Have you bought or sold a property? I have and it amazes me how you can be told things that are absolutely contrary when you are buying and selling.
My first property was a 2sty link house, leasehold numbered “4” and located by the cemetery. I bought it because it was affordable to me and I was not superstitious nor afraid of ghosts. I lived there for eight years with my family and had no problems except for a few incidents of attempted burglary. That was resolved by installing an alarm system.
After 8 years, my family and I decided it was time to move to be closer to the children’s school. Selling the property took a long time. I was not surprised that Malaysians are generally a superstitious lot. I engaged RENs to sell the property for me, one at a time and each time giving them an exclusive listing. Each time I was told that the location and number were not good and that leasehold properties were difficult to sell. Thankfully the property was sold at double the price I paid for it as it was a good property, all things considered. In true Malaysian spirit it was sold by a Malay REA to a Chinese buyer. This buyer was a born again Christian who feared God more than ghosts and superstitions and rightfully so.
Since then I have enquired and purchased a few other properties and attempted to sell a property or two. When I wanted to negotiate the price on a property that was leasehold, I was told that leasehold was no different than freehold properties and that the lease can be renewed upon expiry.
It should not matter to me or prospective buyers. When I pointed out that the property number was not favourable, I was told that I could make an application to change the house number. When I pointed out that the vacant land behind a certain property would create opportunities for burglars to enter I was told that I could build a high wall at the back of the wall. Changing the house number and building a wall should be made at my own expense and inconvenience with no discount in price.
I also learnt that a house buyer can demand any price he wants for his house simply because he overpaid for his purchase. It cannot possibly be sold below the developers price even though the actual valuation of the property is much less. And the RENs concur with him because he pays their fees.
The fact of the matter is the price of property is determined by location, supply and demand. Location plays a major part. Good location obviously commands a higher price. Quality of materials for the building do too. Nobody really cares about the renovations you have done as it may not be to their taste so it is really optional and adds some value but not much to the property.
The lease on the land where the property stands can be renewed in most cases unless the local government has earmarked the land for developmental purposes. This involves a premium to be paid. Therefore, this cost should be considered in the transaction price.
This and other information are not made clear. I don’t wish to assign blame. I merely seek honesty and professionalism when transacting properties.
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