Buying a subsale property may require heavier upfront costs and possibly higher renovation costs, but it definitely has its own advantages. Among some of them are getting better properties in better locations, and occasionally even paying a lower price for the property in spite of the upfront cost being higher.
Below are just a few examples of the advantages that can be enjoying from buying a subsale property.
A better location
All the new properties in the market boast great locations, but none of them beat getting a subsale property – because the new developments are usually built-in satellite cities. Take Petaling Jaya for example, it is the satellite city of Kuala Lumpur, and Kota Damansara is the satellite city of Bandar Utama.
While the price of properties in Petaling Jaya may not be as high as the ones in Kuala Lumpur, it is definitely still possible to find properties in Bandar Utama that are cheaper than those in Kota Damansara. And we all know which one is more central.
So getting a better home at a lower price is actually possible with subsale properties.
Knowing your neighbourhood
Mixed developments are all the new rage, especially those that come complete with international schools, parks, shopping malls, and offices. But would you rather buy a vision or something that you can see and touch?
Well, we don’t know about you, but most people prefer to be able to see the neighbourhood they will be living in rather then trusting a dream yet to be built. And this is the advantage that you enjoy when you buy a subsale property.
You will be able to check the performance of that school, see if the recreational areas are to your taste, and most importantly see if the neighbourhood is to your liking.
See what you get, get what you see
You know all those cases you hear about friends complaining, “That pillar wasn’t in the blueprint!”. If you buy a subsale home, you can rest assured that you won’t have this problem – because what you see is what you get. Whether the house is falling apart or whether it is newly renovated with a fresh coat of paint, you will be able to see it before you buy it.
Because of this, there are many people in the market who actually prefer to buy “build then sell” concept properties, where the developers only begin to sell the properties after they finish building them.
Unfortunately, not many developers can afford to do this. Only a select few of the top notch ones with very strong finances can carry it off, such as See Hoy Chan.
Check the damages
Quite often when you buy a new property, if it is from a disreputable developer, there is a chance that they may use less than adequate quality materials which will result in cracked paint and leaky ceilings before two years are up.
But with a subsale property, the house would have had enough time to season and for all the construction faults to make their appearance. If leaky ceilings are a problem you will be able to see the puffy paint, and if cracked walls are an issue you would be able to see them with your naked eye.
Know your neighbours
Imagine this: you’ve bought your dream home, you move in with joy and happiness – and then discover that your neighbour has a penchant for blasting their music in the dead of the night. Now wouldn’t that be a nightmare? You could call the management if you live in a strata-titled property or call the cops if you live in a landed property, but the point is – you shouldn’t have to do that.
The advantage of buying a subsale property is that you will get to know your neighbours first before you make your purchase. You can see if your neighbours are to your liking, and if they’re not you can always move on to the next property.
Know what’s coming up next
And this may perhaps be one of the most important points. You know that perfect view of the city that you were promised? And that empty parcel of land just around the corner of that new development you just bought?
If you are unlucky, don’t be surprised if you find your view blocked by a new high rise in future. Or if you live in a landed property, don’t get too annoyed with the dust and pollution from the development of the new building on that previously empty parcel of land.
This is a common problem faced by many new development buyers. If you are lucky enough to be able to buy a subsale property, then you will be able to check the maturity of the neighbourhood and select one that has no more space for development – so you won’t be caught by surprise one day.