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What to Know About the Property Industry in Malaysia?

What to Know About the Property Industry in Malaysia?

Malaysia is a country full of potential. It has all the infrastructure and amenities we need to live, work and play in an advanced world. It’s home to many different people worldwide that come together and make up Malaysia’s current population of more than 30 million. The property industry in Malaysia is currently experiencing a boom, with many Malaysians purchasing second homes. With the soaring cost of living and relatively low salaries, it can be difficult for young people to get their own homes. Along with that, the government’s requirement for a minimum down payment of 30 percent makes it even more challenging.

The property consists of many components

If you ever sat down to ponder over what exactly constitutes a property, here is an explanation: imagine yourself doing your house chores (yes, even students who live in dorms count), like doing the laundry or cooking; wouldn’t these be easier if you had all the appliances and furniture around? Like doing the laundry without a washing machine and dryer and cooking without a stove and utensils; can you imagine that? Well, these appliances and fixtures come together to form the property’s components.

Renting or buying a house is not just about money

Without being too philosophical about it, let’s say that people are making huge financial investments with real estate transactions, so this is already complicated enough! However, along with price fluctuation considerations, there are extra factors you have to think of regarding the maintenance of your property down the road when deciding whether it is worth purchasing or renting. After all, nobody wants to live in an apartment complex where construction work causing noise pollution have become the norm or in a house where the doors cannot close properly.

Construction companies are not just builders

Just like how architects and interior designers help to work out how your property’s layout should be, construction companies also play an essential role in making sure that your dream home can become a reality through their expertise in planning and project management. Moreover, technology has also introduced 3d architectural rendering, making it fast and easy to create images and designs. That is why finding reputable developers who make quality homes is significant; you certainly do not want to build your own home only to find out years later that it has defects because of poor construction!

The Land Office keeps track of land titles

When you buy or rent properties (yes, even when you are renting), there will be specific documents for you to sign with three different parties involved: the landowner, the potential tenant (or buyer), and the land office. The land office’s role is to keep records of all transactions involving the sale or purchase of properties; they will be involved in applications for new titles and changes to existing titles.

5) There are many types of real estate agents

Just like how we have different trades and professions, each requiring an individual to obtain a license before they can practice their trade legally, there are also different licenses for property professionals: you need to choose between being an architect, interior designer, surveyor, real estate agent, hotelier or work as a contractor. It depends on your career choice and practical considerations such as fees to determine which license you should get.

6) You cannot build your own house without supervision

When you decide it is time for you to build your own home (and live in it), the local government might require that you take up supervised training in building construction techniques to identify any potential dangers during the construction process. Undertaking this training is not a cakewalk because it will require you to be in classes for several days with others who are learning how to build homes, including folks older than you! But on the plus side, when you pass your course, there is no better feeling than being able to call yourself an actual builder.

Wrapping Up!

We hope you have gained insight into what to expect when dealing with Malaysia’s building and property industry! Even though this is just an introduction, it should give you a starting point for your research. And suppose you want more information on building permits or house construction supervision. In that case, there are plenty of websites out there that would be happy to tell you more about these topics (do not forget to use valid real estate license numbers when contacting them). One thing more is that off-plan property is an ideal choice for many people as it allows buyers to purchase homes at affordable prices right off the batโ€”without waiting around for their homes to be built and finished.

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