Before you make your major decision to buy a property, make sure you are familiar with the types of property available in Malaysia. With so many properties for sale, you will need to take some time off to do your research on which type of property best suits your needs and wants. Afterall, buying a property is a huge commitment and it involves a huge sum as well. You definitely do not want to end up regretting over your wrong decision that you have made due to lack of research. That will then be too late. Fret not, this article will explain to you the basics of property type in Malaysia.
First of all, you ought to know the key market segments in Malaysia, namely:
- Mansion; Bungalow; Villa
Mansion, bungalow and villa are the best example of luxury in Malaysia. However, there is a slight difference between these three types of property
A mansion is defined by luxury that is much bigger in size than bungalow. Different countries have a different definition of mansion, but one thing they share in common is that mansion refers to a property that is designed in grandeur for the rich.
A bungalow is built on a stretch of land. Bungalows are somewhat similar to mansion, but much smaller in terms of size and sqaure foot.
Villas can be very similar to bungalow, but they are known to be much larger with their own gardens and much luxurious.
- Semi-detached; Detached
A semi-detached house is a house that is built as one of a pair that shares one common wall with the neighnouring home. In addition, the layout of the house will be a mirror image of the neighbouring house.
Detached house is a house that stands on its own without adjoining its neighbouring house.
Terrace house is a house that has been built as part of a continuous row of house in a regular style. Terrace house is also similar to link house and superlink house, with the only difference between them is the sizes. Terrace house is the smallest among all, followed by link house. Superlink house is the largest in size, ranging up to 34 feet x 80 feet.
A townhouse is typically known as two homes in one, also known as a house with multiple floors where two units are stacked on top of one another, or attached to each other side by side.
- Apartment; Flat
Both apartment and flat are the basic high rise developments in Malaysia that are affordable and have existed for decades.
An apartment is usually over 5 storeys tall and is guarded and gated. Moreover, an apartment unit comes with complimentary outdoor parking space for the residents as well. In addition, residents get to enjoy the basic facilities offered such as the playground.
A flat is a non guarded and non gated walk up residence, usually 5 storey or less with only outdoor parking space and no facilities.
- Condominium; Serviced Apartment/Residence/Suites
A condominium is an individually owned housing unit in a multi unit building, with each condominium unit owned separately by the people living in it. Condominium usually comes with high security and basement or indoor parking bays. There will also be a full range of facilities offered to be shared among the residents.
- Serviced Apartment/Residence/Suites
A serviced apartment/residence/suite is somewhat similar to a condominium unit, but comes with hotel like service and amenities such as, bellboy service, house keeping, room service, and so on.
- Penthouse; Duplex; Loft
A penthouse unit is usually located on the highest floor of a condominium building or hotel and typically occupies the entire floor. In addition, penthouses nowadays are double storey as compared to penthouses in the past where they were single storey.
Duplex and loft are similar property that come in different names. These two types of property are normally double storey units that are located within a residential unit.
- SoHo; SoFo; SoVo; Vos
The SoHo, SoFo, SoVo and Vos are the newly introduced types of properties in the Malaysia property market.
The Small Office Home Office (SoHo) units are used as either home or office. It is typically used for small business or individuals who are self employed with small number of employees.
The Small Office Flexible Office (SoFo) units are used as office and are known as flexible offices due to the units having breaking points in the walls in order to enlarge the spaces.
The Small Office Versatile Office (SoVo) and Versatile Office Suites (Vos) are similar and can only be used for commercial purposes.
Shophouses are homes that are located above the shops. Despite the shops have a commercial title, there are still possibilities for the houses located above to have a residential title. This however, will depend on the developer on whether they could apply for residential title for the houses located above.
- Retail Lot; Shop Lot
Retail lot units refer to units that are located within malls whereas shop lot units refer to units that are located in commercial areas.
- Integrated; Mixed-use Development
Both integrated or mixed use development is a type of development that consists of a mixture of residential, commercial or entertainment uses. Some developments might include shopping malls, theme parks, offices and so on.
In conclusion, investment in properties will still depend on your budget and how much you can afford. Make sure you know the differences between the types of properties in Malaysia before you decide. You should take these factors into consideration as well before deciding which to buy, such as monthly income, purpose of buying (own stay or investment), cash available, and loan amount. As buying property is a huge commitment that involves a huge sum of money, make sure you do your research and plan ahead to make the best decision out of it, as you definitely do not want to get caught in a debt.