Most people have problems deciding whether to buy or rent a house. You should explore different aspects of buying and renting before you make a decision. Factors that you should weigh in when deciding to rent or buy a house include budget, price, net worth, ownership fees, home improvement, the length of stay, and neighborhood. Here are six tips to help you make a better choice:
Know Your Investment Portfolio
Buying a house requires financial muscle. Consider your investment portfolio before deciding whether to buy or rent a house. It is important to note that time is everything. Owning a house now is better than in the future. It is recommended you buy a property if it does not cost more than three times your salary and rent one if the monthly rent is expected to stay stable for a long time. Alternatively, you can buy a house if your income can cover 20 percent of the mortgage down payment, but do not purchase a house if you will use all your savings. You should rent an apartment if you are new to the neighborhood and buy a house if well versed with the locality, says Comparison hero website. There are reasons why you may opt to rent or buy an apartment in Malaysia. Perhaps you plan to live in the country for a long time if you are a local, or you want to invest in property as a foreigner. Regardless of your reasons, it gives you an opportunity to invest in one of the fastest developing Asian countries.
Determine Your Budget
It's the first and essential step you take when finding a property to rent or buy in Malaysia. Most apartments charge monthly rental fees, and it is important that you break down the costs to know if you can afford it. Also, you can add up your utilities and other related expenses before you can choose to rent or buy the apartment. The condition of the apartment may force you to renovate or pay high maintenance costs, so always have a backup that will guide you in getting the best apartment.
Choose the Right Location
Malaysia is a small country, but the cities are diverse depending on the area you wish to live. If you want to enjoy the ‘big city’ feel, then looking for apartments near the capital is the best choice you can make. Other options that you can consider include apartment suits in other uptown areas in the country. The location is essential because it determines your comfort when living in the area. You should select a location proximal to social amenities such as schools, shopping malls, restaurants, entertainment joints, and hospitals. When deciding on the area, consider whether you want an urban or rural setting. This way you will narrow down quickly to the available options.
Hire an Experienced Agent
Hiring an agent to help you in the property search is one of the essential aspects you should consider. Regroup Property Guide reiterates the importance of using an agent when looking for property to rent or buy. In a common scenario, you may not be able to travel to every house in the city or country for a pre-visit. The agent will make it a priority to look at all the houses before giving you feedback on the current property and the best in the market. Agents are familiar with the current property news, and they can guide you on the best property to invest in Malaysia. Also, you can receive regular updates on the current market condition.
Importance of Time
Renting an apartment is the best option if you need a temporary place live. Renting process is usually quicker than the buying process. The transaction can be done within a day, and you can settle in immediately. You will also have a choice to decide on the duration of your stay depending on your needs. The attractive part is that most apartments are furnished so you won’t have to worry about buying furniture.
Flexibility Brings Joy
Rumah Sewa is an ideal option to search for on sites like Property Guru if you are looking for a place to stay for an uncertain period of time. If you are a single graduate moving into the city looking for a new job, you can rent an apartment close to the city to get familiarized with the locality. Renting gives you flexibility and joy because you can leave at anytime.
Rent With an Option to Buy
It is a popular move if you are looking for flexibility while at the same time planning to invest in future. This feature is usually incorporated in the tenant agreement, and you can opt to rent with the option of buying it if you have the finances to handle the process.
In conclusion, the decision to rent or purchase a house is largely dependent on you. You can follow the guidelines above and make a choice to rent or buy an apartment after weighing the merits and demerits.