• Contact Us
• Testimonials
• Track Records
• International Properties
• Project Highlights
• Services
• Articles
• About Penang
• About us
• Home

  Email this to a friend

Tips on Pitfalls to Avoid When Buying Homes

THERE are many detailed aspects to consider when buying a property, and it may not always be apparent when one makes the plunge for their dream home or prized investment.

According to Albert Lai, technical manager of property developer Chong Company, a prospective buyer should take into consideration a company’s track record, quality of product, financial status and delivery record before committing.

Lai will deliver a talk titled ‘Buying Smartly and Wisely from Property Developers’ on Sunday at 1.30pm at G Hotel’s function room in conjunction with the Star Property Fair 2010.

In his presentation, he would examine the roles of all players in the property sector to ensure property buyers, both first timers and repeat ones, were aware of the pitfalls and hidden complications they might encounter.

“In their eagerness to secure a property, buyers may pay unnecessary fees or aren’t exactly clear about the nature or location of the development. Sometimes they don’t even know what they’re buying.

“The buying party should always be careful and pay attention to the small print,” he said.

In an earlier talk at noon on Sunday, advocate and solicitor Chia Loong Thye will speak on ‘Don’t Sign That Sale and Purchase Agreement Yet — Some pitfalls to avoid in property transactions’.

Chia’s presentation will touch on the concerns and interests of the seller and buyer in transactions, in particular sub-sale situations where the purchaser is buying from an existing owner.

“In a sub-sale transaction, both parties have to be clear as to their needs and requests, and the terms and conditions of the sale and purchase agreement has to reflect them,” he said, adding that it might vary depending on whether a separate title (whether landed or strata title) had been issued.

His talk will also cover the concerns and needs of both the seller and buyer in housing projects helmed by developers.

For those with existing high-rise property, it’s beneficial to attend the talk by Allied Group Property Services Sdn Bhd’s operations head Cheong Mee Yoke on Saturday at 1.30pm, titled ‘Enhancing the Value of Your Condo Through Property Management’.

“It is very important for homeowners to be aware about service charges, where it goes to and what it pays for.

“Sometimes, people aren’t aware how much they need to pay, and one or two years later, this might lead to the management being unable to maintain the standards of the building,” she said.

Source : The Star, Thursday July 22, 2010