What are the top 6 things to ask the property agent when buying a new property in Malaysia? It’s important to always remember these 6 things, especially for those who have never bought a piece of property before. Each of these things will help you make the best decision on your property purchase. The agent is there for you to do precisely this, so don’t shy away from asking absolutely everything you need know.
This should come as a no brainer as it holds the largest amount of weight in determining your decision. You should always find out key pricing factors such as cost per square foot, the booking fee, rebates, and the down-payment. Make sure to have a sit down with the agent after you cover everything else, so he/she can go over with you the total upkeep of the property. During this time make sure to find out the monthly loan repayments, maintenance fees and sinking fund (if any) so you can devise a way to manage your commitment ahead of time. Have them write it all down on a piece of paper for you, so you can take a picture or take it home with you for reference.
2. Developer Information
This is even one that from time to time we have forgotten ourselves. It’s very important to make sure that you find out who the project developer is and what other projects they have completed before. It’s safest to go with a more renowned developer who has numerous projects already under their belt. Going for a developer with limited experience in the property development space can be very risky. There are chances of you facing delays in the handover process or even have the chance of the project being abandoned altogether.
3. Fixtures & Fittings
Make sure to clarify which fixtures and fittings in the showroom come with the unit. The showroom will often be designed with a lot of excess furniture to enhance the overall look of the unit to entice buyers to seal the deal. Just find out from the agent which parts do indeed come with the unit and which don’t. Also make sure to double check the Sales and Purchase Agreement when it comes the time for you to sign that it tallies exactly with whatever the agent told you.
4. Future Developments
Always remember to find out from the agent whether there are empty plots of land around and if there is a future chance of a new development coming up nearby. This can be especially important in finding out if your view will be blocked and who you’ll be competing with for tenants and resale further down the road. You wouldn’t want to have your beautiful KL city view blocked by the tower of another condo shortly after you get your keys.
Amenities are probably the most natural question that gets asked. Everyone wants to know what the property is equipped with and what the surrounding area is like. Is there a Gym? What about a swimming pool? How far is the nearest supermarket or MRT line? etc. It’s probably a wise decision to do a quick survey of the area yourself so you know what else is nearby. Be sure to check google maps for an overall outlook of the area. Also, be sure to find out the number of car park lots and what the cost might be for an additional lot.
6. Completion Date
You will want to be certain about this as it’s not always told truthfully to you. Try to get the info from the agent the date that will be stated in the Sales and Purchase Agreement and not the expected completion date. This will often differ greatly and the expected completion date could be years off from what the agent will tell you and what will be printed in the S&P.
All these 6 things to ask the property agent when buying a new property will help ensure that you make the best decision on your property purchase. It’s important to get everything you can out of the agent while at the showroom. Also, be sure to take their card so that you can contact them for anything else that comes to mind or in case you forget to ask them any of the above.