Many people have their reservation about buying below market value property. This may stem from your own beliefs, and as emotional judgment is involved. You might have overlooked the significant benefits of buying auctioned properties.
Perhaps, you might have realized the significant benefits. In the populated area like KLCC, it is estimated there are over 1,000 newly listed properties that go under the hammer each month.
1. Relatively Low Price
The most apparent benefit of buying lelong property at auction is that it could be had for a much lower price than a similar property listed on the sub-sale market.
Thus, saving here could be released as this option of buying a property could be intelligently considered by the savvy investor. Saving can be seen to reach as much as 50 percent of the bank’s market value of a property at auction!
2. Saves Time & Effort of Buying New Launches
Instead of attending the top property developer’s new launches to figure out the best deals, why not try an alternative approach to get the best deals? The time and effort in place of researching and attending new launches, along with the inquiring and cajoling early-buy deals, that could easily be redirected towards auction property.
Therefore, you need to do your own research on the auction properties, and you will quickly learn that there are a variety of local websites list these properties daily. By just spending some time in researching them, you will discover numerous attractive deals up for grabs.
3. Saves Time & Hassle of Buying Sub-Sale Property
Buying lelong property also helps you to save tremendous time and hassle in negotiating the purchase of a property with an agent or owner. By skipping the traditional sub-sale mechanism, you can purchase a property purely at the real reflection of consumer market value.
Moreover, you also can request to physically view the property beforehand if an existing tenant is occupying the premises. As a property investor, you should use this opportunity for you to have a better understanding of your soon-to-be property. Perhaps, you might have a better chance to bargain for the best deal directly with the tenants!
4. Seek Advice From Experts
The mechanism of auction property is about buying and selling to the highest bidder, which was going around for centuries-long times ago. A good rule of thumb, it would be wise to seek out for someone with superior knowledge and experiences about the process of the auction property.
5. Get Your Dream House
Next, the process auction for lelong property allows the buyers to think of ownership of not merely an investment-based asset, but something more valuable that touches the sentimental of soul and warms the heart.
The Malaysia’s below market value property could allow you to purchase a property that closer to your ideal ‘home’ plus with the buying-in at a price that you may never have thought possible.
Auction Property in Malaysia Checklist:
First, you should assess the type and location of the subject property. Next, is the price range and possible returns from rental. You also should plan for the purchasing strategy for long or short-term holding. Not to forget, the possible outstanding utility bills to consider. Whether the property tenant is vacant or tenanted.The buyer’s intent of utilizing or rent the property.