Whether one is buying or selling a piece of real estate in Kuala Lumpur, it is essential to know the steps, procedures and formalities involved both in and out. Due to the ever changing trends of the economy in Malaysia, one needs to understand well the pros and cons for buying and selling property in such a turbulent scenario. Many researches have been carried out by experts to build a clear picture showing best possible time for investments in buying a house. A Kuala Lumpur real estate research company marked that, as it is an all-time low mortgage interest rate time, it is advisable that first time buyers and investors can fetch some of the best deals ever. This article shares those ten essential tips both for the buyers and the sellers to successfully sail through the real estate sector.
Tips for Buyers
Location Matters: No matter whether you are a first time home buyer or a an existing home owner it is essential to know the location of your investment it is therefore a challenge to buy the best smallest house on the best street offering better connectivity. As an investor one should consider the location of the house and also the connectivity that the location offers prior making a good move. There are different matrix to consider when dealing with a property in Kuala Lumpur or in PJ.
Thinking twice about the house: There are excess of inventory available in the realty market under the housing sector. The realtor should be able to negotiate a better deal when it comes to buy a house under residential segment. If an individual is planning to buy a house as an investment rather than the first-time buyers he or she should also focus on leasing the same for the next 2 to 3 years of span before selling it.
Understand credit ratings: It is advisable that one should also know a fair picture about the credit limits and other credit related issues. Having a clearer credit history enables you to survive through smoothly. It is also recommended that one should resolve all the credit related issues before meeting the lender so that the deal may happen is a very smooth manner.
Know the price range and abide by it: Before starting with your house hunt it is advised that one should meet one or more mortgage lenders to get a fair view on a pre-approved mortgage. No matter how fair the economic situations are one should always go for options which fall well under and within the decided budget.
Look for options away from the city: In order to buy affordable housing options it is recommended that one should look for options which are away from the Kuala Lumpur city centre as the prices are comparatively less on the city’s outer areas like Petaling Jaya or Subang.
Tips for sellers
Revamp and revive: Getting your home ready for sale is another crucial decision. It is often suggested that one should work on the beautification and the rejuvenation of the house before making a decision to sell. It is therefore necessary to work on the aesthetic of the house prior to selling as it attracts the potential buyers. This could be done by getting rid of the clutter and adding some style to the house look and feel.
Modernize and Elevate: There no need to completely renovate the home but an update is required such as replacing the kitchen counter or sink or worn out carpeting. Elevating the aesthetics a bit will definitely fetch good response by the would-be buyers.
Set up a perfect price tag: Price your property in a right manner and also according to the current market trends prevailing in your area. Whereas one can always relay on setting up a little higher price and then negotiating it with the buyer thus, reducing to a fairer amount. It is essential to note that if the house if highly priced there is a possibility that the buyers may overlook it.
Go by proper representation: The home for sure is the largest investment and one needs to be extremely comfortable while selling it. It is advisable to hire a good and trustable real estate agent in KL. Look for the property agent who has strong marketing ability and proven skills and also a successful record of sales.
Closing date conflict: you should not bother yourself about a closing date conflict in case if you getting a better offer but the closing date is nearly 30 days far.
For more eloborate tips and spesific KL property recommendations, we recommend KualaLumpurGuide.net