I don't know about your country, but in mine, Malaysia, when you're looking to buy property of any type, one of the important criteria you would want to look into is - the developer.
The project is important, but you would agree that the developer plays even a bigger role; in ensuring that you're getting the best property deal in Malaysia.
So, you might want to read on to find out, who would be your ideal developer...
Well, basically, these are the criteria to look for:
1. Reputation and Reliability
Need I say more? You know this already, don't you? But...
The most important thing is: How do you find out reputation and reliability of a developer, right?
Simple, just ask around residences or owners of previous property projects by your targeted developer! You should be able to get some hints from these neighborhoods.
While you're there, open you eyes; BIG and WIDE! Observe their workmanship. Would you be happy with the quality of work that you see right before your eyes?
You can also check who their financiers are. Do they owe their contractors, vendors and suppliers? You wouldn't want to be involve with a bad pay master, would you?
One more thing...
Find out if this is their first project? If they are not from a developer background, you should think again...
2. They should be registered under REHDA
REHDA, or the Real Estate and Housing Developer Association, is the association that keep track of a developer's records.
Reputable property developers in Malaysia are members of REHDA... and if it is not registered... well, you know what to do, right?
3. Timeliness in Delivery and Quality
While checking out the previous projects by the developer, find out about their timeliness. Are they delaying project consistently? What is their compensation for the delay? Is the compensation fair and following the legal requirements?
4. Credibility, Management Effectiveness, After Sales Services.
When you’re uncovering the background of the developer of property projects in Malaysia, find out about their credibility, their management teams and effectiveness, and what is the quality level of their services?
And now... the most outrageous criteria!
5. License!
Huh? Property developers in Malaysia MUST have a license, don't they?
Alright, before I go about embarrassing my lovely state... let me explain:
You see, there are certain licensing requirements for properties in Malaysia. And not all property projects are necessarily regulated. Thus, there's no pre-requisite to have a valid license for certain project types.
Property projects that requires a valid license in Malaysia are any buildings that are intended for human habitation, partly or wholly. Examples, low and medium cost apartments, condominiums, terrace houses etc.
But then again, The Minister may by notification published in the Gazette, exempt any housing developer from any or all of the provisions of the Housing Development (Control & Licensing) Act, 1966.
So, these 'exempted' developers may not need any license as well!
Now, you probably would be asking: What else does not require a valid license?
Here's the loopholes...
If the developer is building less than four units; or the units are only sold after full Certificate of Fitness for Occupation has been issued. No license is required.
Besides that, any approved commercial development, no valid license are required.
Examples, service apartments, commercial buildings, shop lots, shop offices, bungalow plots and/or land, orchard land and/or agricultural land, industrial and/or factory lots, and other types of properties not specified as ‘Housing Accommodation’ under the Housing Act.
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