6 tips for first-time property buyers in Penang real estate market
Penang attracts residents and investors for several reasons. It is the most urbanized state in Malaysia with an economy characterized by high-income or per capita income. As every suburb has its own advantages for many reasons, you will be confused to decide on where to buy your first real estate property in Penang. The following six tips will help in clearing the cloud and arrive at a sensible conclusion.
Learn the city by its heart and not just by the economy
Development achieved by the most developed Malaysian state will draw all the attention to its economic power, but if you are looking for a property should look beyond the money factor.
- You need to know the people and their culture and geography before you invest. Penang has a commercially significant coastal line and is divided into Penang Island and Seberang Perai by the Penang Strait. The former is hilly and forested, with George Town as an urban center along the west, east and north-west frontiers and Bayan Lepas Free Industrial Zone on the south-east, while the latter is almost flat. Land reclamation has been initiated in certain regions like Jelutong, the coastal Gurney Drive etc due to increasing in demand and scarcity of land available for settlement and development.
- You need to know a few important aspects of the regulation and law that govern the property market. You cannot trust an agent’s words fully as you should do your due diligence on your part before you spend the money to purchase the property. These include the ownership rights, taxes, financial approvals, transfer agreements, commercialization conditions etc.
- Negotiation is secondary but you need to have an idea about the average price range in the locations preferred by you as it saves you a lot of money. You need to talk to an agent to identify the market value of a property and this is an important step that you shouldn’t miss.
- The quality of the Property For Sale in Penang depends on the builder. If you plan to buy a new property, you should check the builder’s previous projects, reputation, and deliverability and stop falling for their advertisements and posh brochures. You need to check what other value-added services are provided by the builder as there are many who help you in getting the finance etc.
- More than the property, suburb and the community matter a lot. Being new to this country, a healthy and supportive community adds a lot to your decision. You need to also check the availability and distance from your property to public infrastructure facilities like libraries, shopping centers, play areas etc.
- If you are buying a property that is closer to a beach, you may need to check whether the property adheres to coastal regulation zones and eco-friendly certifications etc. Nowadays, you have certifications for green building compliance that adds value to your property not just when you live there but also when you try to sell them.