Given the current economic circumstances, buying any land in Malaysia may be considered as a risky decision. Whether you are a beginner or advanced investor, you have to follow some guidelines which will help you to make the best deal and profit whenever you want to buy property.
Some essential steps you need to know in order to find the right plot of land in Malaysia:
1.Purpose of Land
Before buying any piece of land, the first thing you need to know is the purpose of said land.
By knowing the purpose of land, you will recognize the common land choices such as Residential Land, Agriculture Land, Commercial Land, or Bungalow Land.
By the way, what is your objective to own that land? Your objective to have the land is to plant vegetables or fruits? Build a house? Build a factory, warehouse, or an office building?
By reading through each land’s unique set of rules and regulations, you can prepare a long-term management plan.
2.Types and Location of Land
Okay, now you have found the perfect land to start your investment.
Next step is, you may need to check the size and location of the land. Do ensure the location is prime for whatever investment you are planning. Also, determine whether it is a leasehold (owned for a fixed time before returning to the government and need consent before you sell) or freehold (the owner has complete control until the land is transferred to someone else).
3. Price of the Land
Do some research and check the average market rate of these lands online, and then question yourself; is this within your budget?
After ensuring your budget and knowing the market rate, you MUST visit the location in PERSON and compare the prices. If you are interested in that land, remember to negotiate the price with the seller, may he or she be willing to lower down the selling price if you are a keen buyer.
4. Choose the Right Bank to Apply Loan
If you are keen to purchase the land, you may go ahead. The next step is to apply for a loan.
You have many choices to choose from in the form of banks and financial centers in Malaysia where you may apply for a loan by pass-up the relevant documents to several banks, and see which banks approve your loans.
Hence, you may check the interest rates and the terms and conditions first, then only decide which banks to choose.
5.Important Documents for Land Ownership
The most important document to remember when purchasing property in Malaysia is the Issue Document of Title / Land Title, this proof of the actual owner of land according to the law.
As you finalize the agreement between you and the seller, proceed to purchase and INFORM the Malaysian Land Registry. This purchase should also include the identification cards of both buyer and seller, as well as the paid stamp duty.
Can Expatriates Buy Land In Malaysia?
Yes, they can make any property purchase including property land.
We provide services in purchasing the perfect commercial properties and residential properties with the right budget.
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