Buying - Hartamas Real Estate https://hartamas.com Realising Your Dreams Wed, 22 Nov 2023 02:26:41 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.1 https://hartamas.com/wp-content/uploads/2022/08/cropped-hartamas-icon-32x32.png Buying - Hartamas Real Estate https://hartamas.com 32 32 Pros And Cons Living In A Studio Apartment https://hartamas.com/pros-and-cons-living-in-a-studio-apartment/?utm_source=rss&utm_medium=rss&utm_campaign=pros-and-cons-living-in-a-studio-apartment Wed, 22 Nov 2023 02:20:13 +0000 https://hartamas.com/?p=26760 A studio apartment is a compact home that has a living room, kitchen, and bedroom all in one space. When on a tight budget, studio can be a good choice for young working adults and students who value seclusion. However, it’s crucial to understand the studio apartment’s spatial characteristics and whether it’s a wise decision […]

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A studio apartment is a compact home that has a living room, kitchen, and bedroom all in one space. When on a tight budget, studio can be a good choice for young working adults and students who value seclusion.

However, it’s crucial to understand the studio apartment’s spatial characteristics and whether it’s a wise decision before choosing one because living in a studio apartment definitely has its perks and drawbacks.

On the positive side, you can’t beat the lower price and more affordable rent compared to bigger apartments. It’s a great option for individuals who are flying solo or on a tight budget.

Another advantage is that everything is combined into one open space. This compact layout can be convenient for those who prefer city living and want to be close to all the action.

On the downsides, storage space can be limited in a studio apartment, which means you may need to get creative with organisation solutions. It’s important to make the most of every inch of available space.

Furthermore, hosting friends and family can be challenging due to the limited space available. While cozy gatherings can still be enjoyable, large gatherings might not be feasible in such tight quarters.

In this article, we are listing down the top three pros and cons each of living in a studio apartment to help you make better decision of living compact in the city, or a bigger space outside the city.

Pros of living in studio apartment:

    1. Affordability – Due to their smaller size, the selling price and rent for studio apartments are typically lower than one-bedroom apartments in the same neighborhood. You’ll also save money on utilities bills because of the smaller unit size. 
    1. Convenience – Studio apartments are often strategically located in prime areas, making it easier to access amenities and transportation options. The convenience factor cannot be overlooked when you’re living in a bustling city. 
    1. Privacy – Many tenants are faced with the decision of renting an apartment alone or sharing one with roommates. You usually receive extra space when you live with roommates, but you also give up privacy hence, renting a studio apartment allowed you to have your own space and the flexibility to do as you like.

Cons of living in studio apartment:

    1. Storage – A lot of people discover that a studio apartment just cannot accommodate their
      possessions. The lack of storage space in most can make you feel claustrophobic
      and overburdened. 
    1. Entertaining – You could find it difficult to socialize at a studio if you’re an outgoing person
      at home. Cozy get-togethers can still be fun, but throwing a big party might
      not be doable in such close quarters. 
    1. Simple but boring – A studio apartment does not have much scope for decoration with fancy furniture and knick-knacks since they crowd up the small space. For those who appreciate elaborate interior spaces, these may not be a satisfactory option.

[Image source: FilippoBacci | Getty Images]

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Sick And Abandoned Projects: How To Avoid Buyer’s Nightmare https://hartamas.com/sick-and-abandoned-projects-how-to-avoid-buyers-nightmare/?utm_source=rss&utm_medium=rss&utm_campaign=sick-and-abandoned-projects-how-to-avoid-buyers-nightmare Mon, 30 Oct 2023 01:43:50 +0000 https://hartamas.com/?p=26486 Buying a property is a major life investment, and it’s important to do your research to avoid buying a sick or abandoned project. In Malaysia, there have been several high-profile cases of sick and abandoned projects, which have left buyers with financial losses and unfinished properties. Here are some tips on how to protect yourself […]

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Buying a property is a major life investment, and it’s important to do your research to avoid buying a sick or abandoned project.

In Malaysia, there have been several high-profile cases of sick and abandoned projects, which have left buyers with financial losses and unfinished properties.

Here are some tips on how to protect yourself from buying a sick or abandoned project in Malaysia:

  • Research the developer. Before you buy a property, research the developer’s track record. Look for developers with a good reputation and a proven track record of delivering completed projects on time and to budget.
  • Check the project’s financial status. Make sure that the project is financially sound and that the developer has the necessary funds to complete it. You can do this by checking the developer’s financial statements and by talking to other buyers in the project.
  • Get everything in writing. Make sure that all of your agreements with the developer are in writing, including the purchase agreement, the payment schedule, and the completion date. This will protect your interests in case something goes wrong.
  • Be aware of the risks. Even if you do your research carefully, there is always a risk that the project could become sick or abandoned. Be prepared for this possibility and have a backup plan in case something goes wrong.

