My kids absolutely love roti.
Yup, posted this when it was first reported. Caused condo sales to go through the roof!!! LOL
Malaysia is highly underrated. I hope I can find a nice condo while I am here for 2 weeks enjoying that hawker food.
Not too shabby… a DUPLEX (here means 2 story) 3 bedroom, 3 bath 1200 sq ft condo with this kind of view is $122K US!!! Spend more, get waaaaaay more easily…
Buy it.
Wifey and her family joining me in Penang tomorrow. I have a week to sell them on the island instead of being near Singapore. We will look at this one and better ones. I hope the food is truly better than what they get in the South…
Can you share more about where this duplex is being offered? The builder and the community?
I don’t know the specifics about the builders or developers. This and the other two are in the Batu Ferringhi beachy area (up North of Penang) where mostly expats and foreigners reside I think. Here are two more condos I checked out today with a YouTuber RE agent:
Get this: according to the agent THESE PLACES ARE NOT MOVING!!! People want to be closer to the city where everything is. He said I was a special case. Come on!!!
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Temp and humidity highs and lows?
I read somewhere Malaysia just lowers their immigrant visa requirements?
I am seriously considering to spend 6-8 weeks this coming summer in Malaysia during kids summer vacation. We are thinking of work from another country + paid time off during that time. Goal is to have kids expose to Asia in local-ish setting (instead of 5 days at a hotel) + good food. We might need some day time activity for kids like sports club etc. I am leaning towards the George Town area. Thoughts?
Sounds like a very cool plan and very educational for the kids.
Ok, sounds like you know about Malaysia’s digital nomad visa program. Yes, the MM2H program that Manch is referring to has just been revised down but still fairly pricey in some folks’ eyes. 3 tiered program. Top tier (most expensive) does give one permanent resident status though. Lowest tier still calls for $100k for fixed deposit. Sorry, Malaysia does not want poor people. It is their right, after all.
It may not matter since that is when your kids are free but check the summer weather in Malaysia. It is quite mild right now with some periodic (cooling) rain at night.
Georgetown is great. UNESCO World Heritage site with a lot of culture and art. Some people find it nice but others may still find it old and tired.
There is also conventional Legoland and resort island Langkawi that is not too far away for some water fun.
Here is a picture of the crazy traffic between Singapore and Malaysia. We are staying at these new condos in JB that investors are snapping up in advance of the MRT train station that allows one to get to Singapore rather quickly for work and play. This area is starting to really blow up. Imagine once the train is operational. Singaporians can also escape the high cost of their homeland and venture over to the cheaper Malaysia side even faster.
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What are the fees in a transaction? Realtor fees closing costs.
Any restrictions on renting. Management fees?
Capital gains taxes when you sell? Currency issues.
Lots of things to consider when you buy as a foreigner.
Hopefully you find your dream place.
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May have already been addressed but the hassles of living as an ex-pat without giving up US citizenship (a hassle itself) can be greater than local hassles. Double taxation and a rat’s maze of paperwork.
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Good stuff both @Elt1 and @acre, which is why I am contemplating whether to green light this purchase or not (on a Friday in Malaysia, coming back next Tuesday).
First of all, cost of this place is about $300K US, so not expensive.
Next one is, I do plan to live here half the year in retirement. CAPITAL APPRECIATION is not even remotely on my mind. If I get 20+ years of enjoying that sunset, I would be more than happy.
I may even be able to get a foreigner’s home loan to leverage this. Rates here are supposedly in the 4s. Yes, 4s. Taking out a loan will help with the lack of disclosure info which I will mention later. I mean, if anything major happens, I walk.
Ok, since I am buying this direct from the owner, technically don’t need an agent. He doesn’t want one. I probably do, since I am not familiar with the paperwork or processes of course. Get this, agents get paid 1% typically. Overall fees in a nutshell are a few % I believe at a graduated level. Not a lot.
In general, Penang has outlawed Airbnbing (except to grandfathered places or something like that). Normal annual leases are fine. The place is currently rented by an international school teacher from Europe or Australia (caucasian). Rent amount being paid is good supposedly, and the best thing about it is that I get some revenue while I hammer out my true retirement date. Win!!!
Ok here is the best part: both monthly maintenance and property tax are about 800 ringgits. Yes, divide that by 4.63 (the recent exchange rate I encountered when at a money exchanger recently). The official rate is higher of course. So, lets just say 200 BUCKS A MONTH FOR MAINTENANCE AND PROPERTY TAXES!!! Yes, you read that correctly. Peanuts!!!
Regarding capital gains, no capital gains after 5 yrs. Don’t quote me on this. THE CRAZIEST THING IS THE INCOMING NATIONAL CHINESE (MOSTLY) DO NOT VALUE THE SLIGHTLY REMOTENESS OF THIS AREA!!! OMG, HOW MUCH WOULD THIS UNIT COST IN THE US??? THEY ARE ONLY BUYING THE MOST CONVENIENT CONDOS DOWN MORE SOUTH. I am a retiree, I could care less about the crowded tourist areas.
Here is the big issue: lack of disclosure information. It could be a regional cultural thing. Now, I do have a good friend whose friends do live and own in this complex and they vouch for the building. Reserves are over 1M and they maintain the complex beautifully. The seller is only selling to get money to remodel his London home. He will still live here in a bigger unit. There is some scare that the builder (a good reputable one) might build a sliver of a hotel on complex grounds but my view at the 27th floor would not be impacted. It may or may not happen…
Since this unit has rental income, yes, my CPA confirmed of course that I would need to pay US taxes. I also will need to pay Malaysia taxes.
Ok, anything else?
How much was it last rented for?
My feeling is that if it’s not a money maker then why bother buying properties. It’s a nontrivial thing to maintain esp while you are away for six months or more.
Why not just hop around Asia? Living in Bangkok for a few months, Malaysia for a few, and Taipei for a few? You already have multiple properties in the states.
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