Methods of Buying Property In Malaysia
In Malaysia, the two most common way to buy residential property is from the developer (during launch of housing development of condo) or via private sale. Private sales can be a direct sale between 2 parties or through a real-estate agent.
Here we give description of more ways to buy homes. And all of them are available in Malaysia. So if you’re looking to enter or sell in the market, these options may be able to get that 10% or 20% better price. (For further reading, check out Sarah Beeny’s Property Ladder)
For this post, let’s assume you’re looking to buy a house.
From the developer– this is as mentioned above, buying from the developer. For tips on sieving for good companies, read my earlier post. Generally, ask around with your friends, colleagues and industry personnel about your intended property, remember knowledge is power.
Via agents – First you contact several real estate agents specializing in the area you want. Explain clearly to them what you want (price, location, type of property) and check with periodically to ensure they don’t forget about you. Build a good rapport with your agent, their expertise and contacts is essential in getting you the right deal. When you are shown a property you really want, don’t dilliy dally! Put in your offer as soon as possible (after thinking it through) or the property may be sold by the time you decide.
Auction – This process is fast and furious and there can be pitfalls. Be sure to go with someone experienced and you can trust if you are unsure. A lot of it is dependent to luck, but you need to do the tiring legwork and paperwork before that you can land that good deal. The golden rule is to set your top limit and STICK TO IT. Another thing to remember is that vendors may well put up a property for say if there are complications. Therefore, know the background before you commit anything.
Do-It-Yourself – This may be a good way of finding property although you risk wasting a lot of time as vendors then to colour their description of the property they are selling and describe it in a totally unrealistic way over the phone. The best way is to frequently drive around areas you are targeting and seek out those private ‘for sale’ signs. This way you save on agent’s fees. But again, this is time-consuming and frustrating.
Newspapers – This is a good a way to have a feel of the market pricing of a particular area. Papers will carry details of private sales and auctions. But try to study the property section of the papers for few months before buying – that way you can be relatively confident of not only catching the right property of when it comes up but also that the sale price you are hoping for is not too far way off the mark.
The Internet – This media of property transaction is beginning to take-off here. There are a few good local sites, some focusing on second-hand market, some are agents for new launches, some specialize in auctions. Also, the internet is also a good place to find out more about developers, and to learn more about properties and the industry. A good place to start is this blog! (Yes, please bookmark this site and tell all your friends…!)
Anyway, I welcome any feedback or suggestions from my readers.
Those are really useful information on property investment.
Maybe you can link to my Classifieds page.
I have linked to you.
Comment by 8dee — July 29, 2005 @ 8:24 am
no problem, will do!
Comment by Administrator — July 29, 2005 @ 8:34 am
Thanks….Your link is listed on my blog at blog.syiok.com
Comment by 8dee — July 29, 2005 @ 9:29 am
thanks, i’ll update my links soon. a bit busy these days.
Comment by Administrator — July 30, 2005 @ 1:32 am
theSun’s weekly pullout - PropertyPlus - ran a write-up on something similar as well.
http://www.sun2surf.com/section.cfm?id=398
Comment by Strizzt — July 30, 2005 @ 7:25 am
Thanks for the info. Any suggestion for a good online site to view Penang residential properties for sale?
Comment by penanggirl — August 2, 2005 @ 6:36 am
strizzt - thanks for the heads-up!
penanggirl - there are a few online classifieds, but their databases are always small. you can try the following:
http://www.realestate.net.my/
http://www.propertynetasia.com.my/
http://property.malaysiadirectory.com/
http://properties.d-choice.com/
the last one is actually run by a real estate agent.
anyone else can help?
Comment by Administrator — August 2, 2005 @ 7:01 am
Your info is very useful. I am looking for Klang valley area property(second hand or new) for investment. Do you have any good online property portal to suggest? Since I prefer deal with internet more than people or newspaper.
Thanks.
Comment by leo — October 1, 2005 @ 2:34 am
leo,
we’ve listed down some of them in comment no.7 above. Again, there aren’t that many around yet.
Comment by Administrator — October 1, 2005 @ 2:44 am
When i surf the net, like search in yahoo, google, msn. I find alot of property web portal, search engine or website ( not under any real estate company or developer), just too much of them, don’t know which one is better.
Comment by leo — October 1, 2005 @ 5:21 am
I like you site, because you not just tell how good are the property, you analyze the location, price, facilities and etc. You work in Real estate field before?
Comment by leo — October 1, 2005 @ 5:25 am
leo,
we can’t really comment on any other property site, coz we don’t visit them at all. most pof them just put the basic info about a development and that’s it.
yes, some of us do (there are a few of us). But at the end of the day, ALL of us are just normal house owners and house buyers. we say what we feel about a place, if it sucks, we say it (although not to the point of being sued!). thanks for the support.
Comment by Administrator — October 2, 2005 @ 2:27 pm
I heard that in KLCC area have new serviced residence to be launched. for detail pls check http://www.iproperty.com.my/property/newconstruction/newpropertydetail.asp?pid=456&nav=t
Comment by leo — October 3, 2005 @ 1:35 am
yes, many people are looking forward to the Central Park. Location is excellent
Comment by Administrator — October 3, 2005 @ 2:06 am
414K for 407sf. worth for it?
Comment by leo — October 3, 2005 @ 7:19 am
No idea about the pricing…
Comment by Administrator — October 3, 2005 @ 7:33 am
i check it from the web portal i mentioned before, and confirmed with developer. 414K for 407sf. 1sf=1k. is studio too. check the detail, pls.
Comment by leo — October 3, 2005 @ 9:28 am