Pro Tips to Get the Best Property for Your Money
Pro Tips to Get the Best Property for Your Money
Are you planning to buy your first own property in Malaysia? Or are you planning to be a property investor? Regardless of which answer you choose, you would definitely want your money to be put to good use and want to get the best property for your money. After all, it is a huge sum and a long term investment plan. Being a first timer in the property field would often cause confusions that leads to many mistakes and tedious procedures. Therefore you start reading many guides to buying property in Malaysia. Fret not, this article will guide you through the some useful tips in getting the best property for your money.
First of all, you have to be clear on the purpose of buying a property. Is it for investment purpose? Or is it for own stay? This is the very first question that you need to consider when you decide to get the best property. Property for investment purpose would normally be easier to decide, not saying that you should care less, but because property for investment purpose will bring less concerns to you in terms of size, amenities or facilities. This is because your main concern of property for investment purpose will be mainly about getting a number of tenants to bring you a handsome return of investment. Hence, all the factors such as size, facilities, amenities, accessibility will bother you lesser as compared to buying a property for own stay, especially if you are a parent yourself because you pay more attentions to details such as safety.
Next, ever wonder to yourself what a freehold title is? Or what a leasehold title is? After deciding the purpose of buying a property, it is time to decide the type of property title you are looking to purchase. A unit with freehold title allows the property buyer to purchase with no restrictions whereas a unit with a leasehold title requires renewal, which can be quite costly. In addition, banks typically comes with a restriction of number of years remaining on your property’s leasehold titles before deciding on whether the loan can be approved or not. Generally, most banks will consider properties with at least 50 to 60 years of remaining lease for owners to resale their properties.
Not to forget, non Bumiputera citizens should be cautious when looking for a pre-owned property. Double check if the property is a Bumiputera unit because it will be a hassle to go through the application for title change (Bumiputera title to non Bumiputera title). Hence, it is advisable to prevent buying a Bumiputera unit if you are a non Bumiputera because it might take years for the application to go through, with no guarantee that it will get approved.
Public transportations can be quite an important factor when it comes to buying your best property. Proximity to public transportation plays a very important role when it comes to deciding the location of the property. Most people are concerned with the availability of public transportation around their properties. With the massive jam that you get in big cities, easy accessibility to public transportation will be of a good help in helping owners to prevent being stuck in a jam, whether or not if you are an investor or a home owner. Staying near to public transportation, however, do have its cons as well, as the noise or the shakiness from the public transportations (MRT or KTM) will depreciate the value of the property. Therefore, properties that are within minutes proximity, say 10 minutes to public transportation would be an ideal choice.
Level of unit plays an important role too when it comes to buying a condominium unit. Higher floor or lower floor? Residents staying in a unit on higher floors will get to enjoy better views and privacy but will need to wait longer for elevators whereas residents staying in a unit on the lower floors will have easier accessibility to windows or doors in case of any emergencies such as fire. To make things easier, if you are buying for own stay, it is solely based on your personal preference whereas if you are buying for investment purpose, this should not be much of a big concern.
If you are a believer of Feng Shui, the direction of your house would be a big concern. Whether the house should face the north, south, east, or west plays a major role when it comes to deciding a property. If you are a believer of Feng Shui, you could always go with your beliefs an choose a unit that satisfy your Feng Shui placement to bring you more pleasant earnings.
Lastly, we Malaysians are superstitious. Different cultures and races have different superstitious beliefs. When it comes to choosing the right property, it is said that units that are facing T-junctions are considered bad, house number or unit floor with the number 4 or 13 will bring bad luck, units facing cemeteries, nearby cemeteries, places that are said to be haunted or scene of death or suicide are said to be bad, therefore, most people will avoid them as the resale value will be low. Well, it is always better to be safe than sorry but it is still up to you to believe or not.
The above are just some tips to help you decide on how to choose the best property for your money. Follow this guide in buying property in Malaysia. Take some time to weigh out the pros and cons when it comes to choosing the best property for your money. Do not rush into things as this will be a long term investment and it involves a huge sum. You certainly do not want to make the wrong choice only to regret later on.