Here are some additional tips that you can follow:

  • Buy completed projects. This is the safest way to avoid buying a sick or abandoned project. However, it is important to note that completed projects may be more expensive than unfinished projects.
  • Avoid projects with a lot of delays. If a project is already experiencing delays, it is a red flag that the project may be in trouble.
  • Get a lawyer. A lawyer can help you to review the purchase agreement and to advise you on your rights and obligations.

If you are concerned about a particular project, you can also contact the National House Buyers Association (NHBA) for advice. The NHBA is a non-profit organization that represents the interests of house buyers in Malaysia.

By being informed and vigilant, you can protect yourself from buying a sick or abandoned project and ensure that your property investment is a success.

[Image source: Photo by Darcy Lawrey]

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Down Payment: The Key To Unlocking Your Dream Home In Malaysia https://hartamas.com/down-payment-the-key-to-unlocking-your-dream-home-in-malaysia/?utm_source=rss&utm_medium=rss&utm_campaign=down-payment-the-key-to-unlocking-your-dream-home-in-malaysia Mon, 16 Oct 2023 01:33:58 +0000 https://hartamas.com/?p=26450 Buying a house is one of the biggest financial decisions you will make in your life. While getting a home loan can help fund a large portion of the purchase price, you still need to prepare a down payment amount upfront when buying a property in Malaysia. What is Down Payment When Purchasing Property in […]

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Buying a house is one of the biggest financial decisions you will make in your life. While getting a home loan can help fund a large portion of the purchase price, you still need to prepare a down payment amount upfront when buying a property in Malaysia.

What is Down Payment When Purchasing Property in Malaysia?

A down payment refers to the upfront percentage of the total property price that the buyer needs to pay initially to secure the purchase.

This payment shows the buyer’s financial commitment to obtaining the property. It also reduces the risk for banks providing the mortgage loan.

Typical Down Payment Rates for Malaysia Home Buyers

The typical down payment requirement for first-time home buyers in Malaysia ranges from 10% to 20% of the property’s price. 

For subsequent property purchases, the down payment is usually higher at 20% to 30% of the value. However, exact down payment rates differ based on factors like:

  • Type of property – landed, high-rise, luxury etc.
  • Location of the property.
  • Applicant’s income stability.
  • Loan amount and tenure.

Why is Down Payment for House Purchase Important?

Putting down a substantial down payment amount when buying a property has several benefits:

  • Shows your financial commitment and ability to repay the loan.
  • Lowers monthly installment amounts and total interest cost.
  • Increases chances of loan eligibility and approval.
  • Reduces likelihood of the property being foreclosed.
  • Builds equity in the property at a faster pace

Thus, having funds ready for down payment can make the process of taking a home loan and purchasing your dream home much smoother.

How Do You Prepare for Down Payment When Buying a House?

Here are some smart tips to accumulate funds for paying the down payment:

  • Start saving early with fixed monthly deposits into a housing fund.
  • Reduce unnecessary expenses and spend thriftily.
  • Take advantage of special schemes like EPF withdrawal.
  • Get family assistance or use inheritance funds if available.
  • Opt for developer interest bearing schemes.
  • Use dividends from investments for down payment 

Proper planning and financial discipline is key to ensuring you have the 10% to 30% ready when needed for down payment.

Consult Our Property Experts

Buying real estate is a big milestone.

Reach out to us today to learn more about mortgage loans and down payments tailored for your unique needs and budget.

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5 Things To Consider Before Buying A Home In A Brand-New Township https://hartamas.com/5-things-to-consider-before-buying-a-home-in-a-brand-new-township/?utm_source=rss&utm_medium=rss&utm_campaign=5-things-to-consider-before-buying-a-home-in-a-brand-new-township Mon, 02 Oct 2023 03:02:24 +0000 https://hartamas.com/?p=26364 Buying a property is a big-deal, even more so when you buy a property in a new township. This is because you are placing all your bets that the township will eventually thrive and prosper, and because it is new, you really need to ensure you have properly researched its future prospects and potential gain. […]

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Buying a property is a big-deal, even more so when you buy a property in a new township. This is because you are placing all your bets that the township will eventually thrive and prosper, and because it is new, you really need to ensure you have properly researched its future prospects and potential gain.

