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Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search.
The general rule of thumb is to calculate your affordability by checking if your total housing debt to income ratio does not exceed 33 %. Another simple, conservative yardstick is your mortgage debt alone should be less than 28% of your monthly income. It is important for first-time buyers to ascertain this first before going further in the process of buying a home. Always buy or rent according to what you can afford. In Malaysia, first time home buyers usually qualify for a 90% margin of finance mortgage loan, but you will still need at least 20% to 30% of the property price in cash for down payment (10%) and at least 10% for legal fees, stamp duty and other loan document charges.
If you want to diversify your holdings beyond stocks and bonds, buying a house and renovating it to rent may generate a steady monthly paycheck.
Locational characteristics: Survey the area around your potential home to ensure the location of your workplace and your spouse’s workplace, distance to a school (if you have children) and all your other needs.; or other negative factors, such as high-tension cables, oxidation pond, or prone to flood, etc. The physical condition of the house (e.g. building defects, illegal extensions/alterations) However, if your options are limited, consider buying a home with the convenience of public transport, such as near an LRT or KTM station to save on transport cost and travelling time.
A clear vision: They developing an area and a lifestyle rather than just a place to sleep. A clear time frame and plan: They will declare plans to the public, usually outlining the number of units sold, the amount of money they will be infusing into the area, and what can be expected at each phase of development. Success in similar projects: Checking independent sources: feedback from residents, newspaper and magazine articles, and overall public perception of those areas. Financial stability: The company’s financial health can usually be found in business reports, from stockbrokers or bankers. Another gauge of the “financial health” of a property is to ask how many units have already been sold, or the success of the first or second phase of the project.
Only seek advice from experts, such as reliable and reputable property agents and other buyers or sellers in the area of your interest. Avoid making your home-buying decisions based solely on market rumours and unproven trends without first doing your research, which is of the utmost importance when buying a property.
Compare. There is a good deal of variation in the mortgage market, not only from week to week, but from lender to lender. With interest rates speculated to increase in the coming years, it is always good to look for fixed interest rate loan to avoid any financial turmoil that may result in a spike in your monthly repayment. It is also important to use an independent mortgage advisor to compare all banking property loan products, to ensure you get the best housing loan offers available.
As the main breadwinner of a household, you must ensure that your loved ones are protected as well, in the event you are no longer able to pay the mortgage of your house. You can either get a Mortgage Reducing Term Assurance (MRTA) or a Mortgage Level Term Assurance (MLTA) to safeguard your home in the event of death or total permanent disability (TPD).
Your home is your asset as the value of the property will most like go up. You can get cash out of it when you are in need of it. Be it for your child’s college education or to purchase your second property, you can consider.
For sub-sale (a pre-owned home), you need to do a house valuation to determine the market value of the property. Former owners may set a price according to the market, but it is always good to have second, third or as many opinions as possible. Valuations are usually done by the banks to gauge the loan amount to offer but you can also do it on your own to determine if the selling price is according to the market value. However, only get the valuation done by an accredited agency or reliable resources for better accuracy.
Lawyers cannot represent both Vendor & Purchaser - if you are using the vendor's panel lawyer, often, when disputes happen, the lawyer is unlikely to represent you against their bigger client. Consult a lawyer right from the start and not after you have paid the deposits. A lawyer in general practice will be able to complete your purchase; however, lawyers with a focused real estate
Tebrau City Residence Apartment @ Taman Desa Tebrau Studio Unit FOR RENT
Taman Desa Tebrau
MYR 1,150 / month