The thought of buying your first home can be daunting – you have to consider a lot of aspects before deciding on ‘the’ home you want to live in for most of your life. One very important aspect you have to give extra attention to is the developer. Why is it important? It was reported that in Peninsular Malaysia alone, there are more than 150 abandoned property developments since 2006. This has left a lot of home-buyers in limbo as they will have to continue servicing the mortgage despite the development being abandoned.
There are also countless cases of developers cutting corners and delivering inhabitable, sub-par properties. To avoid being trapped in this conundrum, here are some tips and tricks to help you choose a property developer that is reliable and trustworthy:
Choose a reputable property developer in Malaysia
A simple Google search will give you the list of the top property developers in Malaysia. If the property you have been eyeing on are developed by one of these big players in the market, you can be rest assured that the investment you are going to make is worthwhile. So, be really sure that the developer has a good track record and is able to deliver the project on time.
Cheaper doesn’t always mean better
If you come across a double story terrace house in Damansara that costs RM200,000 – be doubtful. The price may look and sound attractive, but if it is way below the market value, there must be a hidden reason. If you have a limited budget, it is OK to buy a house at the outskirts from a reliable property developer rather than going for a cheap one built by an unknown developer. If it sounds fishy, it probably is.
Don’t fall for marketing gimmicks
Don’t let the freebies and huge discounts cloud your judgement. If you have even a tiny bit of doubt, clear it with the sales personnel or property experts. It would be better if you could visit their show house to judge the quality of the property development and the surroundings for yourself. Try not to commit before you visit the actual site.
Check the list of blacklisted property developers
The last but most important step you must take before signing the contract is to check the list of blacklisted property developments in Malaysia. The Ministry of Housing and Local Government, in its website, has a long list of property developers who are unlicensed, defied the Tribunal for House-buyers Claims, failed to pay their compound and involved in abandoned housing projects.
Buying a property is probably one of the biggest investment decisions you will ever make, so it is better to play safe and choose one of the top property developers in Malaysia instead of losing your life savings to inexperienced and sometimes unethical developers. There are no doubt smaller players who are trustworthy, so do your homework and make wise choice.
Before you take the leap, do a lot of research, ask the experts, check online for reviews and visit the property or its site. The property market in Malaysia is well-established with a lot of reputable developers, it is in your hands as a buyer to take all the necessary precautions to avoid falling into the trap of the few bad apples.