Buying a condo in Penang – 8 things to consider
There exist a wide range of specific options for condominiums that Penang has to offer for its buyers. Condos for sale in Penang include furnished, semi-furnished or raw types which are qualitatively structured along the different parts of the city. Here go the top eight tips to consider if one is planning to buy these residential units in Penang.
- The main aim behind investing. One should be precise on the reason for investing which means whether it is done for capital appreciation, getting rental yield or as a place for a holiday stay or after retirement stay. However, foreigners are granted to buy only those units that exceed the price of RM 1,000,000. So, wisely opt for the location that has appreciable facilities and other management conditions that attract both foreign tenants and owners.
- Make a beneficial move. The one who makes the early move can attain the best project work and the respective units before others take them. These may earn you more and so select upon the exterior landscapes, green condos, interior designing works and so on.
- Get hold of a potential condo. Ensure you invest in the right location that has future potential to attract people. It means the condo must be in a place that is easily viable to all amenities and thus, saves a lot of money and time.
- Prefer the required size. Penang houses the three-bedroom condo units in the majority that utilizes 150 to 380 sqm floor area. There are: single and two-bedroom units which, cover almost 70 to 200 sqm area and is still able to appeal the foreigners as their perfect place for accommodation.
- Consider the maintenance facility. The exterior of a property can significantly affect the property value. It will be an advantage if there are services or people who take care or maintain the condominium for you. They will fix all things and see if everything is neat and clean. Take such units that have good maintenance service, and one needs to pay around RM 0.5 per sqft monthly.
- Know the one to contact for different situations that cause an unexpected fee. Mostly, the developer of a new condo unit will take the initiative to collect state consent application fees, loan processing charges, other legal and stamp duty amounts on the title. However, it is not necessary that it remains the same for every development. Avoid confusions by reading the contract correctly.
- Allocation of the sinking funds. It is a type of contingency fund that is kept by the management for up keeping the building structures. Moreover, this amount is collected in addition to the maintenance charges and not utilized for the first few years. However, the old building requires this amount for repairs, and the owners can use the deposit or extra fund as per the timing requirements.
- Always consult a reputed agent. To derive the best from the opportunity, consider taking advice from a professional real estate agent. He could make you aware of the present developments as well as developers who are safe to deal with.