Buying your first home is one of the biggest financial decisions you’ll make in your life. It can be exciting—but also overwhelming—especially with so many choices, legal terms, and hidden costs. If you're looking to own property in Malaysia, these tips will help guide you through the process and avoid common mistakes.
1. Understand What You Can Afford
Before falling in love with a dream home, understand your budget. Consider:
- Monthly income vs. expenses
- Loan eligibility (Debt Service Ratio < 70%)
- Down payment (typically 10% of property price)
- Legal fees, stamp duty, and renovation costs
2. Get Pre-Approved for a Loan
Visit banks to get pre-approval. This gives you a clearer idea of your purchasing power and shows sellers you're serious. Compare interest rates, loan tenures, and packages.
3. Know the Types of Property Titles
Understanding ownership is key:
- Freehold: You own the property indefinitely.
- Leasehold: Typically 30–99 years; check remaining tenure before buying.
- Strata title: Often for condos or apartments, includes shared facilities.
- Master title: Property under developer’s name; be cautious and check status.
4. Explore Government Incentives
For first-time buyer, you may qualify for incentives such as:
- My First Home Scheme (Skim Rumah Pertamaku)
- Home Ownership Campaign (HOC)
- Stamp duty exemptions
- Youth Housing Scheme
These can save you thousands of ringgit.
5. Choose the Right Location
Location affects not just value, but lifestyle:
- Proximity to work, schools, and transport
- Future developments in the area
- Flood risk or traffic congestion
- Community and safety
Remember: A slightly smaller home in a great area often pays off more.
6. Inspect Before You Commit
Never skip the inspection:
- Check walls, ceilings, floors, water pressure, electrical points
- Ask about defects liability period for new homes
- For subsale homes, negotiate repairs or price reductions for any issues
7. Understand the Buying Process
The standard steps include:
- Booking fee (usually 1–2%)
- Sign Sale and Purchase Agreement (SPA) within 14 days
- Pay balance of deposit (to make up 10%)
- Secure bank loan
- Legal work and transfer of title
- Handover of keys
8. Plan for Renovation and Maintenance
After moving in, you might want to renovate. Set aside a budget (RM10k–RM50k, depending on size and scope). Also factor in:
- Monthly maintenance fees (for strata properties)
- Quit rent and assessment tax
Final Thoughts
Buying your first home is a huge step—but with the right information and preparation, it doesn’t have to be stressful. Take your time, ask questions, and don’t rush. At Senangin.com, we’re here to support you every step of the way.
Looking to buy your first home?
Check out our listings at Senangin.com or talk to our agents for personalized advice.
