FAQ with Yin Homes
FAQ 01:
What’s the difference between buying a house in TTDI and Bandar Utama? The prices are so different!
First, if you’re buying Taman Tun, you’re buying a KL address. If you’re buying Bandar Utama, you’re buying a Selangor address.
Number 2, the demographic in TTDI is slightly different from the demographic in Bandar Utama.
Number 3, the roads are wider here in TTDI which means ample parking.
And last but not least, the layout in TTDI is slightly larger for the double storey. You get 24 ft. by 75 ft, and you get 22 ft by 80 ft. for a nice intermediate double storey.
FAQ 02:
How much should I sell my house for?
Well let’s first establish that every home in TTDI is sellable. It depends on a few factors:
Timeline- Do you want to sell it in 3 months? In the next 6 months or in the next 12 months? Or perhaps, even longer?
Location- Is it facing a park? Is it facing a T-junction? Is it facing another house? And, also the condition of your neighbour’s house.
Depends on the amount and extend of renovations done to your house
If there are indeed renovations and extensions done to the house, does it come with corresponding approvals from the local council？
If you want a more detailed assessment of how to price a house, do give us a call!
FAQ 03:
How long does it take to sell my house? 6 months? 12 months?
Every house in TTDI will sell. The time it takes to sell your house correlates to how you price it.
If you price it at market price, you should be able to sell your house for 6 to 9 months.
For details on what is the market price for your house, do give us a call for assessment. We’ll be more than happy to help.
FAQ 04:
Do I need to stage my home? Will that increase the value of my property?
The actual fact is most Malaysian buyers, especially those buying landed properties, prefer to do their own renovations and make the space their own. So I don’t think you need to do elaborate home staging.
All you need to do is to help create an empty canvas within your home to help the buyer imagine the space as their own: Repainting your house in white, repair any major leaks, and decluttering– will be my top three tips as to what you can do to increase the value of your property.
FAQ 05:
Looking to live in TTDI in the future, how much do I need?
For starters, you will need at least 10% of your purchase price for down payment. For example, if the house you’re buying is RM1 million, you will need at least 10% as your down payment. Thereafter, you’ll need an additional plus minus 10% for stamp duty, lawyer’s fees, and other miscellaneous fees.
FAQ 06:
Any tips to rent out my house at a higher price?
Well, for TTDI tenants will pay premium for 5 things:
A fresh coat of paint
Built-in kitchen cabinet
Auto-gate
New air-conditioning
Built-in wardrobes
FAQ 07:
I’m really keen on buying this house, but what should I look out for?
There are top 3 things you should look out for:
Look out for cracks. Try to determine if the cracks are just the usual hairline cracks, or are they structural cracks.
Check how wide the road lines are and if there is enough parking for your needs. Most TTDI houses have wide road lines so this is not something you need to worry about.
When was the last renovation done and what was being done. This will give you a rough idea as to how much you need to spend on your new home.
FAQ 08:
Can the price be negotiated? How low can the owner go?
The general Malaysian mantra is, “Everything is negotiable”.
Negotiation is about creating a win-win situation between a seller and a buyer, the tenant and the landlord. So before you make an offer, do understand the general market price within that area. Then, have a discussion with your real estate agent to decide what is the best offer to present. Thereafter, let your agent do the rest.
FAQ 09:
Partly furnished vs. Fully furnished. What’s the difference?
This is one of the most commonly asked questions by both tenants and landlords.
Partly furnished units have different types. But in general, fully furnished units come with loose furnitures, whereas partly furnished units don’t. If you’re a landlord thinking of going with the fully furnished option, do provide a complete set of furniture including bed, sofa and dining set. This will help you in either one of the categories making it easy for you to find your tenant.
FAQ 10:
How is the neighbourhood’s security and safety?
When TTDI was first developed, it was never meant to be gated or guarded community. So any area you see that is guarded is an initiative by residents and legally, they cannot stop anyone from entering the area because it is public access. There was a time when the crime rate in TTDI was at a high. So, the local community got together with local authorities to introduce a new policing programme. This made it easier for residents who make police reports and the local police increase patrolling. It was reported in 2018 in The Edge that crime rate in that area had fallen by 40% since the introduction of this programme.
FAQ 11:
What’s the cost of buying a house in TTDI?
Well, there are five areas of cost:
Legal fees
MOT
Loan legal
Loan stamp duty
Valuer fees
FAQ 12:
What are the responsibilities of the Landlord & the tenants in terms of repairs?
The general rule of thumb is that the landlord takes care of structural repair and any spare part replacement provided there is no vandalism or mishandling by the tenant.
The tenant on the hand takes care of any minor wear and tear, replacement of light bulbs, any drain or shower blockages, and general aircon (AC) servicing.
FAQ 13:
What is the average land price psf for terrace houses in TTDI?
The average price for a terrace house that is basic with no renovation is anywhere between RM700- 740 psf.
Anything that is renovated, has some extension is typically between RM750- 780 psf.
The average price for a designer rebuilt house that is probably newly renovated with good aesthetics can range from RM800- 900 psf.
FAQ 14:
Who pays for the legal fees when I sell my house?
The purchaser has the responsibility to draft the sales and purchase agreement. Therefore, the bulk of the legal fees is borne by the purchaser.
