To Buy Or To Rent?
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The housing market has always been influenced by consumer power. Buyers are now spoilt for choice with developers offering attractive loan schemes at one end while owners and investors renting their units at affordable prices.
However, the choices are also greatly affected by the restrictions placed by Bank Negara to control spending and the tide of speculation in the country.
Property consultant Knight Frank found Malaysians are struggling to obtain housing loans and that the rate of loan applications approved by the central bank saw a drop from 103,412 in 2015 as compared to 121,091 in 2014.
Therefore, the question that comes to mind now is, should people buy or rent properties in such a challenging time?
Most first-time home buyers prefer to purchase their property with assistance from the bank. Full-time investor Kit Wei Lee, 30, says the revaluation given by the valuer should be the reasonable amount that the bank would approve up to for the purchase of property. This will assist buyers in managing their budget and expectations and increase the chance of loan application approval.
Although renting appears as an easier route, student Theresa Chew, 27, says buying will always be the better option, “but it also depends on the location of your property”.
While the decision-making process is in the hands of the customers, Financial Planning Association chief executive Linnet Lee urges consumers to ask themselves whether they can afford to buy a property.
Lawyer Datuk Ong Theng Soon shared similar sentiments, saying: “We should buy a home for own stay rather than rent.”
Yet convenience can be in the hands of the customer when they rent. This is especially true for those who goes traveling for long periods of time as mentioned by hairstylist Davis Wong, 27, as “it is not advisable to leave a property unoccupied for a long time”.
To get a better idea of any property, which include condition, community and accessibility before you decide to buy or rent, here are 10 property portal listing to help find a place you call home.
- iProperty
This property hunting portal is available on mobile and website. It is Asia’s leading online property group, with franchises in Singapore, Malaysia, Hong Kong, India and the Philippines. Here is where you can easily look for your dream home on the go. They also have designated sections such as ‘properties of the month’ and ‘3D shots of properties available’ to make the property searching process an interesting one.
- Property Guru
Property Guru Group has been utilised by more than 11 million property buyers, with over 104 million page views and generating over 500,000 enquiries for real estate developer and agent advertisers each month across Singapore, Malaysia, Indonesia and Thailand. The site does not just feature the location of the property, but also the surrounding public transportation. For those with a love for property, they can look find newly featured projects on PropertyGuru through its mobile app or website.
- Property in Malaysia
Specially catered for expatriates and foreigners looking to buy or rent property in Malaysia, this website contains a searchable database of properties for sale or rent that is only allowed for this group. Visitors can learn about the rules and regulations imposed on foreigners wishing to buy property in the country through this portal. There is also a special section for estate agents who are targeting foreigners and another showing new developments aimed at foreign buyers.
- DurianProperty.com
DurianProperty allows users to buy or rent a property in a fun way. Other than the typical search bar, it also has an auction tab for hopeful bidders. Another option that DurianProperty has is a section for student housing and this allows students to find houses that are a stone’s throw away from universities. You can also post free advertisements and tap into its network of real estate agents, developers and people who are looking for properties to rent as well.
- Property Circles
Property Circles connects those who would inevitably work closely with each other in order to thrive. The site connects buyers, property agents, developers, tenants and sellers to one another under a single platform. Whether one is looking to find an agent, register as an agent or wanting to buy or rent a property, they can do so here.
- iBilik
iBilik is a website exclusively for renting, hence making it a popular option for students and young professionals. It also gives an option for users to search up short-term rental places. All you need to do is list your place and get approval within two working days, where upon the team in iBilik.my will handle the promotion, online booking and payment collection of your property, while you just sit back and wait for guests to place bookings for your unit. iBilik also has a separate section for reviews, making your decision process a lot easier.
- PropWall
PropWall is a Malaysian-based property website that features a simple layout for visitors. For first-time buyers and renters, they can search up hotspots and highly-viewed properties. This serves as a convenience for users as they can browse, read the details, view images and leave their contacts to registered agents.
- Bumbung.co
New kid on the block Bumbung.co, launched last year, is a force to be reckoned with. This site has been gaining a lot of visitors as it prioritises the move-in date of clients, so much so that in its review section, there is a feedback from a past client needing a place within a week and Bumbung.co was able to meet that demand.
- PropSocial
PropSocial is a local crowdsourcing property platform which allows users to engage with others about any neighbourhood or area. The interesting element this portal incorporates is, besides sale and rental listings, there are also ongoing discussions and topics that users can participate in such as “Is now a good time to buy properties with the current economic situation?”
- Wonderlist.Property
Wonderlist Property gives you access to a wide range of property listings in Malaysia and Singapore for sale and rent. Through a series of integrated tools, one can search for amenities that are close to their place of stay. Whether it is a university or a bank, WonderList curates a list of accommodations for its users and expedites the searching process. It is also available via mobile app.
