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> Criteria for buying a property as home (Rank it)

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TSofficepw
post May 23 2022, 02:23 PM, updated 2y ago

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Hi guys,
What is your list of criteria when buying a property as your own home?
Lets also break down "location, location and location" mantra to several more specifically too.
For me, personally my rank would be:

1. Close to office or working place [Location]
2. Close proximity to family restaurants, malls (for groceries) [Location]
3. Quiet place, away from traffic [Location]
4. Good neighborhood - no sign of extreme poverty, graffiti, rubbish, etc. [Environment]
5. Affordability [Cost]
6. Greens as in Forest [Environment]
7. Strategically located - like in KL sentral (right in the middle to most location in KL) [Location]
8. Low maintenance cost - sinking fund for condos, etc. [Cost]
9. Away from area prone to flooding [Location]
10. Away from religious area - sorry, like mosque, temples and churches to be fair - either will be crowded, or noisy at some point [Location]

How about yours?


kuntilanak
post May 23 2022, 02:49 PM

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for me, 2,5,8. 9 would be good but sometimes situation can change based on additional development there or nearby... others usually not considered as most of the time will either nets you extremely $$$$$$ property or impossible to avoid.
mushigen
post May 23 2022, 04:19 PM

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For me, affordability is no.1 in terms of weightage.
Michaelbyz23
post May 24 2022, 09:12 AM

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For me, I'd rank as below:

1. Close to office or working place [Location] - 8

2. Close proximity to family restaurants, malls (for groceries) [Location] - 3

3. Quiet place, away from traffic [Location] - 4

4. Good neighborhood - no sign of extreme poverty, graffiti, rubbish, etc. [Environment] - 1

5. Affordability [Cost] - 10

6. Greens as in Forest [Environment] - 7

7. Strategically located - like in KL sentral (right in the middle to most location in KL) [Location] - 2

8. Low maintenance cost - sinking fund for condos, etc. [Cost] - 9

9. Away from area prone to flooding [Location] - 5

10. Away from religious area - sorry, like mosque, temples and churches to be fair - either will be crowded, or noisy at some point [Location] - 6


But if I were to come out with my own list, here is how it will look:
1. Location - Less traffic > Close to family > close to amenities > good environment > away from main road > away from religious area > non flood > work
2. Price affordability
DragonReine
post May 24 2022, 06:41 PM

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1. Close to work (for convenience)
2. Close to amenities, especially supermarket and eateries (convenience x 2)
3. Not near undesirable landmarks like HTC, sewerage/water treatment, cementary, too many industrial factories etc. (future resale value)
4. Not next to religious buildings (because traffic)
5. Surrounding is dog friendly (can walk my dogs)
6. Good neighborhood
7. Relatively safe from potential natural hazards such as landslide and flood
8. Near or has health facilities, a gym n jogging track is a MUST
9. Nice view (admittedly, more for spouse's benefit than myself)
10. Density of the area
11. Market value is fair/not absurdly overpriced
12. Nice kitchen and yard (I cook and garden as a hobby)
TSofficepw
post May 25 2022, 12:36 AM

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If a condo can fulfil some of the criteria but was built in the 90s, do you think is still a good buy? Will age of condo affect the selling price in future? Like how many %?
mini orchard
post May 25 2022, 06:37 AM

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QUOTE(officepw @ May 25 2022, 12:36 AM)
If a condo can fulfil some of the criteria but was built in the 90s, do you think is still a good buy? Will age of condo affect the selling price in future? Like how many %?
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All buildings will go through wear and tear and the maintenance will dictate the future selling price. If the location is 'good' then it helps in the pricing. If both also no good, consider it as 'total loss'.

In a highrise, parcel owners cant do much other than maintaining his own unit. Unlike terrace, one cant apply for permission to demolish and rebuilt unless a white knight 'offers' to redevelop it.

If no redevelopment takes place, like some very old flats in KL city where majority of the tenants will be foreigners, be it legal or otherwise. Landlord just collect rental and let the building 'rot'. However on the plus point, those landlords are collecting good monthly rental.

As an example ....

Concluded a sell back of a 600 sf flat at Brickfields to the landowner last year. The building is about 50 years with no strata title then. Rented to foreigners for 20+ past years and the last monthly rental collection is RM1.8k per month !
DragonReine
post May 25 2022, 10:13 AM

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QUOTE(officepw @ May 25 2022, 12:36 AM)
If a condo can fulfil some of the criteria but was built in the 90s, do you think is still a good buy? Will age of condo affect the selling price in future? Like how many %?
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Age doesn't matter as much as the current condition and maintenance of the property. Even a fancy landed property will depreciate or give poor returns if poorly maintained (cost of land aside)

For high rise the risk is that management is bad/lacking and the building+facilities isn't well maintained (either because poor management or lack of maintenance fees from defaulters), since you cannot fix up much beyond your own parcel/unit.

Broadly speaking any property that's over 20 years is always a risk to buy if you plan to flip it, since the aged layout and facilities makes it harder to sell.

Treat it as buying a vintage, non-collectable car tongue.gif if you're willing to deal with its quirks and a potential loss from upkeep, then it's ok, if not then look elsewhere
mushigen
post May 25 2022, 04:17 PM

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QUOTE(DragonReine @ May 25 2022, 10:13 AM)
Age doesn't matter as much as the current condition and maintenance of the property. Even a fancy landed property will depreciate or give poor returns if poorly maintained (cost of land aside)

For high rise the risk is that management is bad/lacking and the building+facilities isn't well maintained (either because poor management or lack of maintenance fees from defaulters), since you cannot fix up much beyond your own parcel/unit.

Broadly speaking any property that's over 20 years is always a risk to buy if you plan to flip it, since the aged layout and facilities makes it harder to sell.

Treat it as buying a vintage, non-collectable car tongue.gif if you're willing to deal with its quirks and a potential loss from upkeep, then it's ok, if not then look elsewhere
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Aren't the two statements contradictory? Also, the older the building, the harder it is to maintain.

DragonReine
post May 25 2022, 07:11 PM

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QUOTE(mushigen @ May 25 2022, 04:17 PM)
Aren't the two statements contradictory? Also, the older the building, the harder it is to maintain.
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aged: old/outdated

age: actual age in years

Correct in that it's harder to maintain, but I know some 15+ years high-rise can still sell for a fair profit relative to the price range pre-MCO, if maintained well, and potentially can appreciate a little more.

20+ years property usually have reached the peak of their price point and is likely to stay somewhat stagnant or even fall. But this is speculation, we won't know market sentiment as much in the future ¯\_(ツ)_/¯ generally speaking the market for those kinds of property, plan to stay very long term because they like the area (not buying to invest/profit) or are people with VERY limited budget but having a roof over their head is bigger priority than the downsides of old property, so the point of trying speculate how well it will resell doesn't matter as much to them as much as their quality of life.

But if your budget limited to begin with, not much choice to be had, and you have to debate with yourself if buying for ownstay (cost of necessity) or buying for investment (where profit is more important).
jehhlim
post Nov 1 2022, 01:03 AM

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Buy completed unit only…buy undercon then halfway proj abandon you will be stuck for a very long time, not worth it
mini orchard
post Nov 1 2022, 06:55 AM

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QUOTE(jehhlim @ Nov 1 2022, 01:03 AM)
Buy completed unit only…buy undercon then halfway proj abandon you will be stuck for a very long time, not worth it
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Gone are the days when buyer actually make huge profits from drawings buying except for one ot two unique projects.

 

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