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Sunday, December 28, 2008

Malaysia buying & renting property

buying property

For foreigners,it is relatively cheap to buy a house or apartment in Malaysia, and some have even made good returns on their property investments over time. A wide range of properties is available, including large detached houses (bungalows), semi-detached and terraced houses, apartments and condominiums.

Properties for sale can be found through the real estate agents from real estate companies or Malaysia real estate website and advertise in the local and national press. It may also be possible to buy land on which to build your own property. However, it should be noted that some areas of land can only be bought and sold by Bumiputera (Malays and other indigenous groups).Those land is called Malay Reserve land.

Foreigners are eligible to buy 2 houses at a cost of not less than RM150,000 each. For this purpose, they are also entitled to apply for a loan from a local bank for 60% of the purchase price.

The standard procedure for purchasing a property is:

1) Sign letter of offer and pay 3% of purchase price as earnest deposit
2) sign sale and purchase agreement after 14 days; pay 7% of purchase price
3) Pay balance of purchase price within 3 months

Legal fees, stamp duty and agency fees (if used) are also payable.

renting property

It is relatively cheap to rent a house or apartment in Malaysia, except in central Kuala Lumpur where rental prices are higher.Places such as Puchong,Serdang,Sungai Buloh,Rawang are much more cheper.Of course the higher price it is, the more secured and quality it has. A wide range of properties is available, including large detached houses (known as bungalows), semi-detached and terraced houses, and apartments and condominiums. Condominiums are a popular choice among expatriates as they offer good security with cctv eqquiped and security guards to look after the condos.In addition with a wide range of facilities often including a swimming pool, gymnasium, playground ,car park, laundy and tennis courts.

Some of the most popular areas of Kuala Lumpur for expatriate residence include Kenny Hills, Damansara Heights, the city end of Jalan Ampang, Bukit Kiara, Ampang, Bangsar Baru and Taman Tun Dr. Ismail. Given the KL traffic congestion, it is important to choose a location carefully in relation to place of employment.Some area have international schools too if needed.

Furnished, semi-furnished and unfurnished properties are all widely available for rent, and can be found via the real estate agents which are numerous in urban areas and advertise in the local or national press. Some expatriate websites also advertise rental properties in their classifieds sections. One point worthy of note is that unfurnished properties are often completely empty, without even kitchen units or a cooker. Leases are usually drawn up for yearly renewal.

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