Many of you probably may have your reservation about buying below market value property in Malaysia. This may stem from your own belief, as well as emotional judgment is involved; you might have overlooked the significance perks of buying auctioned properties in Malaysia.
1. Lower Price
The most appealing benefit of buying auction house is that it could be had for much more economical than a comparable property listed on the sub-sale market. Therefore, considerable savings here could be realized.
Besides, this option of buying auction property could be intelligently considered by a savvy property investor. Saving had to be seen to reach as much as 50 per cent of a bank’s market value of a property at auction!
2. Be Confident with Auction Mechanism Transparency
All of the properties are auctioned-off by the decision of respective banks with the approval of the high court and the land office, where the auctions can only conduct by the licensed auctioneers.
There are no grey areas to question the sale of lelong property, for a consumer market dictates the sale price of a property at auction.
3. Save Time & Effort of Buying New Launches
Instead of attending the developers’ new launches house to get the best deals, why not try a different approach to get the best deals? Bear in mind that the time and effort in place of researching and attending new launches, along with the inquiring and cajoling early-buy deals, could easily be redirected towards auction property.
Moreover, it is highly recommended for you to do research beforehand about the auction properties. This will help you quickly realize that several local websites list these properties daily. By spending some time on them, you will discover numerous attractive deals up for the grabs.
4. Save Time & Hassle of Buying Through Sub-Sale
Buying a below market value (BMV) property also could help you save much time and hassle in negotiating the buying of a property with an agent or owner. Bypassing the traditional sub-sale mechanism has its own perks, for you can purchase the property purely at a real reflection of consumer market value. Click here to check out the list of BMV.
Also, you need to remember that you could request to physically view the property beforehand if there is an existing tenant along with a tenancy agreement occupying the premises.
Many of the property investors forgo this step as they expect the tenant or owner to refuse. Nevertheless, there is no harm for you to test your luck anyway. Some owners do welcome the chance of obtaining a higher bidding price while some of the tenants would want to continue renting from the new owner.
5. Considerations for Buying Auctioned Properties
The lelong property auction mechanism of buying and selling to the highest bidder has been around for centuries all around the world. It is always recommended to seek out someone with superior knowledge and experience in purchasing and selling auction properties in Malaysia if you decide to take a closer look at it.
6. Find Your Dream Property
Last but not least, the auction process also allows any purchasers to think of property of not just an investment-based asset. But it is something which could touch the soul and warms the heart.
The auction of the property also could possibly enable you to buy a property that befitted as your ‘dream home’. By purchasing your dream house at a price, you may never have thought possible – this is basically a dream come true.