Given the current real estate frenzy you might be tempted to go line up at a property launch event. Before you do that, read this short blog article – it will save you from a lot of grief later. A client of ours, Harrison Taylor, has gone to the One Menerung roadshow and decided to go line up at the property launch. “I have been looking for houses for sale in Bangsar for very long, and this is good opportunity,” remarked Harrison. We’ll come back to him later, but here’s what you need to know if you are one of those “early birds” that throng property launches.
Property Development Launch – The Hype vs The Real Deal
If you are familiar with marketing, then you will be acquainted with the “launch” concept. Apple, for example, has mastered the launch into a fine art. Watch the queues in front of Apple Stores just right before the launch of new Apple devices such as the iPad and the iPhone. Property developers are now using the same marketing tactics to go after consumers. So, beware. Be mindful of what you want to look for in a property, and don’t be swayed by the hype. Some of the questions that you need to ask are:-
- Are you buying the property to rent out, or to invest for capital appreciation?
- What’s your budget?
- How’s the location?
- What’s the average price of a piece of similar property in that location?
- What’s your exit strategy?
Do your due diligence, and you will not be scammed. The rule of thumb is that the more “hyped up” the property then the more wary you should be. Look beyond the glossy brochures and the satay sticks. Property investment is usually huge, and due diligence is definitely worth it. Here are some articles that you will enjoy about property investment –