When buying property in Ipoh, Malaysia, consumers should consider finances before making the leap. Start by determining whether you have enough money for the upfront costs for a house or condo before you start looking.
In Malaysia banks often offer up to 90 percent financing on homes. This means if you receive 90 percent financing you will need 10 percent to pay for the rest of the property. If your buying a condo for 500,000 you will have to have 50,000 to pay down on the property. This is just one example.
You will have to have upfront money for miscellaneous fees. Some of these fess are stamp duty which is a transfer of ownership, for the sale and purchase agreements, SPA stamping and legal fees, mortgage insurance, government taxes and legal fees. You need a stable job to pay the mortgage to secure a loan from the bank.
Those without the money can look for properties with free SPA and loan facility agreements that helps buyers save thousand in legal fees. Many new property developments often absorb the cost of legal fees as part of the deal. Look for properties by shopping around with low down payments and rebates.
When trying to find properties in Ipoh consider condos which are a good choice for the middle class. The provided safety and many needed amenities for daily living. Condos also require less time and effort to maintain. Often condos are located in convenient locations near work
Overall buying a condo or home is affordable in Ipoh and other areas of Malaysia. Ipoh is less expensive than some of the other cities making it good choice for families and seniors. Ipoh has great food, private hospitals, well paved roads and highways, good schools, and universities and a low crime rate. These are all factors that make it a good place to buy property.