The risk of purchasing a yet-to-be-launched or built property is higher, especially in the aftermath of the Covid-19 pandemic.
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Buying a property can turn into your worst nightmare, especially if you get stuck with a housing project that’s abandoned by its developers.
As its stands today, there are 198 abandoned projects across the country, theSun reported.
To avoid becoming one of the thousands of victims of these irresponsible developers, homebuyers may opt to buy sub-sale homes instead.
This, according to National House Buyers Association president Datuk Chang Kim Loong, is because the risk of purchasing a yet to be launched or built property is higher, especially in the aftermath of the Covid-19 pandemic.
Chang advised homebuyers not to be discouraged from buying sub-sale homes because of the negative perceptions, adding that a sub-sale home with existing nearby infrastructure and facilities such as hospitals, schools and public amenities, may be a better choice than a newly developed area or township.
“Buy something you can see and touch instead of waiting for a few years and realising it may not come true.”
He also advised buyers not to fall to developers marketing tactics, adding that due to the economic situation that Covid-19 brings, a lot of owners are putting their properties up for sale.
“It is a buyer’s market now and auction properties or subsale homes are being sold five to 30% cheaper.”