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Buying a house is a commitment that’s almost like marriage. Whether or not you plan to stay there, you’d still have to make sure that you’re making a viable long-term investment that can provide you steady rental returns or perfect for you and your family.
Here are five important things for you to look into before you commit to purchasing.
#1 The property should be sustainable
Make this easier by finding out if the building has been certified by the Green Building Index, a tool which promotes sustainable buildings to provide energy savings, healthy indoor environment, water savings, better connectivity to public transport, and adoption of recycling and greenery to reduce impact on the environment.
#2 There should be no encumbrances in the property title
A property title usually refers to a formal document, such as a deed, as evidence of ownership. Ensure that your title is free from encumbrances before you make your purchase. This essentially means that no one else has any claims over it, such as a third-party caveat where the previous owners still owe money.
Note: This applies for sub-sale property and not new launches.
#3 The property’s location fits your lifestyle
Before you make any commitments, make sure that you research the neighbourhood beforehand. You may already be interested in it and therefore have made assumptions about the area, but it would not hurt to do further research.
Some important aspects you need to consider is whether living there will affect your daily commute to work. Your property may be close to the city, but is it on a road where traffic is bad all the time? Public transportation would be a plus, especially when there are recent initiatives to fix rates and special passes. Also, the property may be near malls or other lifestyle facilities, but would it be noisy at night?
#4 Know your rights as an owner!
Ensure that you’re given a Sales and Purchase Agreement that’s clear and easy to understand. Read through them so that you’re aware of the necessary Terms and Conditions, right and obligations, and the remedies afforded to you. You don’t want to be caught in a situation where there are loopholes for the seller to take advantage of you.
#5 Find out the developer’s reputation
Do your research on the property developer find out whether it has a consistent track record. Do they finish their projects on time? You don’t want to be in a situation where your property isn’t completed on time or has poor construction quality.
New property owners are able to get this repaired for the first two years under the Defects Liability period. You can also find a list of blacklisted Malaysian developers by looking up their company names here.
Keep up with the brightest names in property development by finding out who gets the top honours at the second annual iProperty Development Excellent Awards (iDEA), organised by Malaysia’s Number One property website, iProperty.com.my.
Visit www.iproperty.com.my/idea for the list of 2018 finalists and follow iProperty.com.my on Facebook to get updates on the events and the winners as it happens this 15 November.
Want to know more about iDEA? Check out the LITE’s interview with iProperty.com.my below: