Wednesday July 13, 2011

It’s getting almost impossible to book a housing unit

WITH the rising prices of property, everyone is scrambling to buy value-for-money property now, especially when developers offer rebates. However, it is sad to know that the developers out there are using tactics which only benefit investors, and not genuine house buyers.

Housing developers often offer rebates to customers before the actual launch. However, they inform the public of their project only after the majority of the units have been booked by “other customers”.

For example, recently, when I tried to book a unit, I was told that everything had been double booked, and they had not even launched the block. I told them I would not mind triple booking a unit.

When I chose a unit, I was told it had been booked by a VIP. The same was said for the next few units I chose.

By the time the project is actually launched, I doubt that there would be any units left for public booking.

I recently managed to book a unit. I had to pay a fee of RM2,000 when booking it in March, and was told that the actual launch was in May.

In May, I called the developer, and was told that it had not yet obtained the licence to launch the development and that the project launch had been put off to June. I called again in June, and was told that it would be launched in July or August.

At the MAPEX fair in PWTC, I spotted the developer’s booth and approached them. They said the latest would be by July.

Sadly, I got a call later that the particular block of the unit I booked was being sold to a company (from the 1st to the 28th floor) and that I could choose another unit on the higher floors, which was more expensive.

It is terribly unfair. Many people have placed bank drafts or cheques in order to secure a unit, only to be told a few months later that they would not be getting that unit.

My booking fee could have been earning interest in the bank or be used for something much better than sitting in the drawers of the developer’s office.

Obviously, the developer will not reimburse me any interest or earnings which I could have earned on the money between March and now. Even worse, they did not apologise for the inconvenience.

In addition, when I told them I would pull out as I did not want a unit on a higher floor or a more expensive unit, they said my cheque could only be returned in a week’s time. In March, I was told that if I would like to pull out at any time, I would be able to get my cheque back immediately, as they would not bank it in.

Now, I’m wondering whether they have used my money or misplaced the cheque.

With all the problems, I have turned to second-hand homes as a means to purchase my first house.

It is good in a way that the maximum loan we can apply for is 90%. However, the prices of properties are unreasonably priced, thus when banks value the house to determine the loan value, we are not able to get 90% of the selling price, but of the valuation, which is much less.

For example, a single-storey house in Petaling Jaya may be going at RM500,000. However, if the banks say it is worth only RM400,000, we have to fork out an extra RM10,000 just for the downpayment (what more the other fees), which is very hard for middle-income earners.

I hope the Government can find a solution for people who still wish to live within the Klang Valley as new developments in this area are scarce now.

JTZ,

Desa Aman, Selangor.

News

Wednesday July 13, 2011

It’s getting almost impossible to book a housing unit