Hi, I’m Max, currently 25 yo with RM3k monthly salary. I have recently came across a decent unit nearby to my working area where it was next to LRT station and a mall. It is a 600 sq ft unit with RM230k asking price. I have checked nearby rental and it ranged between RM1k- RM1.3k. May i know what are the estimated total costs that I need to bare initially including those miscellaneous costs (valuation fee, legal fee and etc.)
And also, as a first home buyer, may I know how does it work for zero down payment which can significantly lower down my initial outlay costs in buying a property?
For the cost of buying a property, here is a guide that you can go through and estimate:
Five Financial Must-Haves for First Time Home Buyer (in Malaysia)
For zero-down payment to work, the trick is to have a higher price in the agreement. And when you get financing from bank say 90%, the loan value is the same or higher than the ACTUAL price you pay.
Usually to do this, you need an informed lawyer to facilitate, or work with developers who offer this kind of deal.