Buying a property is a big-deal, even more so when you buy a property in a new township. This is because you are placing all your bets that the township will eventually thrive and prosper, and because it is new, you really need to ensure you have properly researched its future prospects and potential gain.
While buying into a new township seems to have more uncertainties and risks as compared to mature areas, the upsides of buying into a new township, especially if you are the first few buyers, are huge. For instance, take a look at Desa ParkCity in Kepong. What was once a quarry is now one of the most sought-after townships in Kuala Lumpur, and homebuyers from the first batches would have benefitted the most from the capital appreciation.
So, what are some things we should look out for before buying a property in a brand-new township? Here are five things to consider.
1. Reputable developer
Always, always check the track record and background of the developer. Research about their past projects and see how well they have done in their previous projects. What is the company’s ethos? Are they here to make a quick buck or are they here for the long term? Do they implement sustainable features in the township that will enable effective property management later on? Ask these questions to the developer when you meet them face-to-face.
2. A sustainable township
Are they commercial phases in the township? Schools, shops, grocers, medical facilities. They all need to be in place. Are there green lungs in the township? Facilities provided in the township must be manageable with ease and sustainable in the long term. Proper ingress and egress need to be planned out in order to facilitate traffic flow during peak hours. Any residential plan in a new township should also be able to meet the realistic demand in the area. Over-estimation and over-build in the first few phases in relatively short periods will see a ghost town instead.
3. Government initiatives
Being in a location where the government has plans for the future, especially mega infrastructure projects, will be very beneficial. This enables the township to mature in a shorter time. However, this is not a must as it is much depending on the project types. Nonetheless, at most of the times, a government project will help in boast up the property values in the locality.
4. Distance is no longer everything
As people’s lifestyle and preferences change with working adults no longer having to meet fixed working hours in one office, distance from the home to the office is no longer a main concern for individuals with flexi working hours when they look for a home. Hence, don’t have to over worry if the township is located further away from the city centre.
5. A safe and secure environment
Housing prices in new township developments are comparatively more affordable than similar offerings in matured areas, yet the safety aspect must not be overlooked. Affordably priced, a self-sustaining township, good connectivity, a safe and green living environment are the features that make a successful township development.
[Image source: Image by Lifestylememory]
How much housing loan you can get?
How much is your property worth?
Interested in new launch property?
Looking for property for sale or rent?