By:
Bryan Lui (Co-Managing Partner) [bryanlui@luibhullar.com]
Harneshpal Karamjit Singh (Co-Managing Partner) [harnesh@luibhullar.com]
Thinking about buying a condo or moving into one? Before you take the plunge, it's essential to understand what condo living in Malaysia involves.
Here’s what you need to know, especially from the perspective of a housing lawyer, housing development lawyer, property lawyer and lawyer for home buyers.
1. Be Ready for Regular Payments
As a condo owner, you’re obligated to pay monthly service charges that cover the maintenance of common areas and contributions to the sinking fund for future repairs. These fees, often referred to as "the charges," are crucial for keeping facilities like lifts, swimming pools, and security systems in top condition.
Remember, these charges can increase over time due to inflation and other factors. Before buying, make sure you review your Sales & Purchase Agreement (SPA) and familiarize yourself with the Strata Management Act 2013 (SMA 2013). This will give you a clear understanding of who manages the property—whether it's the developer, Joint Management Body (JMB), or Management Corporation (MC)—and your financial responsibilities. Staying informed can help you avoid late fees and interest charges.
2. Embrace the Need for Tolerance
Condo living means close quarters with your neighbors—you’ll share walls, floors, ceilings, and common spaces. This proximity requires a level of tolerance and respect for others. Being considerate, such as keeping noise levels down during late hours, goes a long way in ensuring a peaceful living environment.
However, be prepared for occasional disturbances, whether it’s from renovation work or noisy neighbors. Balancing consideration and tolerance is key to enjoying condo life.
3. Familiarize Yourself with Community Rules
Every condo has a set of rules and regulations that all residents must follow. These rules, established by the developer, JMB, or MC, cover everything from parking allocation to the use of recreational facilities. Ignoring these rules can lead to fines or other penalties.
If you’re serious about condo living, make sure you’re willing to adhere to these community rules. They’re designed to maintain order and ensure everyone enjoys a harmonious environment.
4. Get Involved: Volunteer Your Time
As a condo owner, you automatically become part of the condo’s JMB or MC, which oversees the property’s management. These bodies depend on volunteer owners to serve on committees and handle various responsibilities. Volunteering not only contributes to the community but also gives you a voice in how your property is managed.
Keep in mind that this is a commitment—failing to fulfill your duties could result in fines or even legal consequences. Active participation can earn you respect and allow you to make a positive impact on your community.
5. Do Thorough Research Before Buying
Before purchasing a condo, it’s crucial to conduct due diligence. Here’s a checklist of questions to ask yourself, your developer, or the property agent:
What is the development’s history? Are there recurring maintenance or fee collection issues?
Will you be responsible for any discrepancies in the built-up area as compared to what’s stated in your SPA?
What is the current financial status of the JMB or MC? Can you review their financial statements and budget?
Are the common areas and amenities well-maintained?
Does the developer own a significant portion of the units, potentially influencing management decisions?
These questions are vital in assessing whether the condo is a good investment and if it aligns with your lifestyle and financial goals.
Final Thoughts
Buying a condo in Malaysia is a major decision that involves understanding the legal, financial, and social aspects.
Consulting with a lawyer for home buyers, property lawyer or a housing development lawyer can provide you with the necessary guidance to make an informed choice. Whether condo living suits you depends on your personal preferences, tolerance levels, and willingness to be an active part of the community. Drop us a WhatsApp ( +60143000960 ) or E-Mail ( admin2@luibhullar.com ) for a free consultation.
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