Make the most out of your time during a property gallery viewing and ask your property agent these crucial questions.
Purchasing a property is an exciting milestone. However, it’s not as simple as walking into a sales gallery and pointing at the first unit that catches your eye. Many things need to be considered when purchasing a piece of property — the price, location, amenities, and even the developer’s history.
That is why you should ask your property agent as many questions as possible when browsing through new properties at a gallery viewing. Here are some questions you can ask a property agent the next time you’re at a sales gallery.
Who is the developer, and what is their track record?
Before deciding on anything, you should find out who the property developer is from the property agent. Knowing this will allow you to find out their previous projects and whether those have been successful. You can also do background checks to determine if residents in those buildings are satisfied with the property, how responsible the developer has been, and whether those buildings have defects or issues.
Is this property freehold or leasehold?
Check with the property agent if the building is a freehold or leasehold. Generally, most buyers prefer freehold property as they own the land which the property is built on. Plus, freehold properties appreciate in value and it’s easier to sell off compared to leasehold properties.
What’s the difference between commercial and residential titles?
The next question you should ask is whether the property is classified as a commercial or residential title. Commercial titled buildings are subjected to commercial loan terms, utility charges are 30-50% higher than residential titled properties, and many other terms that may be disadvantageous to you as a homeowner.
What are the facilities available on this property?
This is especially important if you’re buying an apartment, condominium, or serviced residence. Ask the property agent about the amenities available within the building, such as the pool, gym, common areas, parking vacancies, and more, to make your selection process easier.
How will these facilities affect the building maintenance fee?
Consequently, having more facilities within the building also means that the monthly maintenance fee will be higher. Be sure to find out about that from the get-go, so you can factor in the additional costs.
What is the surrounding neighbourhood like?
Naturally, you’d want the neighbourhood you live in to be safe and generally problem-free. It’s good to find out what sort of neighbourhood your future property is located within so you can adapt to it easier, or even choose another location if it’s not desirable.
What are the upcoming developments in the neighbourhood?
It’s worth finding out if there are any future plans for developments in the neighbourhood, whether it’s an MRT station, new highway, shopping mall, schools, or more. These future developments have the potential to change your current neighbourhood to a high-density one, making it busier or noisier. It could also work to your advantage, increasing the value of your property.
Never be afraid to ask a property agent too many questions. The investment you’re about to make on your future home is a hefty one, which makes it all the more acceptable that you’d want to learn more about the property and its surrounding area.