While buying into a new township seems to have more uncertainties and risks as compared to mature areas, the upsides of buying into a new township, especially if you are the first few buyers, are huge. For instance, take a look at Desa ParkCity in Kepong. What was once a quarry is now one of the most sought-after townships in Kuala Lumpur, and homebuyers from the first batches would have benefitted the most from the capital appreciation.

So, what are some things we should look out for before buying a property in a brand-new township? Here are five things to consider.

1. Reputable developer

Always, always check the track record and background of the developer. Research about their past projects and see how well they have done in their previous projects. What is the company’s ethos? Are they here to make a quick buck or are they here for the long term? Do they implement sustainable features in the township that will enable effective property management later on? Ask these questions to the developer when you meet them face-to-face.

2. A sustainable township

Are they commercial phases in the township? Schools, shops, grocers, medical facilities. They all need to be in place. Are there green lungs in the township? Facilities provided in the township must be manageable with ease and sustainable in the long term. Proper ingress and egress need to be planned out in order to facilitate traffic flow during peak hours. Any residential plan in a new township should also be able to meet the realistic demand in the area. Over-estimation and over-build in the first few phases in relatively short periods will see a ghost town instead.

3. Government initiatives

Being in a location where the government has plans for the future, especially mega infrastructure projects, will be very beneficial. This enables the township to mature in a shorter time. However, this is not a must as it is much depending on the project types. Nonetheless, at most of the times, a government project will help in boast up the property values in the locality.

4. Distance is no longer everything

As people’s lifestyle and preferences change with working adults no longer having to meet fixed working hours in one office, distance from the home to the office is no longer a main concern for individuals with flexi working hours when they look for a home. Hence, don’t have to over worry if the township is located further away from the city centre.

5. A safe and secure environment

Housing prices in new township developments are comparatively more affordable than similar offerings in matured areas, yet the safety aspect must not be overlooked. Affordably priced, a self-sustaining township, good connectivity, a safe and green living environment are the features that make a successful township development.

[Image source: Image by Lifestylememory]

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Four Signs It’s Time To Buy A Property https://hartamas.com/four-signs-its-time-to-buy-a-property/?utm_source=rss&utm_medium=rss&utm_campaign=four-signs-its-time-to-buy-a-property Mon, 18 Sep 2023 03:00:02 +0000 https://hartamas.com/?p=26331 Buying a property could be one biggest decision in life for many people because, without proper planning and preparation, a wrong purchase decision will not only affect you financially, but also interrupt your future plannings as it requires a long-term commitment. It is no wonder many people are hesitating in making the decision no matter […]

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Buying a property could be one biggest decision in life for many people because, without proper planning and preparation, a wrong purchase decision will not only affect you financially, but also interrupt your future plannings as it requires a long-term commitment. It is no wonder many people are hesitating in making the decision no matter in the bull or bear market.

Nonetheless, as Malaysian property market has entered into its slump phase of the property cycle since the outbreak of pandemic, many experts claimed that now is the best time to buy property. While there are more people rush to take a leap from renting to buying, there are people still waiting for more positive signs to make the decision. The question is, what are these positive signs? And how can you know if it is the best time for you to buy?

As much as you want to own a house at the best timing possible, you need to consider many things, such as why, what and where to buy, and most importantly, are you ready to make such a long-term commitment as a property owner.

Here, we list down some signs that might mean you are ready or, you should, to get a property of your own.

1. You are tired of renting

While renting has its benefits – to give flexibility in moving from place to place at minimum cost of moving, and you don’t have to worry about other property costs such as tax and fire insurance, it has limitations too. For example, unresponsive landlord and rising monthly rental. If you feel exhausted to deal with landlord from hell and your cost of renting is rising, it is an important sign and a motivation to search for a property of your own.

2. You have a secure job

Another key element to consider before acquiring a property is your ability to make monthly repayments and other utility bills. Having a permanent job with stable fixed income (even better with side income) that allow to pay the mortgage and daily living expenditures – and ideally with enough extra money for saving for rainy day, is a solid sign you can afford to buy a home.

3. Your debt is manageable

The debt-to-income ratio, or DTI, is another factor considered when banks screening mortgage applications. This is an important indicator that is derived by totalling all monthly debts and dividing the total by your gross monthly income. An excellent credit history and an above-average credit score can increase your chances of loan approval. It also suggests that you have sufficient financial resources to manage your mortgage payments.

