High-rise property will become a trend in Bintulu in the future, as people prefer to stay close to town center and pricey land make it uneconomical for developers to build non-high-rise property.
Buying high-rise is slight different than buying landed property. One of the glaring risk is – maintenance issues. Lag of maintenance will have negative effects on the value of your investment.
Instead of making profit, you will be making loses due to the financial ‘trap’ – the monthly maintenance fees incurred on buying a high-rise. Ernest Cheong, a chartered surveyor with more than 40 years of experience shares some tips how buy one.
1. Be wary of buying high-rise full of speculative buyers. As rule of thumb 30% Cheong said speculative buyers won’t pay their maintenance fees. That will ring trouble cause high-rise need regular and schedule maintenance. You don’t want a clog toilet atop your unit to drain sewage into you living rooms, bathroom, do you?
2. Spot the tiniest maintenance red flags. If the property has a lift, take a ride. A jerky ride on a lift, lift door not closed properly – a telltale sign lag maintenance. If you could talk to those already live in the building about this tiny issue. No one want to rent a 10-story apartment being force to carry 10-kg of rice walking to the top floor on staircases!
3. Clean corridor. Make sure the building corridor free of personal belongings – bicycles, shoes, slippers. Cluttered corridor means lag enforcement or no enforcement. He suggest be wary buying into such property.
4. Landscaping. Tour around the property landscape area. Train your eyes to spot stagnant water, weed and moss near swimming pool, fountain. It a sign of lag maintenance.
5. No loan shark advertisements pasted on any wall, notice board. Check every unit if there are loan shark stickers, notice of foreclosure on doors. These are all warning sign. Don’t buy into one if you find too many advertisement, loan shark stickers on wall.
If you have your own tips, please share them in the comment section.