26 July 2011

Buying a Pre-Owned Property - The Checklist.

Some of the things and items that a buyer need to look at before buying a property - say... an existing property, an old house, or a pre-owned property - includes many many items. Let me try to put in as much as I can here and hope not to miss out anything ya. =)

The name of the agent.

When you're going for the property inspection - do take note of... importantly, the property lot number, the name of the agency and its corresponding person, the name of the seller (if possible) and any other basic information that you can get... check if its freehold or leasehold etc. =)

Pre-owned properties tend to be renovated already - so it is best to observe for yourself on the general arrangements and layout of the property. Do take note of the number of bedrooms and bathrooms (important!), and then the condition of the interior walls and floors, the exterior walls and floors and roof, observe the ceiling for leakages, lighting points, the condition of the doors and door frames, the layout of the house etc.

Some of the items that I would usually check is the works that are required to be done up - for example, do check if the property has a water heating system, Astro TV or UniFi etc... those without would mean the property needs some extensive hacking and renovation to the walls and floors for it to comply with that. Air conditioning systems are also important. =)

If the property comes furnished, do check out the conditions of the beds, sofas, the white goods (such as the microwave oven, ovens, stove, television and so on...), the shower systems, the conditions of the built-in wardrobe/walk-in wardrobe (if any), the bathtubs (tend to crack or leak) and any other fittings there are in the property.

For an investor, it would be ideal to also check out the property's surroundings - after all, a property would be able to fetch a premium if it is close to a shopping centre or public amenities. Check out how far it is to walk to the LRT station, check if the new MRT will run nearby, any bus stops nearby, clinics and schools, gyms, kindergartens, parks and so on...


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