Disadvantages of Buying a Property in Malaysia
There are good reasons why we want to buy a property in Malaysia. Great property agents such as EdgeProp makes it easy to purchase a property. A few notable properties are Flat Sentul Utama, Sentul Murni, Ketumbar Hill as well as Suasana Sentral Loft. It is always good to know that the place where you are living is yours and you can do anything inside your house. But buying a property in Malaysia has its disadvantages.
First is that you need to shed a huge amount of money upfront and you need to pay the fees and other charges that is required in buying a property. Other than the down payment, you also need to pay the closing costs and moving expenses. Plus, if you are buying a condo, you also need to pay the maintenance and the amenities fees. The miscellaneous expenses that has to be paid when buying a home are stamp duty for transfer of ownership title, Sale and, this is also known as the Memorandum of Transfer or MOT, the Purchase Agreement (SPA) legal fees, Stamping for SPA, SPA legal disbursement fee, loan facility agreement legal fees, stamp duty for loan, Loan Facility Agreement legal disbursement fee, fee for transfer of ownership title, Mortgage Reducing Term Insurance, Government Tax on Agreements and Bank Processing Fee for loan.
A real estate property can only be a good investment in the long run. It means that if you want to make a good profit from your real estate, you need to wait for a few more years until the price valuation becomes high. So if you think that the house that you have purchased is not good for you, then you need to stay in that place until the price goes up and until such time you can resell the property the right price.
That is why sometimes it is better to rent out a place if you are not ready to shed a huge amount of investment needed to purchase a house.
If you are also an expat who is only working in Malaysia with a contract to work for a few years, then it is better to lease or have a tenancy contract. If anything goes wrong with your job or if you need to go back to your country of origin you can easily terminate your contract and go home. To get a property in Johor, you should consider checking out Taman Daya.