If the thought of living in a laidback and relaxed atmosphere appeals to you, then packing up your bags and moving to Penang might just be the best decision you can make. With wonderful local scenery to take your mind off the crazy crowds of the city, with no traffic in sight, it’s exactly what you need to get your home buying instincts out in the open. If you seriously want to consider moving to Penang, there are a few tips you need to keep in mind.
Pointers to Consider
1. It’s going to cost you. According to The Malaysian Insider, property prices in Penang are about 5=five times higher than the area’s median income. That means you need to be financially ready for this before you proceed any further. If you’ve got a little money saved, you’ll need to research on financing options available to you to make sure your funds make the cut. There are plenty of other lending options aside from banks. Make sure you do your research before you decide on anything.
2. Your credit history matters. Lending institutions are going to take a long, hard look at your finances. If you’ve got a terrible credit history—massive credit card debt, unpaid loans, etc.—say goodbye to that bank loan. While there are other options, they’re likely going to rate you a higher interest rate. That’s because your credit history makes you a policy risk. To keep that from happening, do everything you can to avoid getting a black mark on your credit history. Also, make sure all the information is accurate. Simple errors in your information could delay the loan approval process even further.
3. Buy a home you can afford. Assess your financial capability. Be brutal about it. Know how much you can afford to pay. Combine that with the financing you got. Then find homes in Penang Island that are within the range of your price. There’s no use looking over homes that are way above your price range. It’s a waste of time plus only serves to whet your appetite for something you wouldn’t be able to afford anyway. By keeping to the homes you can afford, you won’t have to struggle with your buying decision if you find an expensive home that’s completely impractical for you and your wallet.
4. Choose convenience, says The Malay Mail Online. If it’s a toss-up between buying a home in the city—in prime location—with a higher price tag than owning one—situated an hour or two away from the city—for so much less, which one do you go for? Most people, especially those who can’t see past the glorious thought of owning a home think buying a home anywhere is worth it. It’s not. You’ve got to factor in convenience, travel time, commuting stress. So go for the choice that offers you the greatest convenience. It’s a great investment for the future. If you go with more affordable option, be prepared to shell out more of your money for commuting expenses as well as effort and time for your daily commute.
5. Take advantage of property finders. To get the best run of choices, go through online listings. Finding a Penang property for sale with Property Guru is easy. Real estate websites like this are often simple to use so navigation isn’t a problem. For any self-respecting home shopper out there, it’s the kind of invaluable tool you shouldn’t miss out on using.
6. Read the fine print thoroughly. Know what you’re getting into before you sign anything, and that includes reading over your final contract. Contest any terms, conditions or clauses that sound fishy or suspicious. Call attention to anything you don’t understand or would like to clarify even further. This more you understand what’s happening and what the legal ramifications of the contract are, the better informed your choices will be.
7. Get out of debt. If you’re still making ends meet or still paying off your credit card debt, then do something to put an end to that as soon as possible. Look for other opportunities to earn cash so you can pay off your debts faster. When you buy a home, it’s important to start with a clean slate. Bringing on any debt can send your finances in even more of a downward spiral. So clear your debts off the table first. Then, you can start thinking about how to buy a home.
8. Make sure you like the home. While your financial capabilities hugely affect the home you can buy, make sure you pick one you like. If nothing strikes at first glance, learn to look past the staging to the home underneath. Appreciate good architectural bones. Your home doesn’t have to be a mansion to be likable. You only need to imagine yourself in that space to feel at home.
Home shopping can be stressful, but there’s no reason to feel overwhelmed. With the right tools and perseverance you’ll find your ideal home in Penang in no time.