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With a good range of options to suit any taste and any budget, MM2H-holders quickly realize that finding a nice place to call home is easy in Malaysia, regardless of location. In fact, the majority of MM2H-holders note that their house in Malaysia tends to be more spacious and perhaps a bit more indulgent than back in Singapore. This is expat-living. Types of Homes in Malaysia Malaysia offers quite the spectrum of property types: from landed homes and semi-detached and terraced houses to apartments and condominiums. Typically, condos enjoy the greatest popularity, if only because of their security, social aspects and facilities, such as gym, swimming pool, mini-market etc. Property valuations are rather attractive, especially given the very appealing MYR exchange rate with the Singapore Dollar(  ). Finding a Home in Malaysia The process of finding a home is pretty straightforward. You can DIY or engage a professional property agent to help you find a suitable place for you and your family. If you prefer to do the heavy lifting yourself, there are quite a few online and hardcopy listings and publications to check out these days. Of course, property agents tend to have the local knowhow at the ready, as well as the experience, to prevent you from getting into a pickle, so using one may be advisable. Option 1: Renting a Home Lease Rental leases or agreements tend to be for two years, with an option to renew. Not 100% sure you'll be able to fulfil the full two years? Then include a so-called dip-clause. A Diplomatic Clause allows you to break lease, usually after one year, upon which you won't have to meet the balance of the contract. Deposit To secure the property while finalising the formalities, potential tenants may be asked to pay a deposit, usually one month's rent. This deposit commits both parties to the lease whilst the t's are crossed and the i's are dotted. The deposit usually goes towards the initial rent payment once agreement has been finalised. Additionally, the tenant will have to pay one or two months rent in advance. This will serve as the security deposit. This sum is refunded to the tenant at the end of the lease period, if and when the home has been found to be in good condition. Utilities Tenants are responsible for their own water, electricity, phone and internet bills, etc. In some cases, a refundable deposit is required by the utility provider to open the respective account. Option 2: Buying a Home In view of the very attractive property values currently, buying a home in Malaysia has become quite a popular choice for MM2H-holders. The fact that Malaysia is one of only two countries in Asia where fresh off the boat expatriates can buy/own freehold property outright has undoubtedly also contributed. Incidentally, there are areas in Malaysia where only Malaysian citizens are able to own property. Also, another item to keep in mind is that MM2H-holders are able to only purchase homes that are above a minimum value threshold set by that particular state's government. Nevertheless, few things feel as good as owning your own home-sweet-home in a forward-thinking, yet affordable country, especially since even freehold property in Malaysia can be entirely yours. In fact, for many an expat from Singapore, retired or otherwise, owning a home overseas, one that you can truly call your own, is nothing short of a dream come true. Not to mention prudent in this day and age. Option 3: Hospitality Accommodation Incidentally, perhaps not quite everyone's cup of tea, but MM2H offers a third accommodation option, namely temporary lodgings. Since buying or renting a home is typically not a requirement for most MM2H-holder categories, participants are free to stay in a hotel, a resort or an AirBnB property. In spite of some advantages, this option also has its own set of challenges of course. Nevertheless, it's possible and it may well be the preferred choice for some. Would you like to Whatsapp or speak with an experienced estate agent? Use below form. |