Buying an Abandoned Home

A lot of new houses are built with the minimal land allocation per house due to land scarcity.  Unlike houses more than twenty years ago, even a semi-detached house now has only a small plot that probably fulfills just a 2 or 2.5 metre minimal and can only be suitable for use to set up a hanging area for your laundry to dry.

While older houses are tempting, there may be some issues. There are a lot of abandoned houses with acres of land, unsold and unused for a long time.  After a while, many of these such houses are rumoured to be haunted, and the seller will have a lot of difficulties just trying to ignore the rumours.

 

 

However, it can still be tempting to buy an abandoned house, especially if you see the large land area and the way the homes are built horizontal.  It sure is more beautiful than the new houses built vertical, going as high as three-storeys and making it a problem for the elderly even if the marketing strategy for such three-storey houses are always to appeal to a three-generation family living together under one roof.

There are some pointers which you need to be aware of if you wish to buy an abandoned home. First of all, you need to check the titles of the owners. The only way that you can buy a house is through its legal owner.  You may wish to engage in the service of a good lawyer to check and identify the legal owner of the house, and see whether there are anymore loan pending.  An abandoned house may still have loan pending, you will never know. In Malaysia, there are regulations regarding the sale of apartments, whereby if the owner has not been paying the maintenance fees, he is not allowed to sell the apartment until the maintenance fee debts are cleared.

 

 

You may also be able to find out why the house had been abandoned. When your laywer checks on the background of the owner, he will also be able to determine if the house is a foreclosure. If it is so, you will need to contact the bank about your intended purchase to see if you are allowed to buy it. Homes seized by bank foreclosures will usually be sold at public auctions.  Do check if your intended purchase is listed.

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