How to Buy a House in Malaysia?

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10 Simple Steps to Buy House

How much is the Cost to Buy a House in Malaysia?

Property prices in Malaysia vary greatly depending on the type of property and the location.

Median property prices range between RM300,000 and RM500,000. Terrace homes range between RM300,000 and RM800,000, while condominiums/apartments range between RM300,000 and RM600,000.

Of course, states like Selangor, Penang, and Johor lean greatly towards the pricier end of the spectrum. To view median property prices by state, check out our article here!

The upfront costs to buy a new house in Malaysia

When working out your budget, know that upfront costs don’t just mean the down payment alone. Below is a simple table of some of the expenditures which go into the upfront costs alone. 

4 must-do’s if you’re planning to buy a house

Block
Step 1
Check
Your
Eligibility
of
Loan
Step 2
Search
Your
Dream
Home
Step 3
Set a goal
of your
Upfront
Fund
Step 4
Set aside
Monthly
Saving to
achieve

Step 1 – Work Out Your Budget

There’s no point in diving into a home search without first knowing what you’re looking for, and when it comes down to it, that begins with your budget.

We’ve got a range of great tools to help you work out your financing:

Step 2 – Find Your New Property

Here are some great places to check to do research of your dream house:

Step 3 – Figure Out Your Upfront Cost

Step 4 – Set aside a Monthly Saving to achieve your goal

What are the other costs for a new homeowner?

  • Insurance – Fire insurance
  • Insurance – MRTA

1) What Is MRTA?

Mortgage Reducing Term Assurance (MRTA) is a type of home loan insurance where the sum insured is designed to reduce over the term of your home loan. 

As you pay off your home loan, the value of your outstanding debt will fall. MRTA is designed so that the amount that would payout, at the point of a claim, covers the total value of your outstanding home loan at that time.

It’s important to make sure that when you take out MRTA, you correctly include the terms and value of your home loan.

  • Renovation

1) How much does the Renovation Budget do you need to prepare?

This all depends on what you want but for the standard budget from RM30,000 for a studio to RM300,000 for a luxury Semi-D House.

Let’s to have an ideal from https://www.homa2u.com/stories/renovation-cost-malaysia/ .

Conclusion

If you wish to have your dream house as soon as possible peacefully. Contact consultant to give you advice and recommendation on your buy house funding.

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