Are you planning to buy a condo in Penang? Do you have some additional considerations to be cleared out, before taking the big plunge? Have you done the background study about the builder?
Penang is the newly spotted land of paradise, which is warm and welcoming towards the world around. Tourist analyzers predict Penang to rich great heights, higher than Kula Lumpur. The city is developing at a double pace deserves world-class attention of highly motivated investors, exploring all the possibilities that the town has to offer. Take a menacing look at the on-field projects, which attracts the onlookers, who wish to settle at this aspiring city Penang. A newly constructed condo here gives you an incomparable living experience than shifting to an existing one. Make sure that you have a conversation covering the below five questions with the builder for the smoothest condo transaction and after-life.
- What to look for in a condo?
While striking a deal to build a condo or purchasing a newly constructed condo, the builder has to explain the features, both gross and intricate that he has blended in the deal. The builder should compulsorily mention about the number and types of rooms, furnishings, appliances and interior designing, storage spaces, highlighting views such as sea view or landmark location in the city, suburb, or tourist hub and the total and break up areas. For luxury Condos For Sale in Penang, swimming pools, garage, garden, conference halls, corridors, etc. are also worth mentioning in the demo.
- Amenities included in the total price?
Some builders might calculate the charges as per the area of the buildup and the rest present it as a package. Clear out on the brand and quality of the building materials included in the package and whether you can give an opinion and be specific about individual choices. There should not be any confusion about other charges, such as water, electricity, provision for solar energy, adopting other green technologies etc. Parking, employing security guards, gardeners, housekeeping staff and responsibilities of maintenance work once you shift in need to be talked about before the deal. If it is a coastal condo, the price may or may not include the extra boundary wall or beachfront portion. Closing costs are something which most buyers are unprepared for.
- Mention the special dates in the agreement?
Discuss and conclude upon the fixed dates for each stage of project completion. The builder should stick to the given dates. Only after confirming the delivery date of the condo and possible deadlines for each stage of progression, does an owner pays the amount on an installment basis, until you get the legal ownership rights. Specifically, inquire about the possibility of outside dates.
- Verify the ownership types and the number of units in a condo?
The condo is sure to have attached units and hence it is imperative that you check in the details of the neighbors or possible residents. It is better to be informed about the nature of ownership, on whether they are owned or rented to avoid future misunderstandings. Penang, being an economic power and a hub for educational tourism destination, condos serve as interim, part-time and vacation stays.
- Learn about the legal proceedings and the present litigations?
Comprehend the legal terms set by the Malaysian government, the Penang legislatures and civic bodies, supplemented by the recommendations of the builder side as well. Talk with him on the insurance covers for every aspect of the property, the bearing of stamp duties and the taxes you are liable to pay while and after the purchase of the condo. Do not forget to strike a benefit with price negotiation and your eligibility for concessions such as services, special category, social or economic reservations etc.