03| Get Ready to Embark on an Epic House Hunting Adventure!

Ah, the thrilling quest for the perfect home! But before we set off on this exhilarating journey, we've got a crucial decision to make: Do we go for a brand-spanking-new home straight from the developer or opt for a sub-sale property from a home-seller? It's a tough choice, folks, with each option serving up its own blend of pros and cons. So, grab your sense of humor and let's dive into the wild world of house hunting!

First up, let's check out the pros of buying a house from a developer:

1. Developers' Promotions and Rebates 

Who doesn't love a good discount or a juicy incentive? Developers are known to dangle enticing offers like low down payment packages, devilishly tempting discounts of up to 10% on the property price, and delightful extras such as legal fee absorption or partially furnished units. These perks can save you a pretty penny, my friend!

2. Easy Mortgage Application 

Picture this: You're strolling through the developer's sales gallery, and voila! You stumble upon a bunch of "panel bankers" just waiting to make your life easier. These fine folks make the mortgage application process a breeze. No need to wander around town in search of mortgage brokers or individual bankers. It's like hitting the financing jackpot!

3. Access to Property Information 

When you're in the market for a new home, knowledge is power! Buying from a developer gives you the inside scoop on the development and surrounding area plans. They'll spill the beans in their sales brochures or through their sales representatives. And if you want even more juicy details, you can dig into property information available on government websites. Transparency, baby!

4. Defect Liability Period 

Fear not, dear buyer, for the law has got your back! In Malaysia, new properties come with a defect liability period. Within this magical timeframe (24 months for landed property, 36 months for high-rise), developers are obliged to fix any pesky defects that rear their ugly heads after you receive your home. It's like having a superhero guarantee for the quality of your new abode.

5. Wider Unit Selection 

Ah, the sweet freedom of choice! New projects offer a smorgasbord of unit options, so you can cherry-pick the one that tickles your fancy. Fancy a cozy little house with its own title? Done! Prefer a swanky high-rise development? They've got you covered. With so many choices, you'll feel like a kid in a candy store.

But hey, let's not forget about the dark side. Here are a few drawbacks to consider:

1. Progressive Interest 

Brace yourself, money-wise adventurers, for progressive interest costs may come knocking. As the bank disburses funds to the developer in stages according to the construction progress, you'll be responsible for paying interest on those disbursed amounts. This means your overall costs could soar higher than a bird in the sky. But fear not, intrepid buyer, for this shall pass.

2. Time Considerations 

Patience, my friend, is a virtue in the realm of new projects. Unlike sub-sale properties, these babies take time to come to life. Be prepared to wait two to four years, depending on the project. So, if you're in a hurry to move in, sub-sale properties might be your ticket to a speedier abode.

3. Potential Discrepancies in Design

Beware, for the final product may not mirror the developer's show units. Minor tweaks or layout changes could creep in, potentially leading to a gap between the promised paradise and the property you receive. To avoid any unwelcome surprises, demand transparency and clarity from the developers. No funny business allowed!

4. Developer Risk 

Ah, the specter of project abandonment or delays looms over us all. But fret not, brave house hunter, for you can wield the power of due diligence! Thoroughly investigate developers' track records and financial stability to fend off this risk. With knowledge as your armor, you shall conquer any doubts.

5. Potential Higher Prices

Brace yourself for the price rollercoaster! Developers may slap a premium on their properties compared to neighboring sub-sale options. Rising development costs and other factors can influence those selling prices. They may toss in smaller units to bring down the price tag, but be prepared to dig a little deeper into your treasure chest.

Now, let's journey to the realm of sub-sale properties and uncover their hidden treasures:

Sub-sale properties await you in the open market or secondary market, where previous homeowners are ready to pass the torch.

Here are the advantages of buying a sub-sale property:

1. Transparency and Real Feel 

Ah, the joy of seeing with your own eyes! Sub-sale properties allow you to get up close and personal, inspecting their condition, and soaking up the neighborhood vibes. It's like taking a test drive before committing. With this hands-on approach, you can make informed decisions that truly resonate with your heart's desires.

2. Faster Move-In

Time is of the essence, my friend! Sub-sale properties are primed and ready for immediate occupancy. Say goodbye to the agonizing wait of new projects. If you need a cozy nook to call home right away, sub-sale properties are here to save the day.

3. Negotiation Opportunities 

Prepare to channel your inner negotiator! When buying a sub-sale property, you can unleash your charm and haggle with the home-seller. Who knows? You might score an incredible deal that leaves everyone involved with a spring in their step. Cha-ching!

4. Established Neighborhoods and Amenities 

Picture this: You step outside your new home, and voila! You find yourself in a mature neighborhood, bursting with convenient amenities. Schools, hospitals, shopping centers, and public transportation—all at your fingertips. It's like joining a vibrant community where everything is within reach. Convenience, thy name is sub-sale!

But hold your horses, brave explorer, for the path ahead is not without its perils. Here are a few downsides to consider:

1. Higher Maintenance Costs 

Sub-sale properties may demand a bit more tender loving care than their fresh-faced counterparts. You might find yourself juggling maintenance and renovation work to whip your newfound haven into shape. Don't forget to factor in these potential expenses when planning your grand purchase.

2. Limited Unit Choices 

Alas, dear seeker of dwellings, the sub-sale market isn't always overflowing with options. You might need to channel your inner Sherlock Holmes to find that perfect property that checks all your boxes. It's a challenge, but one worth taking on for the ultimate prize—a dream home.

3. Financing and Legal Procedures 

Brace yourself, for the path of sub-sale property acquisition can be paved with complex financing and legal hurdles. Engaging your own lawyers and navigating the paperwork maze might seem daunting. It could take a bit more time and a tad more moolah. But fear not, dear buyer, for with patience and perseverance, you shall conquer the bureaucracy beast!

By carefully weighing these pros and cons, potential buyers can embark on their house hunting adventure armed with knowledge, humor, and a touch of wanderlust. So, don your researcher's hat, seek guidance from real estate professionals, and consider your personal preferences and financial situation. With the perfect blend of caution and daring, you'll find that home sweet home that makes your heart sing!