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Purposes
Of Buying A House:
1) For own usage: Having an own home is a dream
for everybody. It is a place where you rejuvenate yourself
after a hard day’s work.
2) For investment purposes: The purchase of
a property may be for investment purposes where you get returns
from rental or a higher price from resale. It also serves
as a way to maintain the value of your money during high inflation
periods.
Types
Of Houses:
1) Landed house: This kind of property is suited
for bigger families as it provides more room. A landed house
also has open spaces for those who enjoy gardening or pets,
and also allows room for renovations and extensions.
2) Condominium: Condominiums are becoming more
popular in big cities like Kuala Lumpur, Penang and Johor
Bahru. Normally they are built near city centers and attract
younger Malaysians with smaller families. Condominiums normally
provide 24-hours security, sports facilities, laundry services,
grocery stores and food courts. A certain amount of maintenance
fee will be charged for these facilities.
Buying A House
1) Buy a piece of land: A piece of land can
be purchased to build a house according to unique preferences.
2) Buy a new house from a developer: This is
an easier buy as there is no need for renovations and touch-up
costs.
3) Buy a completed house: You can choose a house
to match your personal needs and the existing neighborhood
can be identified. You also don’t have to worry about the
risk of project abandonment.
Shopping For A House
1) Location: This is the most important aspect
when you shop for a house. A shorter distance from home to
your office will save you valuable time. Living away from
the city is a good idea if one prefers a peaceful and serene
surrounding and basically it will cost you less.
2) Price: Before buying a house, you should
plan out and assess your budget and financial capability to
avoid failure in making the mortgage payments. The following
are the most important things to look out for:
- Downpayment:
10 to 20 percent of the house
- Monthly
repayment: 33 percent of your monthly income.
- Other
costs: Lawyer fees, government duties, transfer of ownership,
renovation/repairs, maintenance fees for condo living, etc.
3) Neighbourhood: Always look for a surrounding
that you feel most comfortable and convenient to live in.
Find out about the available shopping places, schools, clinics,
cafeterias and others. However, illegal activities such as
rubbish dumping, illegal workshops and squatters may somehow
devalue your property.
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Do not rush into making a decision. Buying a house is not
like buying groceries. Think carefully whether it is the one
you are looking for. A cheaper house does not mean it's a
better deal. Check the condition of the house and if possible
talk to your potential neighbours to gather more information
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