INTERNATIONAL Property Advisor chief executive Ku Swee Yong gives some tips on what buyers should consider before dropping off a cheque at an Iskandar showroom.
Research the project's developer
Has the developer delivered good-quality homes or has it abandoned projects before? Does the developer intend to continue managing the property after it is completed?
The overall quality of property management in Malaysia is not very high, so a few years after completion, the common and exterior areas might deteriorate quickly unless the developer plans to keep up the maintenance.
It is also good to check which law firm is representing the developer and whether it is a reputable one. There have been cases of lawyers running away with home buyers' initial booking fees and buyers having to fork out the fees a second time.
You should compare the price of your unit against recent transactions in the area. Also, see how it compares with prices of similar units in Kuala Lumpur's central areas. Kuala Lumpur is where the jobs and expatriates are, whereas Iskandar is still in its infancy.
Examine your finishings
The practices in Malaysia are very different from Singapore's, so it would be good to check these off your list: Are the kitchens fitted with cabinets, a cooker hood and a hob and other appliances such as an oven and a microwave oven? Do the bedrooms come with wardrobes? Are air-conditioners included?
Examine the special packages
What is the price of the unit before and after rebates? When is the rebate given? Do you have to apply for a home loan based on the full price or on the net price after rebates?