Buying a new property is a huge milestone for most of us. We saved up our hard-earned cash to be able to pay the deposit and need to pay for installment every month for the next few years. And that is why we have to choose the property that suits us so the money would not go to waste. Here are some things to consider when buying a property.

Location

Location is the most important factor when buying a property. Ideally, we would want a property with a peaceful neighbourhood, easy access to amenities and close to our workplace. Properties in Kuala Lumpur and Petaling Jaya fits the criteria above and thus it can be more expensive. However, the good outweighs the bad. Although expensive, it has higher resell value and easy to rent out. A good location will result in a good return of investment in the long run.

Type of Property

It is important to choose the type of property you want. Between high rise or landed property on a leasehold or freehold land. Each property type has its pros and cons and it is up to your own judgement to purchase it. For example, a family of four looking for a long-term stay would prefer a freehold landed property. A high rise leasehold property would be ideal for rental as it offers a higher return of investment. All in all, there is no right or wrong in purchasing the type property. It is up to individual preference.

Property Features

Each property comes with its own unique features and characteristics. You may prefer a property with more bedrooms and bathroom to accommodate more people or having a higher ceiling for a more premium feel. For new developments, find out if the developer provides any freebies such as, AC units, washing machine, refrigerator and other items. Knowing the brands of the fittings provided by the developer will help you better judge the property value. A more expensive or premium brand would give a better value in your property.

Additional Costs

There are a few costs that one need to consider before buying a property. It is not just paying a down payment and monthly deposit. These are the few fees that one has to consider:

  • Stamp Duty and Legal Fees for Memorandum of Transfers (MOT) and Sales & Purchase Agreement (SPA)
  • Load Facility Agreement legal disbursement fee
  • Transfer of ownership to title
  • Utility charges (TNB, Syabas)
  • Maintenance Fee (for Strata properties)