Want to sell your property in Malaysia?
Here are 4 important things you should know when selling your property:
1. Selling property to foreigners can be complicated
Properties in the country which are priced below RM1 million cannot be sold to foreigners.
By the way, all intended purchases of real estate property by any foreigner would need to seek approval from a state authority. Approvals are subject to payment of a consent fee or 2 percent of the sale price, whichever is higher. This approval may take 3 to 6 months or more.
However, the purchase of industrial or commercial property does not have particular restrictions, foreigners only need to deal with minimum investment requirements that differ between states.
Foreigners have no restrictions to buy office space, factories, warehouses, and hotels here, while countries like Thailand, Vietnam, and Cambodia need to set up a local company to buy commercial real estate.
Bear in mind, some land types are reserved for Bumiputera (ethnical Malays) only. So foreigners are not allowed to buy those land types which are reserved for Bumiputera.
2. Know the market value of your property
Before selling off any of your property, you need to research the proper market value and hire a professional valuer to determine the bank value of your property.
To identify market value, you may visit property websites for recent transacted prices or the price that is listed for sale. For example, property websites listed out a few 2 storey shops in Sungai Buloh selling RM 750,000 - RM 900,000. Hence, you may refer to your selling price according to this list.
3.Hire a professional real estate agent
Getting the help from a professional real estate agent is advantageous as they will be committed to you, and will be willing to spend their effort and time in promoting your property. Yet, be sure to do background checks on them to ensure they are the right ones before hiring them.
Also, ensure that they are registered real estate agents or negotiators in order to protect the buyers as well as the sellers from getting involved in any possible legal cases.
4.Proper renovations
Making the proper renovations and landscaping will create a good impression on your buyer.
Keep in mind that most of the buyers will emphasize on the following area:
Kitchen and Dining Area – This area is the heart and soul of any home where families sit together and interact on a daily basis. Be sure to set up a cosy atmosphere where potential buyers would love to spend their time here
Bathroom – This area plays an important role too. Ensure you not only have a modern and hygienic look here but also one which induces a sense of relaxation
Outdoor space – If your property has an extra space (whether in front, side, or at the back of the house) be sure to highlight it. Some of the buyers may like to make it a garden or set an outdoor kitchen there.
Walls – It may sound simple but a fresh coat of paint makes a huge difference compared to old and dated ones. Be sure to use the right colour such as white, light cream, light brown, instead of using sharp colours like red, dark purple, orange, and more.
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