The seller can choose to hire legal counsel to vet through the sales and purchase agreement to ensure his/her rights are protected and also to pay for any filing of paperwork related to the sale of property. Some sellers, however, choose to tag along with the purchaser’s lawyer and only pay a small fee for the filing of paperwork. However, do note if you take this option as a seller, you will not be represented and therefore, the responsibility of vetting through the sales and purchasing agreement falls on the sellers themselves.
FAQ 15:
What is the cost of renting a home in TTDI?
There are several costs that you should budget for when you decide to rent a house. You will need to set aside
1. One month advance rental (But this will be offset as your first month’s rental)
2. Two months security deposit
3. Half month utilities deposit
4. Stamping fees
To know the amount of stamping fees, you can just go online and check out how much you need to pay. There is a standard formula that correlates to the monthly rental of your house!
FAQ 16:
The house I'm interested in has been on the market for over 2 years. Does it matter?
TTDI terraces typically sit on the market for between 3 to 6 months while bungalows and Semi-D sit on the market for anywhere between 12 to 16 months. If your unit exceeds this cycle, there are a few reasons:
It is 20~ 50% above market price
It is difficult to view
If your unit sits on the market for too long, it will definitely affect the value of your house because the market will perceive the house as undesirable. Therefore, it is very important from the get-go to price your house correctly and find a good realtor who can assess the correct value for your house.
FAQ 17:
Which is the preferred ‘taman’ in TTDI?
As mentioned before, “Every house in TTDI is sellable”. There is no particular preferred ‘taman’.
However, most people do prefer the guarded areas in TTDI. This is especially true for first-time TTDI buyers.
For Taman Tun-ians, most of them already have their preferred ‘taman, and it is based on where they grew up in and where they are familiar with.
FAQ 18:
Why is the house in TTDI so run down?
Taman Tun is a neighbourhood that is over 40 years old. The first few developments– Zaaba & Haji Openg– were ready in the late 1970s. The “newest” development in TTDI would be the Sulaiman area, which was ready in 1989.
Most people buy TTDI for the location and generous land area which can go up to 25ft x 95ft for the terrace; 3,600 sqft for the Semi-Ds; and 8,000 sqft for the bungalows.
FAQ 19:
Is there a reason why my home’s assessed value differs from the market value?
Each house in TTDI is unique and its value has a lot to do with the history behind it.
The value of your house depends on the location, condition and type of renovation.
It’s awkward best to get your trusted realtor to do an assessment and walk you through the process to get a fair value for your home.
FAQ 20:
What is an earnest deposit and where does it go?
In simple terms, earnest deposit is the booking fee. The industry standard for earnest deposit for rental is equivalent to one month’s rent. For sale, it is 2-3% of the selling price.
The earnest money goes to a stakeholder first. In most cases, it goes to the real estate agency as a stakeholder. The landlord or the owner can only access the money once the deal has been sealed.
What this means is that once the tenancy agreement or the sales and purchase agreement has been signed, then the earnest money is released to the Landlord or Owner.
FAQ 21:
What are the pros and cons of having an exclusive agent?
If you have an exclusive agent, you will have someone who is devoted 101% to selling your house. They should be investing time and marketing dollars towards bringing out the best value of your house – thereby, fighting for the best deal for you.
Historically, owners who have exclusive agents who are expert in the area of their homes tend to sell their houses at the best possible price. However, if your exclusive agent does not employ any marketing strategies or devote any time, you will find that you’d end up selling your house based on PRICE.
So engaging an exclusive agent is as important as engaging the right one. Make sure they are able to share with you all the data and marketing strategy that can best bring out the value of your home.
FAQ 22:
I love my home. How do I get the best price for my home?
Depending on the type of house and its condition, there are a few strategies that you can employ to get the best price for your home. The simple and most economical way to start is to do minor touch-ups and repainting the house white. Think of creating a blank canvas for your house. This makes it easier for the buyer to imagine what it would be like to renovate, decorate and live in it.
The second strategy is to stage your home. Decorating and putting up art pieces to create a warm and lovely space can fetch a premium for your house. But, decoration and aesthetics can be very subjective. So it’s usually best to get an expert to give you some advice on staging it as neutral as possible. The best type of staging does fetch a premium but there is some time and effort that needs to go into it.
FAQ 23:
Time to sell the house. Can I sell/ list on my own? Can’t be that hard.
The simple answer to that is- Yes, you can sell and list your house on your own.
First, you need to decide on a fair market value for your house. Then, you would need to plan out the marketing activities for it, such as putting up a signboard and posting it on the classifieds are some ways to attract potential buyers. From there, you’d need to screen and filter potential buyers and decide whether they are serious about buying or just shopping around.
Usually serious buyers will have seen a number of units and are ready to offer a fair market value because they understand and appreciate the value of your home. Then, they would usually request to view the house and perhaps, hopefully place an offer. When doing so, you’d usually have to undergo a negotiation process striking a deal.
The process of selling your house takes time, effort, and some marketing dollars. It also takes experience and patience in screening and selling the value of your home to the buyer. Buying and selling a house is oftentimes one of the biggest decisions of a person’s life. So sometimes, it’s best to engage a trusted agent to represent you and ensure your best interest is taken care of.
