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Sunday, October 28, 2018

Factors To Consider When Buying High-rise Building

Factors To Consider When Buying High-rise Building
You are single and tempted to buy your first house and you are contemplating if you should get high-rise property or landed property. Well, in that case, it is better to get high-rise property like condominiums or apartments, depending on your affordability. There are couple of houses for sale in Kota Damansara ranging from bungalows to condominiums. However, if you are considering high-rise buildings, there are couple of factors for you to consider.

1. Location
Pretty sure you have heard of this phrase before ‘location, location, location’ and it applies to any of the property you purchase. When you are looking to stay in high-rise building, look out for the properties with potential development that may improve. What used to be a squatters area could be develop into a township by developers.

Discover and explore what kind of amenities or facilities surrounding the property area. Would it be more convenient for you to walk within few minutes for having meals and shopping? Or do you prefer to stay near your work area to avoid peak hour traffic? Or do you prefer to have schools or factories nearby?

Within high-rise building itself, you will need to consider if there are elderly or kids living with you, lower floor units might be more suitable due to the fact that you will need to rely on the the elevator for access especially when the elevator breaks down. However, if you prefer to enjoy beautiful view in your unit, higher floor more suitable for you.

2. Land status
You will need to take note the type of land of the high-rise property. What does it mean by land status? It is the residential or commercial. If land status is commercial, you can expect that the assessment rate and utility bills to charge at commercial rate that is higher than the residential status rate.

3. Parking availability
Parking availability is also a factor to consider because you will need to consider if the car park a secured garage, number of parking bays allocated and others. Many high-rise apartments offer only one or two dedicated parking spots. If you own multiple sets of cars, you can either choose to rent or buy additional slots. However, do not assume that all high-rise houses provided a car park slot like the Halo Sunday in Damansara Perdana, the residential unit do not provide car park but residents will need to rent it.

4. Facilities & maintenance fee
Landed residential usually do not come with facilities such as swimming pool, gym or community hall. Although most of the condominiums come with facilities but if you intend to get a subsale property, best to check the facilities’ condition. All the facilities in the condominium you will need to pay the maintenance fee.

Every month you will need to pay an amount for maintenance fee and sinking fund that is used to pay for maintenance, repairs and upgrades. Maintenance fees tend to be higher for older properties due to aging facilities. There is possibilities for increment in the fees as time goes by. The minimum chargeable rate is RM0.12 per square foot per month and it is based on the management and facilities they offer. If your apartment is 1,300 square feet, your monthly maintenance is RM156. But then again, the rates are variable according to the management. Make sure the amount is what you are able to fork out.

5. Security
You should also consider the safety of the property surrounding whether if it is safe for you and your family. Check the property area if the apartment or condominium is well guarded? Are the guards do their patrolling frequently? Are the security restrictions tight? Check if there are robbery and snatch cases within the vicinity or any break ins into the condominium or apartment, if there is you might consider to look elsewhere. Find out the number of security guards on duty during the day and night. Finding out more information on the security will give you a peace of mind.

6. Density
Higher dense development can get a little bit of overcrowded. Your overall experience may not be pleasant due to the waiting of the lift, car parks and tiny traffic congestion to exit the property. High density properties can result in noise and insufficient parking bays. If you are easily annoyed, find out the number of units of the development and number of lifts available for each building.

With the list of factors given, you will be thinking twice before purchasing any high-rise property. Instead, you will do your due diligence to do your property research. So, just because of the beautiful view and you start purchasing compulsive because in the end you will regret buying it. 

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