Buying a dream home for the first time can be an intimidating experience. Buying a home is a commitment, which means it’s important to consider all factors before jumping into something life-changing. Here is a beginner’s guide to help you start the process and some factors to consider when buying your first dream home. With this beginner’s guide, buying your dream home can become much more secure so keep reading to know how to buy your first home in Malaysia!
Do Plenty of Property Research
Property hunting can be time consuming and exhausting if you’re not certain of what you want in your dream home thus why it’s important to do your homework. Listing down priorities and what you want in a home can help you narrow down which property would suit you best. Ask yourself questions such as:
a. How large is the property?
b. Does it have enough bedrooms, bathrooms, and features that meet my needs?
c. What type of neighborhood is it located in?
d. Does the area offer good schools, public transportation, or other amenities I may be interested in?
Additionally, consider factors like security and proximity to places you frequent. Doing your research ahead of time can help ensure that you make an informed decision when selecting your ideal property.
Understand The Different Types of Property
There’s no one-size-fits-all when it comes to property. With so many kinds of properties available, from landed houses to serviced apartments and condominiums, it can be difficult to choose which house suits you best. Get to know the difference between landed vs non-landed properties in Malaysia and even freehold vs leasehold properties to ensure that you settle in the perfect property that suits your needs.
The good news is that researching the different types of properties doesn’t have to be a daunting task. Start by looking into your lifestyle, budget, and desired location to narrow down your choices. Have an open mind and consider all the different types of properties available — it just might be the key to finding your dream home.
For example, do you prefer a single-family home with lots of privacy? Or would a serviced apartment more effectively meet your budget and space needs? Therefore, by researching the different types of properties available, you would know best which house suits your lifestyle.
Calculate your Budget
Calculating your budget is a crucial step before you start property hunting. When you set your budgeting, you would have to consider a few factors such as upfront payments like deposits and legal fees, any loans or housing schemes you might be eligible for, and miscellaneous payments like utilities or maintenance that may come up. Once you have set aside your budget, you would be able to narrow down further your choice of property. Calculating your budget thoroughly can help ensure that you find the perfect property while also avoiding any unpleasant financial surprises along the way. With careful calculations and some planning, it’s possible to create a budget that fits all your needs.
Keep Track of Your Documents
Once you have found the property that you would love to call home, there will be multiple documents that you would have to keep track of. It’s best to be sure you are aware of the necessary documents beforehand so you wouldn’t miss out on any important documents. Therefore, what kind of documents do you need?
Below are some of the documents you may need to keep track of:
1. Letter of Offer (LOA)
2. Sales and Purchase Agreement (SPA)
3. Memorandum of Transfer (MOT)
4. Bank’s Letter of Offer (LO)
5. Facilities Agreement (FA)
6. Deed of Assignment (DOA)
7. Power of Attorney (PA)
8. Memorandum of Charge (MOC)
9. Statutory Declarations
10. Stamp Duty
Don’t be scared to ask your property lawyer any questions you may have, as they are obligated by law to clarify the contract’s terms and conditions for you.
Acquire An Expert
Acquiring an expert to help you purchase your first home can be a life-changing experience. An honest real estate professional will have in-depth knowledge of the house-buying process and help leverage your choices so that you make the right decisions. As there are various requirements to buy a house in Malaysia, it is always best to acquire an expert who knows the ins and outs of the real estate industry. It’s not always easy, but with their advice, you can find peace of mind as they walk you through it all step by step.
At iMazing Realty, we have experienced and honest agents across all areas who can help you navigate through the entire process of purchasing a home. Whether you’re looking to buy a starter apartment or a luxurious estate, our experts can guide you on what to look out for and how best to leverage your options. Take advantage of our expertise and start planning for your future today. Contact iMazing real estate negotiators now for assistance in finding your dream home.
Click here to browse through the projects we have and get in touch with iMazing’s very own professional negotiators to find your dream property!
- https://www.iproperty.com.my/guides/documents-and-paperwork-buying-a-house-in-malaysia-71908
- https://www.propertyguru.com.my/property-guides/things-every-first-time-homebuyer-in-malaysia-needs-to-know-62530
