A Young Malaysian’s Guide to Buying a House | The Full Frontal

A Young Malaysian’s Guide to Buying a House

So I heard you’re thinking about houses? 

You’ve got a stable job and you finally got a car. The next logical thing is to house yourself, right? But let’s not rush into that first. Let’s talk about it. 

Why do you need a house? Is it because you’re now old enough for one? Are you sick of staying with your parents and want your own space? Or is it just because everyone you know already has one and you’d like to jump in on that bandwagon too? 

Let’s discuss these pros and cons of owning a house first before you actually do it, shall we?

Should I Own a House?

A man dreaming about a house
Do I need more responsibility? Source from Vecteezy

Obviously the pros to owning a house is that you get your own space. And there’s no one to tell you that you can’t stay up until 5am binge watching Youtube videos of movie recaps while you munch on a bag of potato chips. 

But with great power comes great responsibility. 

Owning a house means more commitment. You have a lot more bills to pay and to add to that, more *shudder* taxes. Speaking of that, if you don’t know how to do taxes, we got you covered with our Income Tax: Everything They Should Have Taught Us in School article.

Moving on, I wouldn’t necessarily say that owning your own house is a con though. Maybe it’ll make you realise that you need to manage your money based on importance more. That living by yourself makes you more responsible and not leave the dishes out to crust over before you run out of plates. Or that you need to do laundry every week before you realise you’ve been wearing the same shirt two weeks in a row. 

So what do you say? Are you up for that?

Okay, So You’re Really Going For it

Cartoon drawing of house responsibilities
There are a lot of steps to follow before you get the keys to your house. Source from Mortgage Calculator

Since we’ve talked it out and you’re very adamant about getting your own house, here’s a quick run through on what you could do:

1. Decide If You Want To Buy or Rent

According to my “extensive” research of looking through property sites and Youtube tutorials, renting seems to be the safer option if you’re someone who’s indecisive or on a budget. Unlike homeowners, renters have little to no maintenance costs or repair bills that they have to worry about. And they don’t have to pay any property taxes, as far as I know.

But the downside of renting is that unless your landlord gives you free reign, you can never really have the freedom to turn the house into whatever you want it to look like. 

Another thing is that you have no control over what goes on in the house. Your landlord could raise the rent anytime they please and sure, you can fight against it, but at the end of the day, it’s their decision.

Buying a house gives you more freedom to decorate it as you please. But it often comes bare and you have to pay for literally everything. Sometimes, your house doesn’t even come with a door! 

On the plus side, buying a house is an investment. In the long run, it gives you security to make modifications to it, in ways that you can choose to rent it out to others whenever you see fit or turn it into an airbnb for extra income! So, if you’re considering, I suggest writing down your own personal pros and cons list to help you out.

2. Look for a real estate agent

Once you’ve decided on whether you want to rent a house or buy, the next step is to look for a realtor. They can advise you on what kind of house to get and whatnot based on your budget and interests.

You may also need a lawyer to help you with the loans you need to apply for your house and go through the lease with you. The lawyer could also bring up questions you might want to ask your developer or landlord about that you may have overlooked. 

Once you’ve decided on some houses, compare the costs of the houses you like. It’s okay, take your time. You’re not going to buy a house you don’t want to stay in, so it’s important to sit and think about it.

3. Check out your house

Of course, you’re going to check the house out before you live in it, no? Just to make sure it’s in living condition. Otherwise, you’d have spent all that money just to continue fixing the leaking roof, or the broken pipes. If you’re renting, be sure to ask your landlord about the problems faced in the house and if they can fix them before you move in.

When I say check your house, I also mean the person who owns it. 

If you’re renting, I stress on the importance of doing a background check on your landlord. You could also call up past tenants and ask them about their experience. If you’re buying a house, do a sweep of the whole place. 
Check if the tiles are properly filled in and that when you knock on them, there aren’t any hollow sounds coming from them. And to check if the floor is even, roll out a marble on it.

4. Congratulations! You’re a proud homeowner/renter! 

Now that that’s all said and done, all that’s left for you to do is collect your keys. Do a final sweep of your house to ensure that everything is in tip top shape before you get to decorating it.

Remember: if you’re renting, you’ve got to ask your landlord if you want to do any major repairs or tweakings to the house. You still need permission because, as much as you want it to be, it’s still technically not your house. 

If you’re a homeowner, I suggest you go ham. If you want a helicopter pad on top of your roof, you go for it, man! If you want your house to have swirly stairs or iridescent wall designs, I say aye! Your house is your oyster!

Phew! Glad That’s Over… It’s Over, Right? Right??!!

Getting the keys to your house
Finally! My own house! Source from South Shore Locksmith Inc

With all that said, let it be clear that this isn’t just what you need to do. But that is the gist of it. 

If you’re really serious about wanting a house, you should do your own research on top of all the things mentioned above. But if you’re still unsure, that’s alright. You don’t have to decide now. Owning or renting a property is a huge decision. It’s not just something you think about overnight. So it’s alright to take your time.

If you want to own something else, less intense… like a car, maybe? You can check out:

The Young Malaysian’s Guide to Buying Your First Car

getting your car keys
Before you drive off into the sunset, here’s a few things you should know about buying a car. | Source