3 Things You Should Know Before Buying Old Properties
When it comes to buying a property, most of the home buyers prefer buying new homes directly from property developers. We think that buying old properties isn’t a bad idea after all. However there are some factors to consider before buying an old property. An old property could turn out to be gold as well. Let us discuss the three factors.
Look Out For The Condition Of The Property
First of all, old properties can come with faults. Get to know how has the maintenance of the property been handled. Check for hidden faults, especially if the property was built with wood. Check the old or rotten wood. There may even be fungus growing on the wood. Overtime, termites might be found in the building as well. Furthermore, check on the electrical wiring, if the electrical loads are enough for your family. Another thing to look out for would be the pipes and water pressure, whether the pipes are corroded, or the water pressure is too low. Also, check whether the pipes have leakage. Overall, check the condition of the property before deciding to purchase it. However, only by renovation one could see the structure of the building, whether or not it contains hazardous materials, such as asbestos and lead, which can be toxic to our health.
Look Out For The Location Of The Property
Usually, old properties are located in prime locations situated at the centre of the town, in the city. There may be shops, hospitals, schools, colleges, malls and other facilities or establishments nearby. However, traffic and parking availability may be bad, as towns and cities attract many people, and main roads are usually busy in the city, especially during peak hours. You may take 20 minutes for a 500 meters distance to be stuck outside of your house’s junction if you are just heading back to your house after work. It may be extremely difficult to find parking in the town as well, even when you intend to buy some milk you might take 30 minutes to find a parking spot, driving around in circles. In Malaysia, places like restaurants with hawker stalls could be extremely difficult to find parking as well.
Nevertheless, new developments are usually located outskirt or slightly outside of the city, in a silent and safe area where there are no amenities or shops nearby. Hence, if your house is in the city, things may be more convenient for you, especially getting to school or to work on weekdays.
Ask yourself whether you are comfortable living in the city and living conveniently despite the traffic jams and parking issues.
Financial Risk
While old properties might be more expensive as they are located in prime locations in town or in the city, with plenty of establishments and amenities around. A single storey terrace house in Petaling Jaya could have easily cost you RM700-800k. Not just that, you could end up spending more as there is still renovation and repair work to be done. You will never know if there are some sudden issues that will occur during renovation and repair, and you would have to pump more cash into it. Hence, this might be a risk for you financially as well. Make sure to budget your finance and be sure to put aside some amount for situations like this.
About Us :
SHR Properties A real estate company which offers comprehensive services including real estate property investments, development, sales, marketing, operations, and management. The company creates quality urban projects based on customer-oriented mode of management for a better living and working environment. They also provide professional expertise and resources, along with asset management risk analysis and other services.
