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2018-11-29

Factors to consider when buying a high-rise property

Factors to consider when buying a high-rise property | High-rise buildings as residential properties has becoming popular these days in the city. With dramatic architecture, stunning views, work proximity, resort-style amenities and customised social activities, these are the few traits that attract homeowners to beautiful high-rise buildings. But when it comes to selling or renting out your property unit from the high-rise buildings, your potential buyer or renter won’t be able to see your notice like ‘rumah untuk dijual’(house for sale) or house for rent. Here are some of the factors to consider before making the decision.


Factors to consider when buying a high-rise property


1. Location, location, location

The classical popular quote in real estate. When you are looking for property to purchase for investment or own stay, look for properties in the thriving and upcoming areas or towns that may develop in future. Government or developers may want to convert what used to be high-crime area can be revived into prosperous area - you may never know.

Explore the local amenities and facilities nearby that will cater your needs or majorities’ needs. What is the acceptable travel distance for you to get your daily necessity? Do you feel secured with the surrounding area? Is the traffic condition between your house to work place time consuming?

Within the high-rise building itself, location should be a consideration. If you have the elderly or kids living with you, units in lower floors might be more suitable due to the fact that you are not required to solely on the elevator for access - especially if the elevators are constantly faulty. If you enjoy greeting your day with a beautiful view of the city, higher units could be your choice but the price will be much higher.

2. Land status

This is important because the land status can be either a residential or commercial. This will affect your payment especially when it comes to assessment rate and utility bills, it will be charged at commercial rate, higher than the residential status. Our advice - to check on the land status of the high-rise property if you are intending to purchase a unit.

3. Parking

The parking facilities is something you will need to consider as well. Majority of the high-rise residential buildings offer only one or two dedicated parking spots. Meanwhile, most commercial high-rise buildings like SOHO, SOFO, and other versions of small offices that do not come with parking bays at all. Unfortunately, if you own multiple sets of cars, you can either choose to rent or buy additional units. Check with the building management on the charges of the additional reserved parking.

Few details to check on the parking details such as the parking garage security, the distance of the car park lot to the elevator, the limitations relative to the height or length of your vehicle and others.

4. Facilities

Apart from location, amenities tend to be a huge consideration for buyers’ interest in high-rise buildings. Almost every condominium units come equipped with the facilities such as swimming pool, gym or community hall. If you are buying sub-sale properties, it will be prudent to check the condition of the facilities. Better make sure your maintenance fees are worthy for your facilities’ utilization.

5. Insurance coverage

The type of insurance and rates will vary according to different types of building. The building is usually insured by the management but it does not cover insurance for home contents. Ask what would happen if your neighbour caught a fire and it impacted your unit or your bathroom is flooded and repairs had to be carried out. Do check with management and your insurer on the coverage so when it happens, you make sure you are wellcovered.

6. View

The view from your condominium unit could add on to your property value, good for your investment. Do you know a good view can affect the value with a difference of few thousand Ringgit? Who doesn’t want to wake up every morning with a good view? Higher floors usually have stunning views compared to lower units. If you are considering this to be very important factor, it should play a major role in your decision. Plus, you will have better lighting and air ventilation on the higher floor.

However, when getting to higher floors, make sure your windows are made of high quality materials especially the frame. It has to be durable to sustain the wind load during extreme conditions.

7. Security

While you are looking out for property, safety and secured environment should be considered for yourself and your family. Observe and ask around if the apartment is well-guarded, the number of guards patrolling the premise and the level of security access. If there are frequent robbery and snatch cases around the vicinity or break-ins the apartment or condominium, do consider to look somewhere else.

8. Density

Overcrowded can happen if the development has higher dense and you will face overcrowding experiences like lift waits, tiny car parks and traffic congestion, your stay will be unpleasant for long term. You will be frustrated with these menial details. However, exclusivity comes with a cost, a higher cost. High density properties can also produce noise pollution and insufficient parking bays. Find out how many units are built for the whole development and also on each floor. Plus, the number of lifts available for each building also can make big difference.

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