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-   -   Questions on buying property (https://britishexpats.com/forum/malaysia-148/questions-buying-property-732100/)

scotty9 Sep 12th 2011 5:56 pm

Questions on buying property
 
Hello Forum:regular_smile:

Can anyone advice me on the following?

I am all set to transfer to Malaysia next year with my work. I will be there for a minimum of 3 years. I am looking at accommodation and am wondering if it is possible to buy a house rather than rent? My employer is taking care of the Visa requirements so I will be outwith the MM2H program.

Thanks!

ex reg Sep 13th 2011 3:12 am

Re: Questions on buying property
 
The Malaysian experts here will help but I reckon they'd wish to know where you might be buying.
Don't know myself if ex pats can purchase any property in Malaysia or whether it's limited to specific type.

I'm sure you're aware that property prices can go down as well as up. The general trend is definitely up but what if there is a dip when you wish to sell.

Different scenario if you intend to retire here.

It's a pity to see rent being paid out with no return but is buying in your situation an investment or a gamble.

We've bought and sold in Singapore. That was over a 10 year period and we didn't need to sell at any specific time so held on when there was a big downturn in prices.
Negative equity is always a possibility no matter where in the world you buy.
And the same as anywhere buyers will be aware of your situation so might hold you to ransom.

bakedbean Sep 13th 2011 3:54 am

Re: Questions on buying property
 
Hey Scotty, welcome to BE :) I'm no expert but one thing I know for sure (at least at present date) is that you don't have to have the MM2H visa to buy a property in Malaysia. I've seen this stated on several websites and it's just plain wrong.

As a foreigner you can buy a freehold or leasehold property but the minimum purchase price must be RM500,000.... BUT...... confusingly (as ever in Malaysia) some States impose their very own rules.... and one State (Penang) currently differentiates between a Foreigner and MM2Hers. MM2Hers can buy in Penang at minimum RM250,000.

It's a confusing subject and I don't know all the answers. Where will you be based? Where are you thinking of buying? Do you know Malaysia well?

Also... as ex Reg says about the risk of buying... but the same risk applies the world over. We're currently stuck with a property in Thailand (house market tricky everywhere at the moment) but it was a calculated risk for us. We can (thankfully) afford to hang on to it. I guess that's the best way to look at it.

Or you could just go chat with a property agent or lawyer in the place where you'll be based.

scotty9 Sep 13th 2011 4:45 am

Re: Questions on buying property
 
Thank you for all the input:thumbup:

I'm looking at buying for a few reasons.
1. I'm thinking the market will be better than in the US (where I currently live and it wouldn't be hard to be better!).
2. My feeling is the Ringgit will strengthen against the USD/GBP over the next few years so I will be okay should I sell it.
3. After I leave Malaysia, I may hold onto it and rent it out then return to it when I retire.

I have not been to Malaysia yet but I will be relocating to Ipoh. If you have any feedback on the place, it'll be welcome.

bakedbean Sep 13th 2011 5:37 am

Re: Questions on buying property
 
Oooh that sounds good. I've only driven by on the North-South Highway a few times but it sounds very nice there, and it's surrounded by mountains. I've been to Taiping, which is not so far away (I think) and that's got some lovely lake gardens. I might stick a pic on here later.

I've got a cyberfriend (a MM2Her) who lives in Ipoh, yet to meet up with her. If you've got some specific questions, stick them on here (or maybe start an Ipoh thread on here). Good excuse for me to try and lure her over to BE, heh heh.

bakedbean Sep 13th 2011 9:20 am

Re: Questions on buying property
 

Originally Posted by scotty9 (Post 9617484)
I have not been to Malaysia yet but I will be relocating to Ipoh. If you have any feedback on the place, it'll be welcome.

I've started a new thread on Ipoh and Taiping and see if we get any postings on that. I know that Strider on here has been there, but I think he's away at the moment.

scotty9 Sep 20th 2011 10:16 pm

Re: Questions on buying property
 

Originally Posted by bakedbean (Post 9617758)
I've started a new thread on Ipoh and Taiping and see if we get any postings on that. I know that Strider on here has been there, but I think he's away at the moment.

Thank you for starting the thread. Hopefully it will give me an insight into the area from a Brits prospective.

I've noticed the rental rates for cars to be pretty high. Is it advisable to buy a car then sell it when I leave in a few years?

bakedbean Sep 21st 2011 2:03 am

Re: Questions on buying property
 
Can't really help you there. Cars are expensive here for sure. You might want to tag on to one of these threads here (or both).

This one about Buying and Selling a Car
http://britishexpats.com/forum/showt...&highlight=car

and this one about No Claims Bonus and other stuff
http://britishexpats.com/forum/showt...&highlight=car


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