How to buy a townhouse in Kuala Lumpur – A brief guide
Have you considered purchasing a townhouse yet the entire process seems to be overwhelming and long? Well, where to begin with and how to conduct appropriate research to purchase the right one is always a puzzle. All things considered, real estate purchases are complex and involves a huge amount of time.
It’s not possible to think about your purchase after you have done it. So you need to find the right approach before you buy your townhouses for sale in Kuala Lumpur in order to avoid errors and face unforeseen obstacles later.
Prior to taking a plunge into unfamiliar waters, it is better you educate yourself about how to buy a property in Malaysia. If you prefer to buy a townhouse, then it is better to understand the market fundamentals of townhouses in Malaysia, for example, the different kinds of houses and land types accessible, lending regulations and the kinds of loans available and the characteristics of a reliable developer.
Careful planning is essential to ensure that you buy the appropriate townhouse that meets all your requirements including the location of the townhouse, surrounding facilities and infrastructure, pricing and access to transport.
Obtain a rough estimation of different locations:
Before you buy, it is recommended to get the present market value of different townhouse properties. You can get this information from online portals that list the prices of townhouses that are sold recently in Kuala Lumpur. By checking these websites, you must be able to analyze the price based on area, number of rooms, and facilities etc
Begin searching for your townhouse:
Filter out the listings in the online portals based on the locations that you are interested in and the money that you can afford. Your search can be further customized based on the number of rooms required, type of property and unit sizes and whether it is old or a new property.
Hire a property broker:
A real estate broker can assist you in finding the right townhouse that you require, along with your specific needs and requirements like unit size, the tenure of the loan, type of house, estimated budget and the tenure for the land.
Have a sufficient deposit amount:
Normally, the first time buyers of townhouses must pay 10% of the purchasing price of the property as a deposit amount and the remaining amount is funded through a bank loan.
Plan for Other Costs:
Most of the buyers hardly foresee the extra expenses associated with the purchase of a townhouse in Kuala Lumpur. A few banks manage to include all these costs in their lending amount while a few others require the buyer to settle these costs.
Consult a lawyer:
Even if the property developer offers to help you on all legal procedures and charges, it is highly recommended to get a lawyer to draft and verify the deposit contract and sale agreement. You should approach the bank for a bank loan only after the deposit contract has been verified and signed. After the lawyer completes all the required paperwork and the bank loan is approved, your property will be handed over to you in little to no time.