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Tips for buyers

12/04/2003 Published in NST-PROP A Buyer Watch Article by National House Buyers Association

Malaysia’s premier property fair is here. Those looking to buy their dream home will no doubt be inundated by the variety of choice available and the numerous easy ownership schemes and incentives at hand.

Bear in mind that despite how we can sometimes be swayed by our emotions, buying a house should be well grounded by careful evaluation of the more mundane considerations of affordability and financing. Here are some tips taken from our House Buyers Guide.

  • Check your financial resources carefully before committing to a purchase as there is no such thing as a refund.
  • Incidental expenses such as legal fees and stamp duties can amount to quite a substantial sum, especially for house buyers on a tight budget.
  • Check with the Employees’ Provident Fund (EPF) on your withdrawal entitlement.
  • Check the developer’s end-financing loan package.
  • For government servants, check with Bahagian Pinjaman Perumahan for the process, its duration and entitlement.
  • Low interest rates look attractive but read between the lines and the fine print as banks too have their own marketing tools and gimmicks.

Besides this, buyers should also understand how the incentives offered by developers work.

Here are some tips:

  • There is no such thing as free legal fees. Lawyers are not going to prepare an agreement for free. In many cases, the developers will pay a reduced fee on behalf of the buyer.
  • You are advised to appoint your own solicitor as it is not uncommon for the solicitors preparing a sale and purchase agreement to be acting for the developers.

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