4. You know what you want

It is a good idea to have a solid concept of the neighbourhood you want to live in and the type of home you desire. If you know what exactly you want your future life to be and you are happy with your lifestyle, it will be the right time for you to search for a desire property to build your dream home.

[Image source: Photo by Oleksandr P]

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5 Amenities That Will Significantly Increase Your Property Value https://hartamas.com/5-amenities-that-will-significantly-increase-your-property-value/?utm_source=rss&utm_medium=rss&utm_campaign=5-amenities-that-will-significantly-increase-your-property-value Mon, 04 Sep 2023 02:27:19 +0000 https://hartamas.com/?p=26272 New townships being developed today are often not located in the most sought-after locations for property buyers but as urbanisation gains pace, these townships will eventually become self-sustaining if they are well-planned for long-term sustainability. In these new townships, the mantra “location, location, location” seems no longer the most important factor of success, as the […]

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New townships being developed today are often not located in the most sought-after locations for property buyers but as urbanisation gains pace, these townships will eventually become self-sustaining if they are well-planned for long-term sustainability.

In these new townships, the mantra “location, location, location” seems no longer the most important factor of success, as the pandemic has certainly changes the way we live and work. These new townships provide an opportunity to many in becoming a property owner, especially for those who cannot afford to buy a property in or near the city centre.

The question now is, does that mean if one were to buy a property that does not have a “good location”, there is no hope for an increase in the property value? Well, not really, because aside from location, having these five amenities in proximity to their property will stimulate housing demand hence, increase the value of your property.

1. Public transport stations

Living near MRT, LRT or bus stations remains one of the biggest selling points of a property project. With more public transport lines upcoming, you can be sure that demand for property there is higher than in areas with no public transportation coverage.

2. International schools or universities

Having international schools nearby will increase the demand for housing from the expats, and expats are usually ready to pay more in rental for a good property. Other amenities will also pop up in the area to cater to their needs, such as medical facilities, shopping malls and restaurants which will increase the liveability of the surrounding neighborhood. Having universities in the vicinity also will increase rental demand, thanks to students and teachers coming in from other states.

3. Medical facilities

Health infrastructure is a major key driver for where people choose to live. Many people prefer the option of better access to hospitals with 24-hour medical care, especially If there is an emergency department. Not only that, the increase in housing demand from the medical staff will also increase the value of the property.

4. Shopping malls

Locations around shopping malls are hotspots that are always in demand, especially by young people and tourists. Shopping malls are an important player in commerce that drives the economy and tourism sector of a locality.

5. Parks and green lungs

Thanks to the increasing awareness of healthy and sustainable lifestyle, park and green lung is now an important amentity when homebuyers searching for their dream home, especially for small and growing families living in or near the concrete jungle. It is no surprise that a property value will be significantly affected by having a well maintained public park nearby.

[Image source: Freepik]

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Renovating vs. Buying New: Weighing the Pros and Cons https://hartamas.com/renovating-vs-buying-new-weighing-the-pros-and-cons/?utm_source=rss&utm_medium=rss&utm_campaign=renovating-vs-buying-new-weighing-the-pros-and-cons Mon, 31 Jul 2023 03:32:43 +0000 https://hartamas.com/?p=26084 Introduction If you’re a homeowner looking to change your current living condition, you are faced with two alternatives: renovating or moving. While relocating could be a stressful life event, would you find living in a construction site easier? Both options have their own set of advantages and drawbacks. In this article, we will delve into […]

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Introduction

If you’re a homeowner looking to change your current living condition, you are faced with two alternatives: renovating or moving. While relocating could be a stressful life event, would you find living in a construction site easier? Both options have their own set of advantages and drawbacks. In this article, we will delve into the pros and cons of each choice, helping you make an informed decision that suits your budget, preferences, and long-term goals. So, let’s explore the options and find out which path is right for you.

Renovating: Transforming Your Current Home

Renovating your current home can be an exciting and rewarding experience. It allows you to customise and upgrade your living space according to your specific needs and preferences. Here are some key pros and cons to consider.

Pros of Renovating:

Increase the value of your home: Enhancing your home through renovation is a highly effective method to strategically boost its value, resulting in greater profits when you decide to sell. Nevertheless, it’s important to recognize that renovations necessitate initial expenses. However, if you have sufficient savings or are open to obtaining a loan, these upfront costs often prove to be a worthwhile investment.

Personalisation: Renovating gives you the freedom to tailor your home to your exact taste. You can choose the design, layout, and finishes that align with your lifestyle, creating a space that truly reflects your personality.

