Lock, Stock & Barrel: Avoid the Common Mistakes of Home Ownership

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This article first appeared in The New Straits Times on 27 July, 2017.

Buying your first property is always an exciting thing. A property will most probably be the single largest purchase most people make in their lives. Of course, I know some people who have cars that cost more than my home, but really, how many of those people do we know.

So, in reality, for the average Malaysian, your home will be your biggest and most prized possession. For the first-time home buyer, the process of buying a home is always uncertain, a little scary and fraught with hidden pitfalls.

Here are some ideas that you can employ in order to either completely avoid or at the very least, minimise those pitfalls:

1. The viewing

It is not a very good idea to buy the very first property you see. When viewing potential properties, try and view as many as possible. View a wide variety of properties in different selected locations.

The more you view, the better you will get at identifying what is right for you and what isn’t. Look out for shoddy workmanship, faulty electrics, dampness on walls, leaking roofs, extraordinary soil settlement, rotten door and window frames, etc.

If you have a friend in construction, take him or her along with you. They would at least be able to give you an estimate of what it would cost you to fix the problem.

2. Dealing with the estate agent

An estate agent is a useful person to have when you are house hunting. They would most probable be happy to source for suitable properties for you, thereby freeing you from probably hours of trawling through numerous property portals and newspaper advertisements. But an important point you will need to remember is that the estate agent is working for the vendor, not you. So you cannot expect him to act in your best interest. The agent’s job is to act in the best interest of his client, which in most cases in Malaysia is the vendor.

Take full advantage of the presence of the agent by asking him as many questions as you want. Remember, he probably knows the property and the neighbourhood much better than you, and he can be the source of a wealth of information.

3. The external viewing

When viewing a property, the external part of the house, including the neighbourhood is as important as inspecting the internal part of the house. How does the neighbourhood feel? Does it look derelict and unkempt? Are the streets and drains clean? Do they look regularly maintained?

Check the street to identify unusual heavy traffic or parking problems. This external inspection will also enable you to look for signs of flooding, road cave-ins, etc.

4. Unreasonable neighbours

Take a look at who your neighbours are. Never underestimate the nightmare of living next to unreasonable neighbours. Can you imagine living next to someone who complains at the slightest noise that comes from your house. Imagine living next to someone who will call the police every time you have a party in your house. Or a neighbour who complains when the leaves from your tree gets blown into his yard.

Such people will soon have you wish that you had never bought that house. By that time, however, it would have been too late.