BANDAR SERI BEGAWAN – Buying property is not the same as shopping for groceries. It costs a lot, so you need to be financially ready and willing to take the step forward.
Before buying your home, a lot of money needs to be set aside for the down payment, which can be topped up with your TAP savings, insurance and lawyer fees (of which you can get subsidies from some banks) but it doesn’t stop there.
You would also need to be financially flexible to pay for renovation including the kitchen, lighting, furniture, CCTV and loads more.
So if you’re looking to purchase your first house but unsure of what’s best for you, we have sought out one of Brunei’s top property agents to help.
Before getting into the details, here’s a quick price guide of properties around Bandar Seri Begawan:
Land or detached homes
If you’re a Bruneian, you would most likely prefer a piece of land or a stand-alone house.
Locals would have inherited land from their family most of the time, allowing them to build their dream house. This is commonly known as the “Design & Build” trend.
Locals might also prefer to buy a new detached house over a terraced and semi-detached home or apartment. This is especially true for buyers who prioritise privacy and bigger spaces.
Alternatively, land owners can develop their land as an investment with agreed terms and conditions favourable for all parties.
Semi-detached or terraced houses
Semi-detached and terraced homes are gaining popularity among Bruneians seeking to purchase property.
On average, a terrace house has four bedrooms and an area of about 2,000 square feet.
Consider these types of homes if you’re looking for a big space at reasonable prices.
Many developers are also building terraced and semi-detached houses mainly because property buyers in Brunei see them as value-for-money purchases.
As properties in Kuala Belait are very expensive due to limited land or space, it’s normal for a 20-year-old bungalow to cost $500,000.
Living in an apartment, while not as popular as living in terraced homes, is gaining interest for its affordability and modernity.
If you’re looking to invest, apartments are easily available and good options for those looking to rent.
More insider information
First-time home buyers take note – you should consider houses in Bandar Seri Begawan during this period as there are a lot of options.
Most listings in Kuala Belait are only available for rent as land and houses for sale are limited.
Plus, Belait is the oil and gas district where rental and house prices are much higher compared to Bandar Seri Begawan.
Houses in Seria fall under the temporary ownership land (TOL) scheme, which are provided by the Brunei government for its citizens to build their own houses.
However, homes under TOL cannot be sold or purchased.
If you’re looking for a real estate agent, you can contact Hartanah Impianika at 8783388 or visit their Facebook page.
Need more tips? Check out this story on how to find a great real estate agent.