Hey guys, welcome back to MalaysiaHousingLoan. I’m Melissa.
So, today we are going to talk about 6 PROPERTIES YOU SHOULD AVOID BUYING.
Buying the right house is so crucial that you do not want to buy a wrong house, regardless it is for investment or own stay, you deserve to have the best house you could ever afford.

So, let’s begin.

1. Property without strata or individual title and developer was bankrupt.
Buying a house without strata title or individual title is so critical because your house eventually will need a title. And the entity that should help to apply the title is your developer. When the developer was no longer around, there will be no one to apply it to you.
A title is like a birth certificate of property, without a title, you will have difficulty to sell or refinance your property to a bank. Eventually, you will be stuck.
So, avoid at all cost. You do not need to create another problem.

2. Property more than ten years without strata or individual title.
Property more than 10 years without strata or individual title is less appeal to the banks. Most bank, do not want to finance such property. So, you should stay away. Maybe there are 1-2 banks willing too. But, that is a cruel choice. What happens when those 1-2 banks stop financing one day? Aren’t you going to be helpless ? Because you can’t sell, as your new purchaser need bank financing, unless you have cash buyer. But, let’s get real, how many cash buyer out there? I think you know what I mean.

3. Property that going to be auctioned by bank soon.
This is a complicated business. If a house is going to be auctioned by a bank, it’s just mean the bank is taking over the house. The new owner is the bank. And if you still liaise with the seller that just lose his/her right over the house, then you are in so much trouble. Because you give the money or deposit to the wrong owner. You might lose it.

4. Auction property with a caveat.
Normally, I won’t encourage my client to buy an auction house unless you are experienced property investor. If not, stay away from auction property because things are more complicated with auction property. Auction property with a caveat, just increase the level of complexity. If the property has caveat, someone ( maybe you or your lawyer) need to look for the caveator and ask him to remove it. And in some cases, it might involve money to solve the issue. How much? Depending on how much the caveator ask. Are you willing to risk? I would say, prevention is better than cure. Avoid the trouble.

5.Property with many auction properties within the vicinity.
When you buy a house, you want to purchase a house with a good re-sale value. Meaning, in the event, you need to sell the property that you bought, you know there is a huge market that willing to grab it. If your neighborhood shows lots of auction property, it just devalues the property in a way. And it doesn’t attract people to buy.

6. Property without Certificate of Fitness (CF) or Certificate of Completion and Compliance (CCC).
Every completed property should receive CF or CCC. Just to confirm that the house is safe to stay. To get a CF or CCC, there are lots of steps involve, and it is not that easy. If a property does not have CF or CCC, it’s actually not safe to stay, or not safe for you to buy. Normally, property without CF or CCC, the banks are not willing to finance. So, it is best that you avoid such property.

So, guys, that is my six properties tip for you this week. Hopefully, it is helpful to you.
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