News & Articles How to Find More Affordable Housing
How to Find More Affordable Housing
23 Oct 2015
Troubling economic times mean that normal citizens (like us) have less resources to spend on buying new homes. However, this doesn’t mean that it’s impossible to ever own a house. Proper steps and careful planning can go a long way. In fact, it is still possible to own your dream home on a tighter budget.
The key to even begin planning to buy a new home on a tighter purse string is to first know your own financial situation and determine your own ability to buy a home. Once you have established how much you can afford, you can start house hunting using these useful tips:
Look at the suburbs
To find less costly housing, consider areas outside of the city centre in surrounding townships like Kepong, Shah Alam, Bangi, Semenyih, Rawang and others. These areas have houses that cost about 20 to 30 % less than their Kuala Lumpur counterparts. Additionally, living here is pretty convenient as there are malls and schools nearby.
Attend an auction
Auctioned houses are usually those reclaimed by the bank from people who, for some reason, cannot pay their mortgage. These auctioned properties can have a starting price of half the market value, if you are lucky.
Go for Smaller Homes
Residential property is often priced according to the area it covers in square feet. In the same apartment complex, developers often have larger and slightly smaller units. Choose the smaller units and forego the nice view for units that cost less.
Choose an Unfurnished Place
Consider buying a house that doesn’t come with furniture. These properties are usually several tens of thousands of Ringgit cheaper. Don’t worry as you can always furnish the house on your own later at your own budget and affordability.
Look out for Fixer-Uppers
Keep a keen eye out for homes that are selling cheap because they’re rather old and may need some repairs. These will definitely be sold below market price and if you are a handyman around the home and love repairing and fixing things like broken hinges, replacing doors, repainting peeling walls and retiling the kitchen, all by yourself, why not go ahead and consider a fixer-upper.
Get Help from the Government Schemes
The PR1MA scheme is a programme by the Malaysian government to help struggling young people obtain homes by both providing a home loan and building affordable housing. To qualify, you have to a Malaysian citizen aged 21 and above, not have more than 1 property under your name and earn a household income of RM2,500 to RM10,000 monthly.
The key to even begin planning to buy a new home on a tighter purse string is to first know your own financial situation and determine your own ability to buy a home. Once you have established how much you can afford, you can start house hunting using these useful tips:
Look at the suburbs
To find less costly housing, consider areas outside of the city centre in surrounding townships like Kepong, Shah Alam, Bangi, Semenyih, Rawang and others. These areas have houses that cost about 20 to 30 % less than their Kuala Lumpur counterparts. Additionally, living here is pretty convenient as there are malls and schools nearby.
Attend an auction
Auctioned houses are usually those reclaimed by the bank from people who, for some reason, cannot pay their mortgage. These auctioned properties can have a starting price of half the market value, if you are lucky.
Go for Smaller Homes
Residential property is often priced according to the area it covers in square feet. In the same apartment complex, developers often have larger and slightly smaller units. Choose the smaller units and forego the nice view for units that cost less.
Choose an Unfurnished Place
Consider buying a house that doesn’t come with furniture. These properties are usually several tens of thousands of Ringgit cheaper. Don’t worry as you can always furnish the house on your own later at your own budget and affordability.
Look out for Fixer-Uppers
Keep a keen eye out for homes that are selling cheap because they’re rather old and may need some repairs. These will definitely be sold below market price and if you are a handyman around the home and love repairing and fixing things like broken hinges, replacing doors, repainting peeling walls and retiling the kitchen, all by yourself, why not go ahead and consider a fixer-upper.
Get Help from the Government Schemes
The PR1MA scheme is a programme by the Malaysian government to help struggling young people obtain homes by both providing a home loan and building affordable housing. To qualify, you have to a Malaysian citizen aged 21 and above, not have more than 1 property under your name and earn a household income of RM2,500 to RM10,000 monthly.
Source: DurianProperty.com