Chris was one of the panelists at EdgeProp Malaysia’s Virtual Fireside Chat on “Stop! Are you destroying your property value?” on 9 July 2020 hosted on EdgeProp Malaysia’s Facebook page, together with Architect Centre Sdn Bhd accredited architect and trainer Anthony Lee Tee and the Muslim Real Estate Consultants Association of Malaysia (PEHAM) president Ishak Ismail. The session was moderated by EdgeProp Malaysia editor-in-chief and managing director Au Foong Yee.
How many of you realised the importance of property management now? And realised you can actually add values to your property.
Let’s take a look of some key highlights from Chris Tan‘s sharing, news in EdgeProp.my:
AGM minutes can tell a prospective buyer a lot about a stratified property
Looking to buy into a stratified property on the secondary market? Besides the usual questions such as the cost of maintenance and facilities, Chris added another crucial aspect that could help a prospective buyer decide whether the property is a good investment — the project’s Annual General Meeting (AGM) minutes.
“The AGM minutes are important. You know why? From the minutes, you can see a lot of things about the property’s management such as whether there has been a raise in maintenance charges or sinking funds. You can see what were the issues that were brought up, whether there have been problems with the lifts or the swimming pool for instance. The minutes will give you some idea [on what has happened on the property].”
Chris likened buying a stratified property on the secondary market to buying a club membership where one must know who their fellow club members are. He added that the AGM minutes are like the property’s “medical report”.
“Ask for a copy of the AGM minutes from the seller of the property. If he cannot give it to the prospective buyer, it is already a tell-tale sign that something is not right with the property.”
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Properties designed for easy maintenance aid in value creation, say experts
Choosing a building that was designed for easy maintenance is one of the key attributes of building value in a property investment.
Chris highlighted that while upkeeping one’s own unit is important, it is less easy to ensure that the common property is well maintained as other unit owners may not share the same commitment in maintaining the common property.
“The question is, are all your neighbours as committed and responsible as you. However, if you keep your own property better, when you want to sell it, very likely people will choose yours over the others.”
“When your unit is better maintained, you will have a higher chance in getting higher value for your property.”
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Is your home still considered home following Covid-19?
Since the outbreak of Covid-19, one fundamental change for residential properties is that they have also become a workplace or the office to many people.
“As Covid-19 has forced more people to work or do business from home, residential properties have doubled up as commercial space, or even for industrial usage, depending on what you are doing, it could even be a warehouse.”
Chris pointed out that working from home could also change people’s perception of a property’s value.
‘Location, location, location’ used to be the catchword of many when choosing to buy a property, and houses close to major infrastructure usually enjoy more demand.
“To me, location has become slightly less relevant after the pandemic. I am not saying that it has become totally not important but proximity now is no longer defined based on physical distance but on digital access.”
“Even if the pandemic is over and we are back to normal, it is a normal with more choices because you can now have a choice of working from home for instance.”
He opined that the ‘old normal’ was when people had to travel to work .
“Right now, people are working at the best location possible which is in their homes. Location used to weigh so heavily in a property buyer’s consideration, but it now weighs lighter'”
Chris said, adding that Internet accessibility might become a more important factor to look at.
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Replay the Virtual Fireside Chat