There are many schemes available out there to help the nation to afford a house, such as PR1MA, RUMAWIP and so on. Buying your first own property to be called home is another milestone achieved in your life. Whether it is for investment purpose or own stay, most people are still confused with the steps of buying a new houseand which insurance to choose from: MRTA or MLTA. Therefore, this article aims to guide you through the procedures and steps in buying new house in Malaysia and save you from unnecessary troubles.
A. Planning ahead Try narrowing down your options and figure out your budget to see how much you can afford to pay before making such big decision. Also, you will need to decide on: (i) Location Location is an important factor as it makes a huge impact in your daily life. Firstly, you will need to decide if the property is for investment purpose of own stay. As for own stay, you may prefer to stay out of the jam and busy city and prefer a quieter place whereas if it is for investment purpose, you will need to know your target audience. (ii) Education institutions This is also one of the important criteria that you should take into consideration, whether or not the property is for investment or own stay. If the property is for own stay and you have children, this will save you from the daily road congestion. If it is for investment purpose, the more education institutions will then attract more potential renters (students). B. Do your preparation After planning, you need to start with your preparation. Break down the costs that you need to deal with if you were to buy a new house in Malaysia. These will include: (i) Type of Loan Decide which kind of loan that you would opt for as there are a different kinds of mortgage loans for you to choose from when you buy a house in Malaysia: Standard Home Loan, Flexi Home Loan or Islamic Home Loan. (ii) Downpayment After deciding on which house to buy in Malaysia, here comes the down payment. Usually, a property’s down payment will be fixed at 10%, depending on how much bank loan you have secured. In other words, if the bank is providing you with a 90% loan, you will then only need to pay a 10% downpayment. (iii) Stamp Duty on Memorandum of Transfer The Memorandum of Transfer (MOT) fees will be the final fees to be paid by home buyers upon the completion of development. These fees are for the ownership transfer of property to the home buyer, also known as the rightful owner, and will only start to be transferred around 6 months after the development’s completion. However, do note that there are other costs that need to be taken into consideration as well when you purchase a property, such as:
In conclusion, the procedures of buying a home on your own is not diffuclt as long as you plan ahead and stay within your budget. Remember to always be realistic as you do not want to get yourself into a financial burden after getting a home.
0 Comments
There are many schemes available out there to help the nation to afford a house, such as PR1MA, and so on. Most people are excited with renovation after they receive the keys to their house. With so many kitchen ideas on the websites, you can easily plan for your kitchen renovation journey. This article will guide you through some kitchen renovation tips and guide.
2. Setting budgets Prepare a tracksheet or a list of items that you need and their prices. This will prevent you from overspending and bursting your budget. You will also need to consider the hidden costs such as the cost of materials and labor. Shipping costs are included in the hidden costs as well. In addition, you will also need to prepare at least 10% of your budget for unplanned expenses that come unexpectedly. 3. Kitchen design & layout Kitchen is one of the places in the house that you spend most of your time at. Therefore, your kitchen needs to be functional and practical. Plan out your kitchen design and layout properly to prevent any unwanted problems. It is recommended to arrange your stove, sink and refrigerator in a triangular pattern for better workflow. 4. Choosing materials Remember, quality over quantity. As you will be spending majority of your time in the kitchen, make sure you choose the right materials for your kitchen. Opt for solid wood cabinet faces as they last longer. Good quality does not necessarily come with a hefty price tag. Visit a few appliance shops to compare the prices before you buy them as these appliances do not come cheap. 5. Optimizing storage The kitchen is often one of the most overstuffed places in a home. It is a place where you store your cooking equipment and food storage, hence the lack of storage. If you are going for a kitchen renovation, make sure you include various storage options that will be functional for you, and at the same time, stylish. 6. Hiring and managing pros Hiring a professional to help you to renovate your kitchen is a good idea as they are the professionals. They might also offer you some great ideas for your kitchen. Before you sign the contract with the contractor, make sure you have already compared prices among the contractor. In conclusion, make sure you do your research beforehand to prevent any unnecessary troubles. Take some time to list down the items that you need and visit some physical stores or websites to get inspiration or ideas for your kitchen. |
|