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Thread: Considerations when buying old FH condos?

  1. #1

    Default Considerations when buying old FH condos?

    I am looking for information on what are the considerations when buying old FH condos like Primo Residence in Kovan. I like the quiet environment and the close to parks and close to MRT. It may be nice to buy for own stay.

    When I look at the exterior, there are rain black stains in some units already. I heard that doing an exterior painint would cost extra money from residence rather simply using the sinking fund. Then there is repairs inside own unit due to wear and tear, mold, etc. What are the major issues which may require residence to fork out additional $?

    What are other considerations?

    Thank you!

  2. #2

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    Perhaps you are asking the wrong questions at this juncture. What you must figure out is which is/are the best units / best stacks to buy, and whether the price represents good value comparative to other condo in the vicinity and the unit selected represents good value to you. How many units at Primo have you viewed and what are the asking prices? How likely are you to get a good price?

    Condos must be repainted every 5 years or so, it's a stat requirement.
    Normally for condos with very small number of total units , then when the time comes for a repaint, the MC may need to collect a special levy, as the sinking fund may be insufficient to fund the repainting. You can try to check with the current management office or agent to confirm whether indeed a special levy is needed. As primo is TOP in 2012 I believe the repainting is imminent, so listen to the grapevine.

    For primo residence, since there are only 64 units, there could be a chance of a special levy collection. The larger condos with 300 units generally will have sufficient funds

    Check what are the number of car park lots available, and is it a mechanized car park. Those may cost a bomb to maintain as the condo ages.

  3. #3

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    Quote Originally Posted by buyer_east View Post
    I am looking for information on what are the considerations when buying old FH condos like Primo Residence in Kovan. I like the quiet environment and the close to parks and close to MRT. It may be nice to buy for own stay.

    When I look at the exterior, there are rain black stains in some units already. I heard that doing an exterior painint would cost extra money from residence rather simply using the sinking fund. Then there is repairs inside own unit due to wear and tear, mold, etc. What are the major issues which may require residence to fork out additional $?

    What are other considerations?

    Thank you!
    Think in terms of buying a vintage car. Nice ‘old’ original design but upkeep is going to be expensive and frequent in terms of interior and exterior.

  4. #4

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    I was in the same situation last year. Ended up bought 2 old freehold condo in district 9. For old freehold, normally they are very spacious and layout is good. Don't look at the lowest price unit, try to buy those high floor , best facing stacks. If you can negotiate with some owners who bought their unit long time ago, might get a bargain, try not to bring buyer agent if you know the project well. . Don't care about reno, everything need to redo. The problem is many old freehold listing withdrawn by the owners now . Those existing ones all asking sky high price. Maybe you should wait for 1 or 2 years , when those projects en bloc attemp fail then buy.

  5. #5

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    Quote Originally Posted by tonymontana View Post
    Perhaps you are asking the wrong questions at this juncture. What you must figure out is which is/are the best units / best stacks to buy, and whether the price represents good value comparative to other condo in the vicinity and the unit selected represents good value to you. How many units at Primo have you viewed and what are the asking prices? How likely are you to get a good price?

    Condos must be repainted every 5 years or so, it's a stat requirement.
    Normally for condos with very small number of total units , then when the time comes for a repaint, the MC may need to collect a special levy, as the sinking fund may be insufficient to fund the repainting. You can try to check with the current management office or agent to confirm whether indeed a special levy is needed. As primo is TOP in 2012 I believe the repainting is imminent, so listen to the grapevine.

    For primo residence, since there are only 64 units, there could be a chance of a special levy collection. The larger condos with 300 units generally will have sufficient funds

    Check what are the number of car park lots available, and is it a mechanized car park. Those may cost a bomb to maintain as the condo ages.
    Thank you tonymontana for the knowledge. I am really new to property and this is my first buy for self stay. I really have no choice but look for the lowest cost unit.
    Good to know the cost associated with mechanized car park. I wonder whether I ought to pay that if I don't drive. And is there a practice to let out my car pack slot for a fee to fund this cost?

  6. #6

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    Quote Originally Posted by buyer_east View Post
    Thank you tonymontana for the knowledge. I am really new to property and this is my first buy for self stay. I really have no choice but look for the lowest cost unit.
    Good to know the cost associated with mechanized car park. I wonder whether I ought to pay that if I don't drive. And is there a practice to let out my car pack slot for a fee to fund this cost?
    Sure, hope the info helps.
    The carpark or any amenities within the condo is funded and maintained by all owners either via the sinking fund or the monthly maintenance.
    As for renting out your car park lot, This is not Malaysia, please please don't do those kind of things here.

  7. #7

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    Quote Originally Posted by oldfreehold View Post
    I was in the same situation last year. Ended up bought 2 old freehold condo in district 9. For old freehold, normally they are very spacious and layout is good. Don't look at the lowest price unit, try to buy those high floor , best facing stacks. If you can negotiate with some owners who bought their unit long time ago, might get a bargain, try not to bring buyer agent if you know the project well. . Don't care about reno, everything need to redo. The problem is many old freehold listing withdrawn by the owners now . Those existing ones all asking sky high price. Maybe you should wait for 1 or 2 years , when those projects en bloc attemp fail then buy.
    Yeah. Many advertisements are already pulled out.

  8. #8
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    8,035

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    Quote Originally Posted by tonymontana View Post
    Sure, hope the info helps.
    The carpark or any amenities within the condo is funded and maintained by all owners either via the sinking fund or the monthly maintenance.
    As for renting out your car park lot, This is not Malaysia, please please don't do those kind of things here.
    We need to start soon because new development got limited carpark.

  9. #9

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    My personal view is now the timing is too late to buy old freehold. Recent en bloc projects all.askimg sky high price , if you want to buy in now , get ready to be chopped by the seller and wait long long for en bloc. Sellers are not stupid , some more , you have to.compete with those en bloc owners, some of them might go.for old freehold to try their luck again.

  10. #10
    Join Date
    May 2012
    Posts
    3,951

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    The ones he is looking at appears to be relatively new Freehold than old Freehold leh. Not more than 10 years old...

    Quote Originally Posted by oldfreehold View Post
    My personal view is now the timing is too late to buy old freehold. Recent en bloc projects all.askimg sky high price , if you want to buy in now , get ready to be chopped by the seller and wait long long for en bloc. Sellers are not stupid , some more , you have to.compete with those en bloc owners, some of them might go.for old freehold to try their luck again.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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