Your go-to considerations and guidelines before selling your property in Malaysia
So recently I have done some research on properties as I was looking to sell one of my properties. After some time, I realize that there aren’t many guides on how to sell your property the right way. Hence, I decided to write an article about the things to consider and the guidelines before selling your property in Malaysia.
Are you planning on selling them because you wish to move to a different country or just simply another local place? Are you planning on selling them because you just received a huge increase in your work that you can already afford to offer a huge house for your family and that making it stagnant will put to waste? Or are you into buying and selling a business in terms of real-estate property? Whatever your situation may be, this huge decision is still a lot to take in. This is why here are your go-to considerations and guidelines before selling your property in Malaysia:
Make sure that you are already okay with your decision
Changing of decisions along the way will become stress or hindrance in getting a sure buyer for your property. Before talking to a lawyer or a property specialist and before even thinking about what can the possible value of your house, land, or condo, make sure that you already thought it through.
If this is a heritance from a parent or any family member, then make sure that you already prepared yourself emotionally to let it go. You will be wasting not just your time and effort in case you decide to back out even during the finalization of a certain deal with a buyer.
There are also sellers who are hesitant to give up their property in Malaysia, probably because it is near their workplace, near their kids’ school, or it is highly accessible when visiting their family members. For some sellers, they are not just really a fan of change that it scares them despite knowing that they really have to give up their current house, land, or any property.
If you are not yet sure if you can really move to a different place, then give yourself enough time to think about it again even for the nth time. You may want to take a vacation, so, you can clear your mind. You may also consider listing all the pros and cons of selling your current house or condo before really putting so much effort in placing it in the market. Do whatever you need to do so you can have a sound decision. This is the first thing to establish before moving into the other things that we will be discussing.
You can watch this video on property investment to learn more:
Establish your budget before selling because you also need to pay
Selling price or in some cases it is called the asking price is another factor that you need to invest so much time. An overnight decision-making process is not enough to finalize this; make sure that you do not pressure yourself in making the call.
The price of your land, house, condo, or any property does just come out of thin air. You also do not get to decide the market value of your property. Yes, you have a say on how much it will cost but it does not mean that it is already final. So, expect that there will be a lot of revisions in the pricing of your property.
Your number role is to research or look for the market value of your property in Malaysia. It differs depending on a lot of factors. The type of property, size of the property, legal laws that affect the change of ownership, and even the age of your property affect the market value of it. For example, if you own a property in G Residen, Pantai HillPark, or selling Seni mont kiara, you have to make sure you know the value of the properties in those areas.
A law in Malaysia that might affect the selling price of your property is the law that covers foreign buyers. One good condition is that when you sell your property in Malaysia, may it be a house, land, or even just a condo, to a foreigner, it has a huge jump in pricing compared to a local buyer. You may want to look into this. Please keep in mind that you’re finalize selling price or asking price is not yet the total amount you will be getting because it still depends on how your negotiation will happen.
Put an effort in asking for legal advice and looking for the right agent before selling it
These two factors are usually the things that sellers or investors tend to forget in looking into. They are so decided in selling their property that they jump into anyone who can help them sell it without actually looking at the options that they can have.
What can be your first consideration for the right agent? Look for someone who has training on how to get a stable position in the real estate industry and at the same time, he or she has a good background to back his or her knowledge. You may want to ask how long they have in the industry and you may also consider testing their familiarity in doing this kind of business.
For you to make sure that you are dealing with the right person in Malaysia, you may want to visit the Board of Valuers, Appraisers, And Estate Agents or popularly known as the BOVAVEA. This will help ensure that your chosen agent has a credible background that can help you get the right amount in selling your property.
Lastly, invest in advertising your property and show off your property in an excellent way
If you think that finalizing your asking price, consulting the right agent to help you throughout the process, and putting into the Malaysian real estate market your property is the end of it, you are completely wrong. You are just at the beginning of this long journey in selling your property in Malaysia. You have to keep in mind that Malaysia is continuously opening different business districts, which attracts a lot of investors from different industries. In other words, you have a lot of competitors so need a little push in making it happen. How are you exactly going to do it? Make sure that your advertising and marketing strategies are up to date.
Your goal is to let people discover that you are selling a house, land, or any property. So, make your presence felt in the real estate market. You may want to use different social media accounts to make this happen. You may also consider posting different ads or posters in your area to make sure that you can sell it, but make sure that you abide by the Malaysian laws before putting it anywhere. You may also ask your local agent on how you can help in advertising your property.
Despite all of these measures, you are still a few steps away in achieving your goal. Once you have an excellent advertising strategy, you can now prepare in showing off your property. You may want to take a lot of photos inside and outside of your home. If this is a land, you may want to make that they can view it fully.
If this is a condominium unit, make sure that you have enough light inside your place to take good photos. If you are selling it some of your pre-owned furniture, you can place them and include them in the photo. Moreover, it is highly not recommendable to put any of your furniture if you wish not to include them in selling your property.
The last step before really selling your property is to prepare yourself in viewings of it. As an example, all buyers that are looking to buy property OUG parklane, or EkoCheras property sale, they make sure that they can view the property before even placing their initial deposit. Please keep in mind that their impression of your attitude and the vibes of your house or condominium unit will greatly affect in finalizing the deal. So, make sure that you put so much effort into preparing for their visit.
You do not need to prepare a lot of food just like what you usually do when someone visits. You just need to thoroughly clean your property before their visit. Make sure that you even renovated the areas that need to be improved. You need to ensure that you already fixed any part, for instance, a wall or even a faucet before their impending visit. It is your responsibility that you have already covered everything needed so that they can see your commitment to making them feel at home in the property that your selling. Keep in mind that their visit will be a huge factor for this deal.