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Check website comments, blacklist before buying
Published on: Sunday, June 09, 2024
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PacifiCity condo was declared an abandoned project last week.
THE Malaysian property market promises a path to building wealth and securing one’s future, but it can also be a minefield for unsuspecting buyers.

Over the past few years, the property market has seen a rise in complaints against developers who failed to deliver on their promises. These issues range from delayed project completion to poor construction quality and, in some cases, complete abandonment of projects.

The consequences for buyers are dire, often resulting in significant financial losses and emotional distress.

The government has responded by blacklisting such developers to protect consumers, but the problem persists.

Imagine the frustration of encountering constant delays, unfinished projects, and sub-par construction quality. These are just a few of the horrors awaiting the unsuspecting investor who does not perform due diligence.

One crucial factor that separates a sound investment from a potential disaster is the developer’s reputation. Therefore, selecting a developer with a proven track record of delivering on promises and prioritising customer satisfaction is paramount.

The existence of blacklisted developers in Malaysia underscores the importance of buyer education.

A readily accessible list maintained by the Housing and Local Government Ministry serves as a vital resource for buyers. Checking this list before making any investment decisions is an absolute must.

Fortunately, the Malaysian property market boasts numerous reputable developers with a strong emphasis on quality and customer satisfaction. 

Relying solely on a developer’s reputation is not enough, how­ever. Seeking independent reviews can be extremely valuable.

Websites dedicated to property reviews offer insights from past buyers, shedding light on a developer’s customer service, construction quality, and adherence to deadlines. These firsthand experiences can be invaluable in making a decision.

Buyers should also be wary of red flags!

Developers with a history of delays, financial instability, unrealistic promises or obfuscatory contracts should raise serious concerns. Also, check to see if there are any legal disputes or financial woes the developer may be facing.

Unrealistic promises of astronomical returns or suspiciously low prices should also be a cause for alarm. Lack of prompt and responsive customer service is a strong indicator of potential trouble down the road as well.

Investing in a property is a significant financial undertaking. By prioritising developer research, consulting a legal professional to ensure contractual clarity and avoiding blacklisted companies, one can pave the way for a successful property purchase.

SR

The views expressed here are the views of the writer and do not necessarily reflect those of the Daily Express.

If you have something to share, write to us at: [email protected]



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