Tips for Buying Your First New House in Malaysia

Posted by on Oct 3, 2014 in First-Time Home Buyers

You are at an exciting time in your life right now with buying your first new house. There are many things that might feel overwhelming to a new home buyer; things like property taxes and homeowners insurance seem foreign to an apartment or condo renter. But there are plenty of Malaysian property resources and tools for to help you keep your sanity.

First, check out house real estate prices in your local area to get a feel for the general selling prices for both new and existing prices. Use sites such as StarProperty Malaysia Real Estate Listing to get the overall trend in your area of interest. It is also a great idea to visit your area’s property appraisal website to get a rough estimation of the taxes there as well.

Secondly, you want to tally up your assets and debts on the financial side to see what you can realistically afford to buy. You don’t want to be kicked out of your house before you got to hang those drapes up on the walls! Spend some time paying down any outstanding credit and remember to factor in any emergency items that may come up as well in your life. Use this online home loan calculator to help you tally your budget.

Next, you want to visit new communities in your area and check the schools and general retail environment there. If the schools are top rated; then it can help with the resale value of the home. You want to be in an area that is growing with young professionals and young kids because house prices will tend to rise and stabilize there as opposed to a deflated area of town with not much new house selection at all.

Furthermore, when you find the house that you like make sure to work with a local broker agent to get the best deal on things like closing costs and additional incentives from the builders.

Finally, after closing on your new house make sure to plan for installing a top grade alarm system. Also make plans for new furniture and house upgrade projects you would like to do with a home improvement loam before those hefty mortgage payments kick in.