Port Dickson property – top tips
Here are ten insider tips for figuring out the Malaysia property industry if you want to buy a property in Port Dickson.
- Port Dickson’s best investment spots are to the south of the town near the golf course and Admiral Cove.
- Buyers should be aware of the various charges they have to pay when purchasing a unit. These include stamp, transfer, agreement and registration Duty which amount to between 1.5 and 1.75 per cent, .loan agreement of 1.5 to 1.75 per cent, estate agents fees of around 3 per cent on properties valued at less than US$132,000 and 2 per cent thereafter. Bank loan processing fees are normally between US$13 and US$53.
- Estate agents are pushing hard for sales of developments along the Banyan Curve, but frequently neglect to mention that it looks straight onto a massive Shell offshore oil terminal and is neighbored by one of Malaysia’s largest petrochemical facilities.
- In Malaysia, the term apartment and condo have the same meaning. Most condos or apartments will have condominium facilities and security services. Flats however, are normally medium or low cost projects and in most cases would not have the facilities enjoyed in condominiums/apartments.
- Overseas buyers must buy properties with a minimum cost of RM250,000 if they are to avoid having to seek FIC approval.
- Those considering buying a new development property in Port Dickson should always check the local prices, as they can run the risk of paying far more than local or Singaporean buyers who have access to the true prices of homes.
- Port Dickson is a popular location for many buyers attracted by its safe clean beaches and clear seas, and the water house option is proving particularly popular with overseas investors.
- Loans of 60 per cent of the purchase price are usually available to foreigners on the proviso that the property value is RM 250,000 and above. Current Base Lending Rate 6.8 per cent per annum; loans are available up to a period of 20 years.
- Well chosen condominium units in Port Dickson can offer excellent rental guarantees. However, buyers should be aware of guaranteed rental return deals that make no economic or commercial sense. If a small, unknown developer is offering a rental returns that sounds to good to be true then chances are, it is.
- Most Malaysian banks will lend up to 80 per cent on bona fide property developments from reputable companies to suitably qualified foreign buyers. If a local Malaysian bank won’t lend on it – then don’t buy, even if you don’t need to finance the purchase.