What To Do When You Got Your First Home?
What to Do When You Got Your First House: A Guide for Malaysian
Purchasing your first house is an exciting milestone, but it also comes with responsibilities and decisions that require careful consideration. Whether you’ve bought a cozy apartment in Kuala Lumpur or a suburban home in Johor, here’s a guide on what to do after securing your first property in Malaysia.
1. Complete the Legal and Financial Processes
Before moving into your new home, ensure all legal and financial matters are in order. Double-check that the Sale and Purchase Agreement (SPA) is finalized and all fees, such as stamp duty and legal fees, are settled. If you’re using a housing loan, confirm with your bank that the loan disbursement is complete.
2. Inspect Your Property
Conduct a thorough inspection of your new home. If it’s a newly built property, check for any defects under the Defect Liability Period (DLP) provided by the developer. Report issues such as cracks, leaks, or faulty installations to ensure they are addressed promptly and without cost.
3. Plan for Renovation and Furnishing
House renovation must carefully calculated & not bursting our budget for the home.
Depending on your needs and budget, plan renovations and furnishing. Engage reliable contractors and interior designers to enhance your space. Focus on essential areas such as the kitchen, bathrooms, and living spaces. For those on a tight budget, consider prioritizing functionality over aesthetics and upgrading over time.
4. Understand Your Maintenance Responsibilities
For strata properties like condominiums or apartments, familiarize yourself with the Joint Management Body (JMB) or Management Corporation (MC). Understand your monthly maintenance fees, sinking fund contributions, and shared responsibilities. Regular payments ensure communal facilities and infrastructure are well-maintained.
5. Secure Your Home
Prioritize safety by installing or upgrading locks, alarm systems, and other security features. If you’re moving into a gated community, ensure your access cards or codes are functional. Consider getting home insurance to protect against unforeseen events like theft, fire, or natural disasters.
6. Set Up Utilities and Services
Contact utility providers to set up essential services such as electricity (Tenaga Nasional Berhad), water (e.g., Syabas or SAJ), and internet. Ensure the accounts are transferred to your name if the property was previously owned.
7. Register Your Address
Update your address with important institutions such as your bank, employer, and government agencies. This ensures you receive mail and official correspondence at your new home.
8. Build a Budget for Ongoing Costs
Owning a home involves recurring costs such as property taxes, utilities, and maintenance fees. Set a monthly budget to manage these expenses and avoid financial strain. For landed properties, factor in additional costs for landscaping or repairs.
9. Explore Your Neighborhood
Take time to familiarize yourself with the local community. Identify nearby amenities such as grocery stores, schools, clinics, and recreational facilities. Building connections with your neighbors can also foster a sense of security and belonging.
10. Consider Long-Term Investments
Think about the long-term potential of your property. Is it a home you plan to live in for decades, or is it a stepping stone for future upgrades? Understanding your goals will help guide decisions about renovations, refinancing, or potential resale.
Final Thoughts
Owning your first house in Malaysia is a significant achievement, but it also requires thoughtful planning and management. By taking these steps, you can turn your new property into a comfortable, secure, and valuable asset.
Remember, the journey doesn’t end with buying a house—it’s about making it your home. With careful attention to details and smart planning, your first house can be the foundation of a brighter future.
