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Management and maintenance are key when buying older properties

 

SHAH ALAM (Oct 20): How do you decide if an old property is worth investing in and what are the signs you look out for? According to Sri Penaga Management Corporation chairman Khaw Chay Tee, the management and maintenance of the property are key factors to consider.

"A more mature development can be like second hand gold, as good as new," said Khaw. 

Sri Penaga is a 22-year-old condominium in Bangsar. It was the Gold winner in the EdgeProp Malaysia 's Best Managed Property Awards 2018.

"When you visit the property, (amongst the) signs to look out for are is the management committee active and engaged? Go the notice board and see if there is an updated notices.

"Go in and talk to the management office and talk to them on what are some of the upcoming maintenance programmes in the pipeline so you know what you have to pay for if you move in. The more open they are, the better it is. If they are not happy to share with you, then it means they do not want to let you know everything that is going on," Khaw explained.

He also suggested that a prospective new owner walk around and look at the maintenance of the facilities. 

"For instance, are the plants fertilised? Use the public toilets in the development and check whether they are clean," Khaw added. 

Khaw was speaking on the topic "Old can be Gold - It’s in the genes. Really? at EdgeProp.my Talk on "Are you destroying your investment in real estate?" organized by EdgeProp.my with partner Nippon Paint Malaysia.

For more detailed coverage of the EdgeProp.my Talk, read the Oct 26, 2018 issue of EdgeProp.my pullout.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
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