Location: If you’re satisfied with the location of your current home, renovating allows you to stay in the neighborhood you’re familiar with, maintaining your proximity to schools, workplaces, amenities, and social networks.

Cons of Renovating:

Disruption and Time: Renovations can be disruptive to your daily routine. Depending on the scope of the project, you may need to temporarily move out or deal with noise, dust, and construction delays. It’s essential to consider the inconvenience and plan accordingly.

Hidden Costs: Renovations often come with unexpected costs. As you start renovating, you might uncover underlying issues that require additional repairs or upgrades, increasing your expenses. Setting aside a contingency budget is crucial to avoid financial stress.

Limitations: Renovating may have its limitations, particularly if your existing property has structural constraints or limitations on expansion. It’s important to assess whether your desired changes are feasible within the existing framework of your home. If you are going to do substantial renovation on a landed property that will change its facade, you would need to apply for a renovation permit and submit design plan that will incur extra professional cost.

Buying New: The Fresh Start

Buying a new home can be an appealing option, offering a fresh start and the opportunity to move into a property that meets your requirements right from the start. Let’s explore the pros and cons:

Pros of Buying New:

Modern Amenities and Design: New homes often come with modern amenities, energy-efficient features, and contemporary designs that can enhance your overall quality of life. These homes are built with the latest technologies and construction standards, providing you with peace of mind.

Minimal Maintenance: Buying a new home means you won’t have to worry about immediate repairs or renovations. Everything is new and under warranty, saving you time and money on maintenance and upkeep.

Greater Flexibility: When buying new, you have the flexibility to choose from various floor plans and designs that align with your preferences. Developers often offer customisation options, allowing you to personalize certain aspects of your new home.

Cons of Buying New:

Higher Price Point: New homes generally come at a higher price point compared to older properties in the same area. With a budget in mind, you might need to carefully consider the location, size, and amenities available in new developments.

Limited Location Options: Buying new homes often means moving into new developments, which may have limited location options. If you have specific preferences for a particular neighborhood or community, you might have to compromise or adjust your expectations.

Potential Delays: Construction timelines can sometimes face delays due to unforeseen circumstances. If you have a strict timeline or urgency to move, buying a new home might involve some level of uncertainty.

4 questions to ask yourself before making a big decision:

Cost: Which option suits your budget, renovating or moving?
For most people, the financial aspect plays a crucial role in making decisions regarding home improvements. Determining whether renovating or selling is cheaper depends on your current mortgage situation and the amount of money you have saved. Renovations entail immediate out-of-pocket expenses, while moving can provide you with immediate financial gains but may be more expensive in the long run.

Real Estate Market: Is it a favorable time to sell?
Even if moving is financially advantageous compared to renovating, it’s essential to evaluate if you would maximise your investment. Conduct research on market conditions before listing your home for sale. For example, the incentives from government and the current borrowing cost will have an impact in the general buying interest. 

Emotional Attachment: What sentimental aspects will you miss about your home?
You and your family may have a deeper emotional connection to your home than you realise. It could be the place where your children took their first steps or where you shared precious moments with late grandparents. Take into account these emotional considerations for yourself and your family members before deciding whether you are prepared for the stress associated with moving.

Timing: Is the timing suitable for you and your family?
Moving is not only stressful but may also be impractical or illogical considering other ongoing life events affecting you and your family members. Keep in mind that relocating could involve changing school districts, commute routes, and mortgage expenses. Assess whether the timing aligns with your current circumstances.

Conclusion

When weighing the pros and cons of renovating versus buying new, it ultimately boils down to your personal preferences, budget, and long-term goals. Renovating offers customization and cost-effectiveness while allowing you to stay in your current location. On the other hand, buying new provides a fresh start, modern amenities, and minimal maintenance. You can always take the time to assess your needs and consult with professionals to make the right decision that suits your lifestyle and financial aspirations. Remember, regardless of the path you choose, a home is where memories are made, and finding the right one is a journey worth taking.

[Image source: Image by wirestock]

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Townhouse Living Concept In Malaysia https://hartamas.com/townhouse-living-concept-in-malaysia/?utm_source=rss&utm_medium=rss&utm_campaign=townhouse-living-concept-in-malaysia Mon, 03 Jul 2023 03:13:52 +0000 https://hartamas.com/?p=25802 Most of the time, a townhouse is often mistaken for a regular terrace house from the outside. In Malaysia, where the concept of a townhouse may still be foreign to some, it is a unique type of property consisting of two self-contained, individual homes stacked upon each other. Simply put, a townhouse is a multi-storey […]

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Most of the time, a townhouse is often mistaken for a regular terrace house from the outside. In Malaysia, where the concept of a townhouse may still be foreign to some, it is a unique type of property consisting of two self-contained, individual homes stacked upon each other.

