5 Tactics to Find Your Dream HomeWednesday, April 20, 2016
Finding your dream home may seem simple, but once you get into the nitty-gritty details of how to decide on the various properties available, it gets complicated. If you have a specific type of home in mind, this can work both for and against you. On the one hand, it means that amongst the thousands of property listings you’ll look at and consider, you’ve already narrowed down your search if you go in with an expectation. On the other hand, you could potentially miss out on a property that suits your needs if you’re too picky. It’s all a balancing act, but if you go in with a flexible, can-do attitude and some solid information, you’ll be sure to find your dream home in no time at all.
5 Tactics to Find Your Dream Home
1. Current State of the Property Market
The bottom line is that the real estate market in Malaysia had the bubble pop a few years ago, and it’s still in recovery. Additionally, according to Shankaran Nambiar at the Malaysian Institute of Economic Research, Prime Minister Najib Razak intended to reduce the national deficit by 3.2 percent of the GDP in 2015, and have it rise to 0.6 percent in five years. This is inextricably linked to how real estate investments perform and what types of market prices you can expect, but the fact is that currently, the real estate sector is stabilizing. Investors are behaving conservatively because no huge strides have been made, but the good sign is that the market has remained consistent.
2. Expat Versus Citizen
There are different properties available to different types of buyers. If you’re an expat and considering retiring in Malaysia, there are certain limits on a minimum of how much you must spend, though it depends on local laws. International Living suggests that the best way to find a potential location is to rent in the area first and establish the exact locale of where you wish to reside. This advice can be useful to both types of potential homeowners, but if you’re an expat, you have different needs. Mostly location revolves around going to work, but for some, it may have more to do with immediate surroundings. Everyone has a different reason for what they list out as their dream home, regardless of whether you’re an expat or Malay.
3. Decide On an Area
There are many different areas in Malaysia, with Johor, Kedah, Kelantan, Melaka, Negeri Sembilan, and Pahang being amongst the most popular. In fact, when you do a search on PropertyGuru Malaysia for property, it’s clear Malaysia boasts premier homes all over the country. How do you decide on the best one for you? This involves a number of factors, some of which may be obvious, and some of which might surprise you. For one, the obvious is where you work. You’ll want to be in close proximity to your job, but at the same time, you’ll also want to make sure that the place you settle is suitable for you and your family, if you have one. Townships and community matters a great deal, so that’s also something to keep in mind.
4. Make a List of Amenities
Certain townships offer amenities that others don’t, and it’s up to you to pinpoint what’s most important to you. For example, not every property in Malaysia necessarily boasts air conditioning. If that’s a priority for you, then put it at the top of your list and use it as a filter when you’re researching property online.
5. Write a Budget
Last, but not least, is writing a budget. The point of this document isn’t to just lay out the basics, but rather to include different types of fees such as brokers or any type of legal paperwork you may need to file before purchasing property. Being aware of exactly how much you’re going to spend in addition to your ideal purchase price is extremely important, as if making sure you take advantage of any deals happening at any given time. For example, some banks and developers offer excellent mortgage rates for first-time homeowners at different points in the year. This is always something to watch for.
Finding a dream home is all about balancing practicality with desire. You need a home that has enough space for you and anyone else with whom you reside, but you also may have a strong preference for a particular type of interior design or spatial layout. You need to decide what you’re willing to compromise on, and what you’re not. Everyone should have a bottom line, even if it’s simple and easygoing. At the end of the day, you’re going to be living in a new home, and if you’re purchasing then you need to be sure that it’s the right fit. In the current economy, it’s more difficult than ever to sell property and get the right price, so don’t sign on the dotted line until you’re completely sure that you’ve definitely found the home of your dreams at the end of your search.