Tips for Buying a Home or Property Part 1

28 June, 2017

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The newspapers today are often full of property launches and tempting properties which promise beautiful facilities, high-tech security features and accessibility to attractions. However, before you excitedly sign on the dotted line, read below for some tips in buying your home or property.

Choosing A Good Location

Property appreciation is  always about location, location, location. Properties in established neighbourhoods, cities and close to good schools often have higher appreciation in the future. However, these properties will also come with a premium attached to them so be prepared to pay a higher price for a good neighbourhood.

Landed Property vs Condominiums

Decide if you would prefer to live in a condominium or landed house. If you like gardening, have pets or want ample space for your children to run around in, a home with some garden might be more preferable than a condo unit. However, if security is a concern, then a gated community or a high-rise unit with security features might be favoured. In KL, new landed properties in prime areas are becoming quite scarce and often the only affordable options available are high-rise condomiunim units.

Beware Of Errant Developers

If you are buying an uncompleted or partially completed property directly from the developer, do some preliminary research on who the developer is. An errant developer may abandon the project halfway, leaving you with a hefty loan and no property. Build your knowledge on the more reputable developers in the market. Again, properties by reputable and high quality developers may come with a slight premium which may be worth paying for to avoid a lot of future problems.

Uncompleted Or Completed Homes

Buying a home from a developer means you get it at the best price available as completed homes prices are often higher by the time they are ready for the reduced risk. Do remember that buying an uncompleted home may expose you to errant developer risk so decide if you would rather pay a premium for a completed or second-hand property or take a minimal risk with an uncompleted property by a more reputable developer.

Ask Questions

If you are attending a sales launch, ask questions. Find out in detail the exact location of the property, the built-up and what is included in the actual property. Often, showhouses or showunits are done up with lots of interior design works and prospective buyers might think that the actual house comes with all those added features. They do not, so do ensure you are clear on the features and specifications of the potential property.

Hopefully, this has provided you with some ideas on what you should be keeping in mind when looking for a suitable home. In the second installment of this series, look out for financing and legal tips to help you own your home with minimal hassle.

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