08| Secrets Behind Buying Unsold Properties

In recent years, you might have heard rumors about our property market resembling an all-you-can-eat buffet, where supply outnumbers demand. It seems like developers are facing a tough challenge in getting their unsold units off the shelves. But guess what? This article unveils the secret sauce to land yourself an unbeatable deal on these untamed properties.

Section 1: The Culprits behind Unsold Properties

Let's start by shedding light on the reasons behind these lingering properties.

If pricing is the villain, fear not! You can haggle your way through with developers. When they realize their properties are overpriced, they tend to tweak the selling price. Just don't expect them to drop it in the Sale Purchase Agreement – that's like deflating their property's ego. Instead, developers shower homebuyers with tantalizing incentives. Voila! A property deal worth considering!

Another common culprit for unsold units is the "bumi release" tag. Brace yourself, because it comes with additional considerations.

In Malaysia, developers must allocate a certain percentage of housing units as Bumi Lots, exclusively for Bumiputera homebuyers, who enjoy extra discounts. However, sometimes developers struggle to find enough Bumi buyers for their projects. In such cases, they seek approval to convert the status of these properties from Bumi Lot to Bumi Release units.

Now, if you're a Bumi, purchasing these Bumi Released units might trigger a roller coaster of changes. Your property could revert to Bumi Lot status, instantly affecting its appreciation value. So, think twice before taking the plunge.

As a non-Bumi, the property's Bumi Released status won't significantly impact its value or appreciation in the long run. But beware! When you sell it to a Bumi buyer in the future, it could revert back to being a Bumi Lot. Is it worth the gamble? That's for you to decide.

Section 2: Defect Liability Period—A Safety Net or a Tightrope?

Now let's dive into the fascinating world of the defect liability period. Brace yourself for different developer approaches!

Some developers offer a one-time defect checking service, meaning they'll fix the premises' damages only once. Talk about a one-shot deal!

Others go the extra mile, granting a generous defect liability period of up to 6 months. During this timeframe, they'll repair any damage, defects, or faulty workmanship. It's like having a personal repair genie at your service.

But brace yourself once more. There are developers who don't offer any defect liability to homebuyers. It's a "take it as it is" situation. In other words, you won't be sipping on the sweet nectar of a defect liability period.

Section 3: Beyond Price: Let's Talk Property Feng Shui

Apart from the selling price, several other factors can turn properties into unsold misfits. Let's unravel the mysteries!

The property's layout design, accessibility, location, surrounding developments, and infrastructure all come into play. It's like picking a date – you want it to be convenient, accessible, and surrounded by all the right vibes.

Picture this: a new township boasting superb accessibility with highways at your doorstep, but alas, the infrastructure, facilities, and amenities aren't up to speed. Suddenly, living in this township becomes an inconvenient marathon. Ouch!

Sometimes, a property's poor design becomes the culprit. Take the Triangle-Shaped Apartment, for instance. It may need some customized furnishing, and guess what? That often incurs additional renovation costs. So, do your homework before sealing the deal.

Conclusion: A Treasure Trove of Untapped Potential

Buying unsold units from developers is like finding buried treasure. These properties are ready to move in, spanking new, and developers sprinkle irresistible incentives like confetti. Who doesn't love saving a fortune?

So, if you're up for a thrilling adventure and eyeing a deal that could make your pockets giggle with delight, unsold properties might just be your ticket. Embrace the quirks, seize the opportunity, and join the ranks of savvy homebuyers who know how to uncover hidden gems in Malaysia's ever-evolving property market.