International Business & Economy A Guide to Buying Your Dream Apartment

A Guide to Buying Your Dream Apartment

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There is an extensive range of condominium and apartment properties in Penang. As a buyer, you would like to make the best choice when it comes to buying an apartment. Here is a guide that will enable you to get one of the best apartment Penang offers available on the market, easily found on sites like Property Guru.
Plan a Strategy
When considering an apartment, you should make a decision on what matters to you most either as an investor or an individual seeking to live in the condominiums. As an investor, you can look at rental yield or capital appreciation of the property. You should also consider that expats and foreigners are allowed to buy residential properties in Malaysia, and the prices exceed RM 1,000,000 per unit. Choosing the best location is important in making the investment. Having a good strategy will help you get the best apartment in town.
Be Quick and Smart
According to Asia Times, the property in South East Asia is up for grabs, and since there are many buyers, you may be forced to pay more for residential property. As a new homebuyer, it is important that you are smart and lay down all your priorities before making the purchase. Once a project is released, you should move and pick the best apartment unit that suits your specification before someone else picks it.
Make a Well Informed Purchase
The location, community, and neighborhood all remain one of the essential aspects of the real estate market. In most cases, people purchase property for the potential, however if the place is good today, then shortly, it could turn out to be the best location. It is not just about location, the distance from nearest markets, city center, schools, malls and other social amenities play an important role during the purchase.
Consider the Size
In Penang, most of the apartments and condominiums are large, and you can find a three plus bedroom apartments with size varying from 150sqm to 400sqm. It is a very popular choice for people in the vicinity, and the two bedroom units range from 70sqm to 200sqm. You are required to have the size of the apartment of your choice at hand to make the selection process easier.
Follow the Strategy
Most new homebuyers commit a common mistake, and that is that they buy an apartment without prior knowledge of what they expect. Having a well set-up strategy will help you in making a smart choice. If you want to achieve an attractive rent, then going for the smaller units is the best option. There is no oversupply of this kind of condominiums in Penang. The apartment should be located close to the social amenities, and you can rent it whenever you wish without the residents feeling the distance to resources.
Condition of the House
Exterior repairs can affect the value of the property, and one of the benefits of living in an apartment is that the current occupant will do the maintenance for you before you purchase the property. They are required to cut grass, maintain grounds, fix leaks, and roofs. It is recommended that you check maintenance fees for the apartment before making any move to purchase it.
Inquire about All Fees Involved
It is imperative that you check who is responsible for items such as loan processing fees, application costs, and stamp duty among other fees. If you are interested in buying a new property, the owner of the property is required to cover for the state consent application charges. And, you can seek the services of a real estate agent for further guidance on the current market conditions.
Understand the Essence of Sinking Funds
Everyone requires savings and condominiums are not different either. A sinking fund is one that is usually held by the management office to pay for repair and maintenance work on the building. Such costs are not included in the maintenance fees. In new apartments, the fund is rarely used in the initial years but for an older apartment, you could be asked for a top up if required. It is vital that you understand all the fees involved in this process.
Acquire Services of A Property Attorney
If you wish to buy a new apartment, it is important that you have a lawyer states the Find Law website. The lawyer will help you understand the contract, terms and conditions of the sale. This part is essential because in case you are not comfortable with the terms you can opt out when needed. Opting out of a contract can be a challenge if you do not have someone to help you navigate through the process efficiently. You can use an attorney and an experienced agent if you fear for your money, and you would like a comprehensive representation.

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