Penang Real Estate Calculator Finding a Home In Penang If you plan to rent or buy a property in Penang, finding your property will be a major step in your relocation to Penang. If you have not lived in Penang, you should rent rather than buy your property in Penang, at least for six months. If you would like to rent or buy a real-estate property in Penang you may email us at webmaster@malaysia-travel-guide.de with your real-estate questions. It is the best way to know not only if Penang is the place you want to live or retire for the next few years, but also if Penang is suited for you. Apartments & Houses in Penang If you are planning on living in Penang, it is likely that you will be living in an apartment/condo versus a house. Please make sure that modern equipments, such as electricity and water should function to the maximum. Please double-check and make sure electrical outlets are located in every room and functioning. Make sure you turn on the water and make sure that hot and cold water is functioning and flush the toilet, turn on the shower. Don't count on real-estate agents in Penang to point out the negatives of a place they're trying to rent or sell you. Penang Agencies Real-estate agencies in Penang advertise in local Penang newspapers and as well on their office windows. You should be able to notice a real estate agency in Penang by the window full of ads for the different apartments or houses they have available for rent or sell in Penang. Before you begin working with an agency in Penang, check that their fees are acceptable and that they are a member of the Penang Real-estate Assocation. In most rental agreements in Penang most agencies charge a month's rent for a twelve-month rental agreement. When selling a property in Penang, real-estate agents in Penang usually charge between 2.5% and 3% of the final sales price. Monthly rent Penang: RM Monthly Penang rental insurance: RM Expected annual inflation rate in Penang:   % Purchase price of property in Penang: RM Down payment amount: RM Length of Penang mortgage term (years): # Penang Mortgage's annual interest rate:   % Discount points on purchase of home in Penang:   % Origination fees:   % Other loan costs in Penang: RM Mortgage Insurance (PMI):   % Penang Homeowner's insurance rate:   % Monthly association dues in Penang: RM Average monthly maintenance of Penang property: RM Penang Annual property tax: RM Penang plus government income tax rate:   % Interest rate you expect to earn on savings in Penang:   % Expected percentage your Penang home will appreciate by each year:   % Number of years you will stay in Penang: # Penang Realtor commission rate:   % Total estimated cost of renting a property in Penang: RM Total estimated cost of buying a property in Penang: RM After coming to an agreement on a rental or purchase, both parties in Penang sign the contract. However, it is not a legal agreement until the appropriate seals of the city of Penang with a tax stamp has been purchased and affixed to ther agreement. You have to make sure before finalising the lease or purchase that the official seal of Penang will be affixed to the agreement. Renting Real estate agencies in Penang are the safest way if you want to rent or buy a property in Penang. Please make sure they are a licensed agent in Penang and very familiar with the Penang property market. Local newspapers in Penang also advertise apartments and houses for rent, but word of mouth is the best way in Penang. If you are currently an academic in Penang, you could check local at local universities in Penang, where apartments or rooms for rent are commonly posted. In general rental rates in Penang, increase by a small percentage each year in accordance with the government's annual cost of living reports in Penang. You can find yearly leases in Penang, and more short-term housing is available near academic institutes or around tourism areas within Penang. Short-term tourist housing in Penang is fully furnished and most of the time fully equipped. If you have the budget, you could rent a serviced apartment in Penang. If you want to buy a property in Penang, I would highly suggest you to have the property checked out by yourself and hire a lawyer in Penang to check how much debts the property has currently registered and if those numbers matched with the seller of the property in Penang. If you are buying a brand new property, you'll need to pay property tax in Penang. If your purchase is a luxury property, you may have to pay local taxes in Penang and possible stamp duty. Even as a non-resident homeowner in Penang, you may become liable for all kind of taxes in Penang, including income tax. Penang Mortgages If you plan to take a mortgage in Penang you need at least a 20% downpayment of the purchase price of the property in Penang. Even if you generate rental-income from renting your Penang property out, it is not considered by most lenders as you may decide to move in, at a later time. The Penang Real Estate calculator will help you to compare the costs of renting a house or condo in Penang to the costs of buying a house or condo in Penang. Since there are all kinds of forces at work behind the scenes such as the current interest in Penang, Penang property taxes, tax savings, appreciation in general to investments in Penang, comparing the cost of renting to the cost of buying in Penang is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment. The Penang Calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision before buying or renting a property in Penang. Help Buttons: For pop-up explanations of any of the entry fields, click the radio button next to the description. NOTE: Be sure to enter "0" (zero) in any entry boxes that don't apply to you. Also be sure that only numbers and decimal points are entered into the fields. Property Types in Penang Penang Multi-Family Traditional, multi-family residential complexes located in Penang and suburban markets of Penang. Penang Mixed-Use Properties in Penang that integrate and combine residential with different uses, including retail and office spaces. Penang Office Traditional office or office type properties in Penang. Penang Retail Properties in Penang with a mix of tenants that meet the convenience needs of neighborhood residents, including video stores, grocery, and financial services companies within Penang. Penang Light Industrial Single- or multi-tenanted spaces in Penang used for warehouse, manufacturing, distribution, or research and development in Penang. 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