Short answer: for most Johor Bahru condos, selling "as a running homestay" only wins if you can show 12 clean months of statements and the building still allows short stays. If you can't, sell it empty, furnished or not, and price the furniture separately. Either way, decide what happens to future bookings before you list, because that is where sales get messy.
Most owners think about selling a homestay unit exactly like selling any condo. It isn't, for three reasons: the unit has bookings in the diary that nobody can "transfer", it is full of furniture that is half asset and half consumable, and the buyer is often an investor who will ask for your numbers. This guide walks through the decisions in the order you will meet them.
Disclaimer: this is general information, not legal, tax or property-agency advice. Talk to your lawyer and a licensed tax agent before you sign anything. We are a homestay management company, not a property agent, and we do not value or sell units.
Should I sell the unit with the homestay running, or empty?
There are three ways to hand over, and they suit different buyers.
| Way to sell | Who it suits | Main risk |
|---|---|---|
| Running homestay (furnished, bookings continue) | Investor who wants income from day one | Buyer inherits rules, licences and building risk; price depends on your numbers |
| Furnished but no bookings after a date | Owner-occupier or long-term landlord who likes the layout | Furniture priced badly or not at all |
| Fully empty | Buyer who will renovate | You lose the "ready to earn" premium, if there ever was one |
A running homestay sounds like the most valuable option, but it is only easy to value if three things are true: you have clean monthly records, the building allows short stays, and the next 60 to 90 days are not already full of guests. If any of those is missing, an investor will discount the price hard, and an owner-occupier will not pay anything extra for income they don't want.
What happens to the bookings already in the calendar?
This is the question most sellers forget. A homestay booking is a contract between the guest and the platform listing under your host account. It is not a tenancy, so it doesn't pass to the buyer like a lease does. A long-term tenancy can be assigned to a buyer with a deed; a stack of Airbnb or Agoda reservations cannot be moved to someone else's account.
You have three realistic choices:
- Block new bookings from the completion date minus the longest stay you accept. Let existing guests check out, then hand over a clean unit. This is the safest and what we would do.
- Keep hosting after completion under an agreement with the buyer. Possible, but you need the buyer's written consent, a plan for who pays for cleaning and damage, and a clear cut-off date.
- Cancel future bookings. Platforms penalise host cancellations and guests lose trust, so check the current rules first and use this only when you have no other way.
Whatever you choose, put the cut-off date in the sale agreement and tell your management company in writing. Deposits already collected from guests are held against those stays, so they are not part of the sale price.
Does the furniture count in the price?
Treat furniture as a separate line, not as "included". Homestay furniture ages faster than home furniture. Mattresses, sofas, towels and small appliances wear out in a year or two under constant turnover, which is why we wrote about the furniture that breaks first.
A fair way to handle it:
- List what stays: beds, sofa, TV, washing machine, aircon (if yours), curtains, smart lock, kitchen basics.
- Give each group a realistic second-hand value, not what you paid.
- Either write the furniture into the sale price with a schedule, or sell it in a separate inventory list so the buyer can decline it.
- Take it out of the property price if the buyer wants an empty unit; a buyer who is forced to buy furniture they will throw away will notice, and the price talk gets harder.
Smart locks and aircon units are fixtures-adjacent, so write down whether they stay or go. Disputes after completion over "I thought the TV stayed" are more common than disputes about price.
Which numbers will a buyer look at?
An investor will ask for the same few things, and a seller who has them ready sells faster.
| What the buyer asks | Why it matters | What you should prepare |
|---|---|---|
| Last 12 months of gross income | Shows seasonality, not just the best month | Monthly totals, one page |
| Expenses by category | Net income is what pays the buyer, not gross | Cleaning, utilities, platform fees, repairs, management fee |
| Net income after management | Buyers value the unit on net | Monthly owner statements |
| Occupancy and average nightly rate | Tells them whether the unit is priced right | Platform exports |
| Platform ratings and review count | Reviews stay with the listing on your account | A note that they don't transfer automatically |
| Building rules and licence status | Decides whether the income can continue | Management-office letter, MySTRA status |
The most important thing is to value on net, not gross. Here is an example (not a quote, and not our own figures):
- 12 months gross: RM54,000
- Platform fees, cleaning, utilities, repairs, management fee: RM27,000
- Net: RM27,000
- Asking price: RM400,000
On net, the yield is about 6.75%. A buyer who only looks at gross would see 13.5%, but an experienced buyer won't use gross, and if the first number you show is gross, you lose their trust in the second. If your unit is managed by us, the month-end owner statement already splits gross, expenses and payout, so the 12-month pack is a copy-paste, not a rebuild.
A single great month is not evidence. We have shown one 10-unit owner's December statement elsewhere (gross RM67,081, owner payout RM50,311), and a buyer would rightly ask about the other eleven months before believing it.
What does the building have to say?
For a condo, the sale can stop at the management office. Before you list, check:
- Does the house rule or the by-laws restrict short stays today? Has an AGM vote been called? See what happens after a short-term rental ban.
- Are all maintenance charges and sinking fund paid? A buyer's lawyer will ask for a clearance letter.
- Do you have the licence or registration the unit needs, as covered in what you actually need for a homestay licence in Johor Bahru?
Be honest about anything unresolved. A buyer who finds out after signing that the building is voting on a ban will not be a cooperative buyer.
What tax should I plan for?
There are two taxes to keep apart. Income from running the homestay is covered in how homestay income is taxed. Profit from selling the property falls under Real Property Gains Tax (RPGT). Based on 2026 published rates:
| Sold in | Malaysian citizen / PR | Foreigner |
|---|---|---|
| Up to the 3rd year | 30% | 30% |
| 4th year | 20% | 30% |
| 5th year | 15% | 30% |
| 6th year onward | 0% | 10% |
Individuals can deduct the higher of RM10,000 or 10% of the gain. The seller files within 60 days of the disposal date, and filing is still required even where the rate is 0%. Mortgage interest and routine repairs are not deductible.
Example: you bought at RM300,000 and sold at RM380,000 in the 4th year, with RM0 other allowable costs for simplicity. Gain RM80,000, minus the RM10,000 exemption, is RM70,000. At 20% that is RM14,000. Sold in the 6th year as a citizen, the same sale would pay 0% (but you still file). Treat this as an illustration and have a tax agent run your real numbers.
What if you have a management agreement with us?
This is the part that doesn't favour us, so we are saying it plainly. Selling the unit ends our management of it, and we don't earn anything from the sale. Whether you owe anything on exit depends on the termination and notice clauses you signed, which we covered in 12 clauses to check in a management agreement. Read yours before you tell the buyer a handover date.
What we can do: give you the monthly statements and the booking calendar so you can plan the cut-off date, and help hand the unit over clean. What we won't do is promise that a buyer will keep the homestay running or choose us.
A simple order of work
- Read the building rules and your management agreement.
- Decide: running, furnished-empty, or fully empty.
- Pick the last check-in date and block the calendar after it.
- Collect 12 months of statements and the expense breakdown.
- List the furniture with a second-hand value.
- Ask the management office for the clearance letter.
- Get a tax agent to estimate RPGT before you accept an offer.
Whichever route you take, plan the handover date backwards from completion, not forwards from the day you list.
Next step
If your unit is in Johor Bahru or Desaru and you want to know how a managed unit's records look before a sale, or you'd rather keep it and compare plans, leave a note at /ownerenquiry.