Renting Apartments in Malaysia: A Guide for Long-Term Rentals for Foreigners

Are you relocating to Malaysia for work? Or just visiting for a few days or weeks? In either case, renting an apartment may be the best option for you.

 

Long-Term Rentals

Anyone moving to Malaysia and looking for a long-term rental will be pleasantly surprised with the amount of rental choice and ease of renting an apartment. The procedure is very straightforward and rental options can easily be found using an agent, through classified ads, or rental websites. Rental periods are usually for a period of two years, but terms are negotiable and you can often add an early termination clause. Tenants are normally responsible for paying all utilities and a two-month refundable deposit is generally required. Make sure you agree up front who will be responsible for minor repairs during the tenancy. As an added bonus for renters, agent fees are normally paid for by the landlord.

 

tiny roomShort-Term Rentals

Hotels are not the only option if you are visiting on vacation or a short-term business trip. Short-term rentals are a great choice for anyone who wants to feel more integrated into Malaysian life during their trip, whether you are in Malaysia for just one night or several weeks. Renting can often be cheaper than a hotel stay and there is no shortage of options, whether you are looking for a studio apartment or something more suitable for a family. Renting can also increase your choice of neighborhoods options, whether you want to stay in a business district, residential area, or beachside. There are numerous agents and websites specializing in aiding visitors in their search for a short-term rental and it is just a matter of choosing the right one for you.

 

Serviced Apartments

Serviced apartments come fully-furnished with access to a wide range of amenities and are available for both short-term and long-term rental. Although serviced apartments can be significantly more expensive than other types of rentals depending on the area in which you are looking, they are a good option if you value your free time and convenience above all else. You can often choose a serviced apartment that offers meals and cleaning service in addition to many of the other services traditionally offered by upscale hotels. Start searching for a serviced apartment here.

 

Buying Property: Advantages of New Property Over Old Ones

When looking for properties to purchase, there are a number of factors to consider. You can first begin by studying the immediate-to-medium property market term trends. The U.S census bureau statistics indicate that on average, the median home prices at the end of every decade increases. Factors such as aesthetic home fixes can also affect the value of properties, especially when selling; such fixes include upgrades in electrical systems, re-roofing, foundation replacement and plumbing jobs. It is imperative that such modifications are only noticeable when they are either in bad state or lacking.

Home improvement fixes such as interior or exterior paint application and door replacements can also increase or diminish the rates of return-on-investment of properties. This is in addition to landscaping, which can potentially overhaul the fortunes of a dilapidated property into an overnight jewel. When a property you intend to purchase turns out to be a bad investment, do not buy. This is because properties are supposed to generate nearly or above the same amount of cash required for its maintenance. Even though property prices may rise in the long term, the period in which this may happen is usually unknown. In the meantime your course for investing should be for the purposes of making profit or at least not losing money month after month.

interiorYou can also compare property prices for condominiums @ Propwall for similar properties in the area before making a purchase. During this period, remember to determine such aspects as the property management cost, mortgages, taxes, utility cost and insurance in order to compare the expenses against the cash flow. There are several advantages in buying a new property over an older one; be it a bungalow, a condominium or an apartment. Some of the top 5 advantages include:

Diminished levels of maintenance: this is because new constructions are designed to last a while before repairs are performed.

• Energy efficiency: Many new homes come with energy saving technologies such as the use of solar panels, insulated floors, walls, ceiling and dual pane windows.

• Modern and chic conveniences: such features and built-in conveniences may include microwaves, dishwasher, wine coolers, master suit bath and refrigerators.

• Buildings crafted and developed according to the spelled-out codes: Most new homes follow strict laid down guidelines for construction to ensure safety and the rule-of-law.

• Builder’s warranty: reputable home sellers and constructors in some states can offer up to 10-years warranty on property, as a safeguard to the homeowner’s investment.

 

Buying A Foreclosed Home: Requirement Tips

So you are thinking of buying a foreclosed home as an investment or even to live in? There are some things you should know before stepping in this highly lucrative business. A property developer in Malaysia has some tips on home requirements for buying a foreclosed property.

Buying a foreclosed property sounds very simple. Someone can’t pay their mortgage, the lender forecloses and the house is offered for a low price. Many people try to scoop them up for pennies on the dollar, but there is much more involved than this.

As a buyer of a foreclosed property, having the financing in order before making an offer is a very important requirement. Perhaps you are looking at a home that has been put on the market from your local bank. These properties are called REO, or real estate owned by a bank or institution. The lender is trying to dump these as fast as they can because they don’t want the cost or expense any longer.

That is good for the person wanting to buy it, but if you go in without securing the financing first, wanting that bank to finance the home for you, it is very likely that won’t happen. Make sure if you are looking a foreclosed properties, you get a letter from the lender stating you have the monies available to make a purchase.

foreclosure propSome lenders will require money set back for repairs if they are going to give you a loan. They can require money put in an escrow account, or they can ask you to show them an amount in your portfolio that will be used just for the repairs.

If there is a home you want to purchase that has the homeowner still living in it after they were foreclosed upon, some banks will offer a window that will allow the homeowner a chance to bid on their property to buy it back. Being aware of these clauses and conditions is important when choosing the foreclosed home. Make sure you do your homework and know which properties may have this clause.

Most REO properties have bank personnel that will want to work to get ride of the homes because it is considered an asset that is costing them money. If a home is not damaged and is what they consider move in ready, the home will most likely go at market price and there’s not much wiggle room when you make an offer.

But if a home needs a lot of work, then there may be a chance you can make an offer to buy the distressed home at a discount. These banks don’t want to make any repairs so they will sell it as is. Knowing how the deal will go down is one of the requirements you will need to secure a loan if you are not paying cash for the property because the lender may require you to put money back for repairs as stated earlier.

Buying a foreclosed home can be a simple process but do your homework first.