It’s a good time to buy property. As Global Property Guide notes, Malaysia’s housing market still remains slow but is forecasted to gain strength later this year. And as you know, lower prices means a better investment. Before you can go through with the purchase of a condominium, it’s always best to check and double check that you’ve covered your bases.
By asking yourself a few basic questions and understanding what they entail, you’ll be ready to make the final considerations and take that decidedly brave leap into the world of condominium ownership. This is an especially exciting time for first-time owners, as choosing your first condo for both living and possibly investment is a huge step in life. But even among those who have been buying and selling condos for years, it’s never too late to ask yourself whether you’re getting the best deal you could be getting.
#1. Have You Surrounded Yourself with Experts?
While especially critical for first-time buyers, getting a real estate consultant to inform you on the further ins and outs of the market is generally a good idea. Like any large financial decision, buying a condominium needs to be a very strategic decision. If you’re lacking the necessary knowledge and information to make the right call, however, you could be left with a subpar deal.
Getting a realtor or a real estate consultant on your side is one step, but having a lawyer who knows the details and considerations that need to be made when it comes to property laws and condo contracts is a huge boon as well. Condominium ownership works differently from other kinds of ownership, especially house or apartment ownership. Before you consider putting your name on the deed for a condominium unit, you need to understand what kind of legal risk and liability you’ll have to carry as a result of your purchase.
Once you’re certain that you’ve spoken with the best and brightest around on the topic of condominium pricing and the like, you’re well on your way to the next critical question on your way to your very own condo unit.
#2. Are You Exploring Your Options Thoroughly?
There’s never such a thing as looking around too much. Looking won’t cost you (much), especially not if you do it online through a real estate directory such as Property Guru. If, for example, you fixate yourself on a property by the ocean, you may miss the newest OUG Parklane offer, which in retrospect would have been a much more attractive deal had you caught it. Keeping your eye on the market and stretching your views far and wide over what’s available within your city and province is a must when you’re trying to score the best deal.
High-rise, low-rise, stocked with many amenities or simply a few, located on a luxurious beachfront property or in the middle of the business district – condominiums find themselves in many different parts of the city, at various price points and with varying perks. You may love the beach, but as SFGate notes, beachfront properties are always far more expensive. Instead, consider a property a few blocks away from the coast. Don’t fall victim to the sort of buyer’s tunnel vision that could end up costing you a greater opportunity – in short, don’t get emotionally attached to the idea of any one property before having even lived in it.
#3. Have You Gotten Pre-Approval for a Loan?
Before seeking to buy a condo – or really, any form of property – it’s best to go to your bank or lender and discuss getting pre-approved for a loan. Pre-approval will be able to give you a realistic idea of how much you can afford, giving you a concrete price range with which to work. This beats finding a condominium first and getting a loan later. While your dream condo might await you, your bank may not be willing to loan you that much – or they might charge you a mortgage rate that will put you under too much stress.
If you decide to buy a new and as of yet unfinished condo unit, getting a loan could help you save up and pay off the first few months of the loan before ever having to pay for it and step foot in your new abode.
#4. What Perks Can You Expect To See?
The reason many people choose condominiums over other forms of housing is that, simply put, there’s more to do. From community pools to fitness gyms, a tennis court and even restaurants on the ground floor, the right condos with the right amenities can create a community that makes a slightly more expensive condo well worth its costs. Consider how much you would save by taking advantage of a condo’s perks, instead of going for a condominium with as little amenities as possible.
Once you’ve made your decisions, it’s just a matter of following through and putting your name on that dotted line – and presto! You own a condo unit!
posted on 30th March 2016