Johor Bahru is a fantastic place to live. It’s not only affordable compared to other Southeast Asian cities, but it’s also a top choice for those looking to retire. If you’re searching for houses for sale in Johor Bahru, you’re on the right track to a bright future. Currently, the property market is favorable for buyers, including first-time homebuyers and foreigners looking for new property in Johor Bahru. But buying a house isn’t just about having enough money. Here’s a checklist of factors to consider while looking for your ideal new property in Johor Bahru.
1) Do Lots of Research on Properties
Whether you’ve lived in Johor Bahru your whole life or just moved here and are looking to buy a home, doing your research is crucial before diving into the housing market.
Johor Bahru has many neighborhoods and options. To find the right place, you need to understand:
- Location: Which area suits your needs best?
- Amenities: What facilities are nearby?
- Property Type: Are you looking for a completed property, a resale, or a new property in Johor Bahru still under construction
- Property Age: Consider the age of the property.
Your research should also help you imagine yourself living happily in the property. Finding a home that feels right for you is the most important part.
2) Think About Your Budget Carefully
Money is definitely important when searching for a property in Johor Bahru. With the real estate market starting to recover, planning carefully could help you own your first home soon.
When setting your budget, aim to keep your monthly loan payments below one-third of your income. For example, if you and your partner earn RM12,000 together, your monthly repayments should be under RM4,000. It’s essential to know what you can afford without having to change your lifestyle drastically. Make sure you can still enjoy social activities and manage other expenses, like car payments.
You’ll also need a down payment of about 10% of the property’s price. Besides this, remember to budget for additional costs like legal fees, the real estate agent’s commission, and stamp duty. Most banks in Malaysia offer loans covering around 90% of the property’s price for your first two residential properties.
3) Know the Different Property Types and Their Risks
Are you interested in a condominium, apartment, terrace house, semi-detached house, bungalow, or SOHO? Do you want an older building that might be cheaper, or a unit that’s still under construction?
Choosing the type of property is just the start. You need to consider the benefits and drawbacks of each type, along with average prices, which can vary a lot. Location is also very important. Right now, Johor Bahru is in a “downturn,” meaning there are lots of properties for sale, and some might remain unsold for a while. If you’re buying now, think about how this could affect your decision.
Here are some things to consider:
– What are the long-term effects of buying during a downturn?
– If you’re buying to rent out, what will your rental income likely be?
– How easy will it be to find tenants, based on location, nearby amenities, and costs?
– Are there potential repairs or unexpected costs that could affect your finances?
Keep in mind that returns on investment aren’t guaranteed and can change from year to year due to various factors.
Read more: Why Invest in a New Project in Johor Bahru
4) If You’re a Foreigner, Know What Property You Can Buy in Johor Bahru
In Johor Bahru, foreigners have many options for buying property, including condos, apartments, and houses. There are only a few restrictions, such as not being able to buy land reserved for Malays or agricultural land.
Foreigners must also meet minimum investment requirements, which vary by state. While foreigners used to buy properties for as little as RM250,000, the minimum investment is now usually over RM1 million. However, a 10-year renewable visa called MM2H (Malaysia My 2nd Home) can help reduce this minimum amount insome states. Despite these rules, Malaysia remains very welcoming to foreign property buyers.
5) Get a Skilled Property Agent
A good property agent can be incredibly valuable. They will work hard to find properties within your budget, advocate for you, arrange viewings, and handle communications to protect your interests. When choosing an agent, look for someone with key qualities that will help you get the best deal. They should be able to handle negotiations and deal with demanding sellers or developers on your behalf. Ideally, they should also know the area you’re interested in well, including local amenities, travel times, distances to schools, and typical property prices. This way, they can help you make the best decision and get a great deal.
5) Start Your Property Search
While there are still some details to sort out, like choosing your loan and whether to get an independent mortgage advisor, it’s time to start the exciting part! Begin your property search online. Look at available options and make a list of areas and properties that match your needs. Bookmark the ones you like. Consider everything carefully and gather all your research. Avoid being influenced by family or friends who might share rumors or outdated trends. Check the facts by consulting industry professionals and reading up-to-date news about property in Johor Bahru.
6) Buy A Property in Johor Bahru with Berinda Properties
Planning to buy a property in Johor Bahru? Connect with Berinda Properties to find your dream home. With over 40 years of experience, we’re leaders in property development, helping shape Johor Bahru into a dynamic financial and commercial hub.
We began by creating exceptional homes and have since expanded to include premier shopping malls and office spaces. At Berinda Properties, we blend suburban charm with modern comforts and city conveniences. Our projects, backed by the renowned Kuok Group (known for landmarks like the Shangri-La Hotel), set new standards in property excellence. Choose Berinda Properties for your ideal new property in Johor Bahru and discover the difference our decades of expertise can make. Happy house hunting!
