Buying a house in Penang – 8 things to consider
Everyone loves to be at home. It would be quite rewarding if residing in an exotic paradise like Penang. The place has long been a preferred destination for both the beach and food lovers. One could get a wide variety of Chinese and Malay Cuisines while relaxing at the sandy water shores that are beautifully lined up with palm trees. In addition, the fascinating fishing villages here remind us of the Old-Asia vibe of George Town, which is Penang’s major city. There are many shophouses, street hawkers and scenic backdrops that really makes this place an ideal retreat spot for anyone visiting the city.
In recent years, this exciting island has caught the eye of many foreigners and retirees. The amazing fact one could enjoy the low-cost but great quality of living here is another grand attraction. So, if you are seriously looking forward to investing in residential property, it is advisable to take into account the potential benefits of buying a house in Penang.
Here goes the great tips that might help you to invest in the right direction.
Understand the different options available. Mainly, there exist two types of Houses for Sale in Penang. This include
- Terraced houses. Even though one could easily find 1 to 3.5 storey terraced houses here, the one that is apt for a medium size family is 2 storeys terraced one. This usually comes with three bedrooms and it takes up a floor area ranging from a minimum of 1150 Sq. Ft and can go up to a maximum of around 4000 Sq. Ft. The price of these houses starts from RM 400K. Fully furnished, semi-furnished or unfurnished houses can be chosen.
- Semi Detached type of houses. Most of these are gated community type that experiences good and personal security strategy. The minimum land area on which these are structured comes around 2000 Sq. Ft and is available for RM 500K.
Decide the location. These are the most popular places to buy a house.
- Batu Ferringhi. An area which holds everything you need from restaurants to educational institutions and outdoor activities.
- George Town. New and affordable homes are already open to outsiders and the city offers diverse local culture with activities for all-time engagement.
- A place preferred by retirees as it houses a splendid combination of aesthetics, lifestyle and incredible location.
- This is the industrial as well as the expanding part of Penang and people are looking forward to doing investments here.
- Easy access to reliable public transportation facilities so that daily traveling becomes effortless to handle.
- Learn everything about the house buying process. Act sensibly and get assistance from a trusted source while dealing with loans, payments, and
- Avoid risky purchases. Take your own time to inspect the property to avoid any future issues.
- Go for Malaysia My Second Home. This is a definite concern for a foreigner who is planning to retire in Penang. See if you qualify this scheme so as to access the benefits of discounted purchase rate, 10-year visa, and a tax-free investment.
- Ensure your finances are in order to get a good credit score.
- Strictly, stick to your budget so that you can purchase your dream property without completely draining your bank account.