Property: Buying a 2nd Hand House in Malaysia

Credit: Googled~ I want this wardrobe!

Alhamdullilah. Now it is the perfect time to share our good news to our readers, family and friends. We had finally bought our 2nd property, aka our dream home. Prior to owning this new dream home comes the struggle sweat and tears. We were absolutely terrified to place our financial commitment on another asset but in the end everything comes together and we were able to purchase our new property. Hurray!

This entry and more others in the future is not about bragging but we want to share our experiences so that other young couples could do the same and achieve their own dream homes as well. We are going to share about financial, property agents, surveying for a good property, bankings, so hold on to your seats!

How it all started? I was looking around iproperty, nothing came into interest until I stumbled upon a two and a half storey terrace, fully extended and renovated for a mere RM600k. It really caught my eye. So we arranged a viewing but Mr. Bob was not at all impressed with the house. He was complaining about the small things like the road was to small driving towards the house. In the end, we did not proceed. Shoot.

Now, if you are looking to buy a 2nd hand property, it is advisable to:

1. Go to the bank and understand your eligibility. What is the highest amount that you could loan? What are your prior commitment. What is the current interest rate? What is going to be your monthly installment? How long is the tenure?
2. If you have a current property, you will need to know the remaining balance of loan in the bank should you want to sell it. This is important so that you would know how much money will you gain or lose.
3. Check out the traffic around the time that people goes to work. How bad is the roads?
4. It utmost crucial to view the house yourself. Take the time to look for leakages, condition of the cabinets. How much money you will need to invest in to make yourself comfortable in the house?
5. Get advice/2nd opinion from friends or family members.

We went through all the above and decided not to purchase a 2nd hand home instead to look for new properties in the market. I will share more in my next entry. Stay tune ok!