When to Buy or Rent Given the Current Real Estate Market in Malaysia

Your decision to buy or rent a property will depend on your needs, particularly on your future plans. However, if you are going to invest in the real estate market, it is important that you adopt strategic planning. Note that the real estate market is influenced by pressures of inflation and rising home prices. So, while the demand for residential property is high, it poses affordability concerns also for new buyers. Therefore, you have to make sure you understand local policies and pay attention to market shifts to help you make informed decisions.

Long-term Investment Opportunity

If you are thinking of a long-term investment, you should buy a property with values riding in urban areas. This is especially the case if you are going to stay long in the country. The appreciation of property values can lead to gains if you consider selling later. It will surely get profitable particularly in high-demand areas like Kuala Lumpur and Penang.

'Aside from the market trends, buying a property will offer stability and allow you to customise your space. This is practically the case if you have your own family to take care. This can demand a high initial cost, though, but the ownership can offset any future rent hikes and offer asset-building opportunities over time

Lower Initial Costs and Flexibility

When you are considering renting, you can avoid the high upfront costs of buying. This is also ideal if you are not sure how long you are going to stay in Malaysia or when you are anticipating a move. Moreover, it enables you to become flexible in the sense that you can live in desirable areas even without significant investment required for the ownership.

Aside from flexibility, the market conditions may influence rental rates. Such may include the rising prices and inflation to the currency. However, these may still be more manageable compared to making mortgage payments, especially if you prefer flexibility over asset growth.

Renovating Rented or Bought Space

There are many speculations that if a person rents a property, he or she will not be able to apply renovations due to restrictions. On the other hand, when you buy the property, you will still need permission from the government to do that. So, to debunk these speculations, here are some information that might be essential in making informed decisions.

• Renting a property

Generally, you will need to ask the permission of the landlord because renters are not allowed to make significant changes without property authority. In fact, it is acceptable to implement minor adjustments like painting or hanging frames.

Major modifications, however, are typically restricted unless explicitly agreed upon with the landlord. You may still be allowed to impose non-permanent or easily reversible modifications, particularly if the changes can enhance the value of the property.

• Buying the property

Minor renovations may not require government permission, particularly if these changes do not alter the structure or exterior. For those planning to make significant changes, though, you may need to ask permission from the local council. Moreover, if you own a condominium like the Seri Mas Condominium, you will need to ask for approval from the building’s management committee, particularly when the renovations will have an impact