theSun Property August 2017

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theSun ON FRIDAY | AUGUST 25, 2017
Pre-owned –pros andcons
>Re-examining residential property on resale
Residential sub-salemarket
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OVER the last month,theSun
featured a series of articles
on the local sub-sale
market. Having explored
the definition of the term; shared
checklists, tips and advice;
highlighted the general outlook in
the country; and zoomed in on
Sabah, Sarawak, Penang and
Iskandar, we end the series this
week by drawing attention to pros
and cons in buying residential
resale/sub-sale property.
GENERAL OUTLOOK
Depending on how one views
things in life – as in the glass half full
or half empty – buying a piece of
property, put back into the market
for sale after it has been lived in,
surely doesn’t sound very
appealing.
Some view it as “second-hand”
or “used items”, quite the
unthinkable when it comes to
purchasing andmaking a home of.
Then again, property investors or
those with ringgit and sen running
through their veins, especially
when it comes to forking out money
or making any purchase, think
otherwise.
THINGS TO CONSIDER
Although newproperties are a
whole lot more attractive, in both
brochures and reality, there are
many benefits in buying sub-sale
residential property. However,
below are a fewpoints to consider
before signing the dotted line:
1) What you see is what you get
When buying a residential property
put back in the re-sale market,
viewing it thoroughly is a must.
Happy the buyer whomanages to
find his or her “dreamhome”. But
first, go through the property with a
fine-tooth-comb to ensure you
know exactly what you are buying.
Hindsight: Consider any
irregularities and flaws as these will
need to be added into your
“expenses” to get the final figure of
howmuch you will actually be
spending when buying a re-sale
property. From flooring that may
need to be changed to leaks and
faulty fixtures and fittings that the
seller has included in the sale price
– all these add to your expenditure
and gives room for negotiation
where the price tag is concerned.
2) Conserve on renovation
Depending on the condition of the
property and how identical or
similar it is to what you actually
have inmind for the place you
intend tomake home of – you could
save quite a sum if youmanage to
find a house that ticks all the right
boxes. That said, it would be wise to
take your time in looking for a
property whichmeets all your
desired requirements.
Hindsight: Never make hasty
decisions and do not allow yourself
to be put in a spot where you have
tomake an immediate decision,
especially in purchasing a house
you intend to live in. Never
compromise. If the price is too good
to be true, examine the property in
detail. Ensure there are no
encumbrances on the title and the
seller has not filed for bankruptcy.
Check for white ant and termite
infestation.
3) Matured townshipwith
amenities in abundance
There is no right number that fits
the bill to describe a matured
township. But here are some
features that resonate with the likes
of one – banks, hospitals, schools
and education institutions,
pharmacies, clinics, 24-hour
conveniences stores and eateries,
petrol stations, easy access to public
transportation andmajor highways,
parks, open and green spaces,
shoppingmalls, post office, places
of worship, leisure and
entertainment outlets.
Hindsight: While all the above may
come as conveniences for many,
such places are usually densely
populated. Hence, finding the right
balance may require one to “give
and take” on amenities, facilities
and comforts.
4) The choice is yours – outlook,
setting, even choice of
neighbours (and pets)
When viewing the property, one is
advised to talk to the neighbours.
Stand back and get the “bigger
picture”, taking in the entire setting,
look from all angles, from afar. You
can actually learn a lot from the
folks living next door as they could
let you in on crucial information on
the property at stake. Besides, you
could also take this meeting with
the neighbours as an opportunity to
learnwho youmay be living next to
in the coming years, if not, the rest
of your life.
Hindsight: Take note about the
things that irritate or annoy you –
crying babies, noisy children, loud
or smelly pets, mosquito infested
grounds, overly zealous house party
people, etc. – or vice versa. Youmay
be all the above and find that your
neighbours might give you a hard
time if lifestyles are at polar ends.
5) Free of foul smells from toxic
newness
Any thing new usually comes with
the scent of newness and novelty.
But new houses that are left closed
reek of sometimes “industrial
fumes” frompaint, sealants,
adhesives, etc. No worries for the
sub-sale buyer as interiors will or
hopefully will, smell of home. You
are also free fromnoise pollution
unless you or your newneighbours
are renovating.
Hindsight: However, in the case of
newly refurbished and renovated
houses, interiors dressedwith a
new coat of paint, or perhaps re-
floored/re-tiled, or those given a
thorough cleaning with industrial
solvents and detergents – youmight
want to open up doors and
windows and “air” interiors before
moving in.
6) Security and safetymeasures
Check on the history of the
township or neighbourhood and
learn of its past. If there is a housing
residences association/committee,
check withmembers on security
and safetymeasures or if there are
any issues. Fromguarded and gated
to regular patrols, ensure you are
happy with the services, which you
will probably need to pay towards.
Hindsight: Besides hefty security
and safety charges you will most
likely have to bear along with those
in the area, you could be called for
residents patrol duty.
7) Digital cable tv, internet and
phone services
Many houses and high rise
residential lots are fittedwith these
conveniences. When buying sub-
sale, you will probably need to sign
up for a new account before use.
Hindsight: Do check on availability
of the service and clarity as some
areas do not receive the best
reception. In addition, if you are
taking over the previous owner’s
account, ensure all preceding bills
are settled.
8) Identity, characteristic and
reputation of housing area
Who does not want to live in an
area that is renowned for all the
right reasons? From the cleanest
neighbourhood to that with zilch
burglaries, the most amount of
amenities and facilities or the best
maintained, etc. Houses in areas
like these give its residents a sense
of security and pride.
Hindsight: If you are not one who
is houseproud, your fervent
neighbours may give you a hard
time.
9) Free fromdysfunctional
fixtures, furnishings and
structural design
Come upwith a checklist when
viewing any sub-sale property so as
not tomiss out anything/area of the
home. What you see is what you
get. Anything which is not in proper
working order can usually be
rectified or repaired by the seller or
else, negotiated to be minused from
the agreed property price.
Hindsight: If you don’t “catch it”
before you sign the dotted line, you
may end up having to pay for
whatever is not inworking
condition.
10) Negotiable price tag usually
lower than newproperty,
sometimes belowmarket price
Depending on various elements to
consider like – the built-up, land
area, size and type of property,
its neck of woods, facilities
and amenities, etc.
Hindsight: If the price is too
good to be true, take your time
and domore research on the
property, the title/deed and
the owner.
11) Nomore surprises
When buying property in
matured townships, most
times there is hardlymuch
land left to construct huge
developments. Hence, one is
free from surprises like having
a huge white elephant obstructing
your amazing view or blocking out
the natural air flow, etc.
Hindsight: Some may beg to differ
as parks and lakes inmatured
townships have sometimes, in some
cases, had tomake way for
development/construction.
However, residents andmembers
of residents associations inmatured
areas with these open and green
spaces will normally give
developers a hard time.
12) Matured greenery
In short, a sight for sore eyes indeed
providingmore oxygenated air
during the day. The colour green is
also known to rest tired eyes.
13) More homely feel
Though debatable, used goods
usually radiate more warmth,
hence, more homely.
Hindsight: Used goods that radiate
a homely feel may be on its way to
decaying, giving way, etc.
14) Chance of gettingmore than
what you bargained for
Looking at this point in a positive
light as in, pieces of furniture which
youmay have said you likedwhen
first meeting the seller and viewing
the house as in furnishings like
drapes and electrical fixtures or
lamps, etc. – the seller may throw in
some of these with the sale of the
property.
Hindsight: Youmay get more than
you bargained for but in a negative
light – as in junk, odds and ends,
lock-stock-and barrel of defective
goods and scrapmaterial.