Simply put, a townhouse is a multi-storey landed property, usually a three- to four-storey building divided into upper and lower units and owned by two different owners. Each will have a separate entryway or private entrance, usually through the main front door for the lower unit; and through the back or side door with a stairway leading to the upper unit.

Do note that in a townhouse living concept, multiple owners own strata properties that share a common roof, wall, floor and structure. But why does a homeowner choose a townhouse instead of a terrace house?

For a start, as land becomes more scarce, we see an increase in high-rise buildings being built. However, there are some people who still prefer living in landed properties, but perhaps due to budget constraints, they would opt to live in a townhouse as the price is usually more affordable compared to a landed home.

Townhouses are typically priced cheaper than terrace houses mainly due to the built-up is usually smaller and they are stratified properties. With that, if there is any issue with the townhouse’s communal area, such as facilities, security, rubbish collection, or cleanliness, it will be taken care of by the management office and funded from the monthly maintenance fees or sinking fund as stated and regulated under the Strata Management Act 2015.

While the monthly maintenance fee seems to be an added cost for the owner, do note that a townhouse is relatively smaller and has fewer facilities than other high-rise strata properties; hence, it is possible the fees will be much lower, while you are still able to enjoy living in a low-density development with facilities.

It is also worth noting that, if there is an issue with the common roof, wall, floor, and structure of a multi-storey landed property, both owners are required to bear the repair cost, which is relatively good news since the cost is halved and shared.

In a nutshell, it is crucial to understand that stratified property functions differently from individual-titled property. It is good to get a full understanding of stratified living first, as many still do not grasp the laws that bind it. Not adhering to such laws and regulations can result in hefty penalties.

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Why Buying Renovated Properties Can Be Beneficial For You https://hartamas.com/why-buying-renovated-properties-can-be-beneficial-for-you/?utm_source=rss&utm_medium=rss&utm_campaign=why-buying-renovated-properties-can-be-beneficial-for-you Tue, 02 May 2023 02:21:46 +0000 https://hartamas.com/?p=25478 We all know that the preference for a home is down to one’s personal taste, what works for you may not work for others and vice versa. Hence, most property buyers would prefer to buy an unfurnished home so that they are able to decide how they want to decorate their home to suit their […]

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We all know that the preference for a home is down to one’s personal taste, what works for you may not work for others and vice versa. Hence, most property buyers would prefer to buy an unfurnished home so that they are able to decide how they want to decorate their home to suit their personal tastes and preferences. However, that does not mean that buying a renovated unit is a lost cause, because there are some homebuyers who prefer a fully renovated unit for specific reasons. Here are three reasons why.

Saving your time and effort to source for vendors

We know that renovation takes a lot of time, ranging from a few weeks to even a whole year. This is mainly for extensive ones, where you will have to monitor the progress every other weekend. Not only that, you must make sure you source reliable vendors and contractors because, at times, they can really give you a headache if you do not source reliable ones. Problems will surface later if the work done is not up to a certain standard, which means you will have to come up with more money to fix these issues. Buying into a renovated unit would most likely mean that the previous owner had already checked for any defects in the first round or after living in it for some time. If you spot any defects, just voice them out to the current owner, it is their role to get them sorted out before they sell the house to you. Most of the time, they will be motivated to fix these issues to conclude the sale.

Savings in the total value of the property

Most of the time, previous owners would not include the specific renovation cost in the property’s sale price, as buyers may negotiate and say that the taste of the home’s design is not entirely theirs. The current owners would also understand this pertinent point and will usually include a discounted renovation cost in the value of the property instead of the full one.

Savings in other minute details

Renovations would usually include appliances for which we may need to fork out the cost on our own accord, which we can save if we were to buy a renovated property. For instance, a renovated kitchen would come with built-in hoods or ovens which we would need to fork out for if it were a bare unit. A renovated washroom would already have the WC, sinks, and mirrors in place. Having all these in place makes moving in much easier. Sure, there may be some details here and there that you are not a fan of, but it is easier to change these small details than to fix up the entire home.

[Image source: Image by Freepik]

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The post Why Buying Renovated Properties Can Be Beneficial For You first appeared on Hartamas Real Estate.

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