Do you go and see it yourself before buying any property? It is highly recommend to do so because you can get this great opportunity to feel it yourself how is the area condition of the property you going to buy. Here, I will like to share you 8 important points need to know when site visiting.
1). Total Units and Layout
Basically, the first things we need to know is the total units of the apartments/ condo/ taman/ shoplots and how is the layout when we doing site visiting. For apartments/ condo, will be counting by no of floors and no of blocks. For taman/ shoplot, will be counting by no of rows.
If for apartments/ condo, total units as below:-
Total units per floor X total no. of floors X total block = Total Units of a Apartments/ Condo
If for taman/ shoplot, total units as below:-
Total units per row X total no. of rows = Total Units of a Taman/ Shoplot
2). Occupancy Rate
What is occupancy rate? Occupancy rate is the number of units in a building that have been rented out/ occupy by resident as compared to the total number of units in the building. An apartment building containing 100 units, 80 of which had renters, would have a 80% occupancy rate. This is to ensure the property that you going to buy have a value to rent out if that apartment building with high occupancy rate.
Occupancy Rate = Units Rented Out / Total Units
How you will get this rate especially the units rented out? Yes, you need to check out floor by floor for the occupancy units. Another tips is you may check the mailbox at the ground floor too. Normally, if that units was occupied by residents, the mailbox will look very clean and not full of advertisement brochures.
3). Security and Guard
Another important point that we need to know is the condition of the security of that building area. If without a good security control and guard management, we may double think about it before buying that property. Simple, just ask our self: “Will I stay at the area with not safety and high criminal cases?”.
For buying any property, it will be good with high security control of guards. Guard house with 24 hours security and tag access control are important as a good security.
The more facilities of the building area, the more value of that building/ property. Basically, the facilities of an apartments and condo are gardening, balcony/patio, playground, jogging track, swimming pool, gymnasium, squash court, covered parking, Cable TV, restaurant, laundry and etc.
When site visiting, remember to check yourself how the facilities condition too. It is highly recommend not only know from agents or the owners but see and experience by yourself. This is because some of it do have the facilities but is not function well.
5). Joint Management Corporation (JMC)
JMC is known as Joint Management Corporation. JMC also called as JMB (Joint Management Bodies). The JMB or MC is statutory bodies under ACT 663 that are formed to take over management and maintenance the sub-divided building and common property in the strata development such as Condominium or Apartment and now include Gated & Guarded strata landed property.
(refer source: gmssolution.com.my)
If you like to know the history or any inquiry about the building, JMC is the place where can help up. Normally, there will be a JMC office at the ground floor of the building or nearby the building area. Just check around with the guard to show you where is the office. It is highly recommend to walk in JMC to understand and verify further the building condition.
6). Current Resident
Before you buy or invest any property, another key point you need to know is the residents at that building area. We need to survey who are the majority type of peoples staying. Are they own residence or rent residence? This will help up to determine whether the property that you going to buy do have value to rent out if you plan to invest for rental purpose. In the other ways, if majority is own residence, then it will be good to buy the property for own staying purpose.
When doing site visit, you may need to walk around the building and check through the people staying there. Normally, if the houses was renovated with awesome look, it can be category as own residence. Or you may check through this info by asking the current residents of that building. Another great person that can answer you this inquiry will be the guard.
7). Surrounding environments
When doing site visiting, remember not only to look around inside the building area but the surrounding environments is important to know also. Is the next land of the building is empty spacing? If it is empty spacing, then it might be high possibility another new building to be develop beside it in the future which it will block the current view. Therefore, the future property value might be impacted.
In term of feng shui point or health perspective, there are several type of building need to be avoid when buying into your investment property. Check more here for “Building to avoid when buying your investment property”
8). Visiting a property area at different times
The last important point we need to do when doing site visiting is viewing the property area at different times of day. Why we need to do so? Let’s me explain now, during day time, the area seem peaceful but during night time, it could be a noisy nightclub next door. And also think about how seasonal an area might be too.
What do you think? What is the others important things we need to know when site visiting? Can you share us more your ways? I’d love to know what you think. Leave your questions and comments below.