I am not an expert but I made some quick google searches and found this:
“Requirement by Penang state consent. Foreigners or non-Malaysian will only be allowed to buy condo priced above RM1 million and for landed properties priced RM3 million and above.”
However, Malaysia has also introduced the Malaysia My 2nd Home Program (MM2H). I found this statement,
“MM2H participants can buy up to 2 units below RM500,000 with good reason & letter of support from the Tourism Ministry.”
Foreign purchasers are also required to “apply state consent and pay 1.5% to 3% levy fee based on the purchase price after signing the sales and purchase agreement. It normally takes 6 weeks to 8 weeks for the state approval consent.
The following particulars are necessary for the preparation of legal documentations:
1. Copy of passport(s) – owner and co-owner(s), if any
2. Correspondence address
3. Contact – house telephone no, mobile no, office no, e-mail address”
Google “penangproperties[.]com” and you will be guided to the same resources that I just shared with you.
In terms of other things, you might have to prepare for is the weather honestly. Not sure if you are a fan of the rain/shine seasons, but I know many expats find that as a charming side of Malaysia. In terms of domestic expenditure, the grocery is known to be quite affordable and eating out infrequently is something doable too. However, please note that most buildings are not pet-friendly. You might not be able to keep your pet dogs (or any other animals) in your condominium or any other buildings (even malls and grocery stores)