-established schools. No one wants to spend hours on the road just to get the kids to and from school. Imagine the sheer inconvenience of waking up your kids at 5.00 a.m. and getting them out of the house by 5:30 am just to beat the traffic and get them to school on time.
The closer the school is, the more convenience for you and your kids. And they get to sleep more in the mornings, which surely has a positive impact on their development and mood. Not enough sleep can lead to cranky kids early in the morning. That’s the kind of wake-up call that’s guaranteed to expose you and your kids to a ton of stress. Keep it from happening by picking a property that’s near to school.
6. Examine population growth. Is it going up or down? The more people in your community, the more chances of property prices rising, which is a boon for you, as a homeowner. If you ever want to sell your home, a property where population growth is robust and healthy will be an easier to find the next buyer.
7. Location. When you buy property, you aren’t just paying for the house, your fire insurance or even all the other bills that come into—quit rent and assessment, repairs, and more. You also need to factor in your commuting costs. How much will it take you to commute or drive to work to and from a certain location?
Make sure you ask yourself that question before you pick out a home. That’s how important it is to choose the right location. A property that’s centrally located is a great investment. By picking out a home that has easy access to just about anywhere you need to go, you can save so much time and effort from your daily commutes.
Overall, it’ll take a bit of research and preparation to choose your perfect home. But with some perseverance and the right mindset, you’re sure to find the right one.