Purchasing a property can be a very daunting yet exciting event. There are many things to consider and much research to be done, as well as many documents to prepare.
For some, investing in the property market would entail investing their life’s savings. Thus, it is always better to be prepared to avoid unexpected events or disappointments that may occur.
Here, we have a quick checklist for buying a serviced residence
If this is your first property purchase, applying for a bank loan might seem like a pretty intimidating task. With the different interest rates and repayment options, one might feel lost when it comes to housing loans. However, research must be done in this area to obtain a housing loan that is best suited for you.
These days, the developer will have a sales team that will help with loan applications. This is quite helpful for first-time buyers who have no experience whatsoever in the property market.
Who is the Developer?
One of the most important pieces of information that a purchaser should have on the serviced residence is who the developer is. It is always good if one can purchase a property built by a well-established and reliable developer.
There have been cases where the completion of a building was delayed or even left unfinished due to unreliable developers. This is probably the last thing that one would hope for after putting down a deposit or a downpayment for the property.
What is the Developer Providing?
These days, there are many serviced residences on the property market. One of the ways developers try to attract potential buyers is by offering ‘free’ stamp duty fees as well as ‘free’ sales and purchase legal fees. While this is usually advertised as ‘free’, the price would have been calculated into the purchase price.
Although it may seem like a sales tactic, when the stamp duty and legal fees are included in the purchase price, potential buyers do not have to come up with extra money for these fees. This also means that these fees would be included in the bank loan if one is applying for financing.
What are the Fixtures Included?
One of the conveniences of purchasing a serviced residence is that it is usually fully furnished. The interior design is beautifully done by an experienced interior designer. However, it is important to make sure that good quality products and brands are used for the fixtures and furniture.
This is to ensure that things in the unit do not come apart a short time after one moves in. It is even more important to have fixtures and furniture that is of good quality if one plans to be renting out the unit.
This is so as sadly, most tenants would not put in as much work into a living space as compared to the owner of the property. Thus, it is essential to have in mind what fixtures and furniture are included in the purchase.
What are the Services Included?
Serviced residences are just as their name implies – there are services provided for residents. When purchasing a serviced residence, one needs to be aware of the services that are included, and which are the services have additional charges.
For example, a serviced residence would most likely provide valet and concierge services. Housekeeping services and laundry services would most likely be ‘a la carte’ services or ‘pay per use’ services. By knowing which services have extra charges, one will be able to plan out their monthly budget.
Extra Cash on Hand
Even when you know all that is being provided, it is always wise to have some extra cash on hand. This is because even in a fully furnished, move-in ready serviced residence unit, some minor works still might need to be done. Sometimes, a problem will only arise after we have been living in the property for a few weeks. For example, one might not be aware of a leaky pipe in the toilet until the toilet is put to use after moving in.
Besides minor repairs, it is also good to have extra cash on hand for additional furniture as well as appliances that are not provided by the developer. If this is your first time living on your own, you may discover that you do not have some everyday items and appliances.
Those who have extra cash on hand will also be able to spend it on deco and personalizing their unit to suit their taste. Although serviced residences are usually fully furnished, having a personal touch of your deco will make the unit stand out with your personality.
KSK Land – A Reliable Developer
To purchase a serviced residence that is best suited for you, one needs to take note of the above checklist and how it applies. It can be quite stressful, but fortunately, some developers’ sales teams have good service, as well as dedicated after-sales service.
One of the more reliable developers that offer such services is KSK Land Sdn Bhd, developer of YOO8 serviced by Kempinski. Situated in 8 Conlay, YOO8 serviced by Kempinski is the latest branded serviced residence in KLCC.
Freehold with units that have 1 to 3 bedrooms with a build-up size of 705 square feet to 1,328 square feet, KSK Land Sdn Bhd has taken every step possible to make YOO8 a masterpiece that is comparable to no other. Founded in 2013 and a subsidiary of KSK Group Berhad, an established Malaysian investment holding company, one can rest assured that KSK Land Sdn Bhd is a developer that will ensure that their project is built with brand integrity.
We hope that this checklist will somewhat help when deciding on which serviced residence to purchase, as well as what to expect when heading into the property market. Always remember to do a little bit of research on the development before deciding if it is for you.