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4 Things To Be Aware Of When Buying High-Rise Residential Towers

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Post time 25-5-2016 06:01 PM | Show all posts |Read mode


High-rise residential units seems to the popular mode of choice for the current generation. Land scarcity and hefty price tags all play a part into the surge of rapid high-rise developments. While staying in a high-rise has multiple benefits over a landed counterpart, you should be aware of the pros and cons that come along with it.



1. Bills and Payments

The payments and bills to be committed when residing in a high rise may not be so obvious. Here are some that you should take notice of.

Maintenance Fee
For high rise property like condominiums, a monthly maintenance and sinking fund fee is used to pay for maintenance, repairs and upgrades. The average rate for maintenance cost in Kuala Lumpur goes around RM0.25 to RM0.45 per square feet. Maintenance fees tends to be higher for older properties because of the ageing facilities. There is also the possibility for an increment in fees as time goes by. Also, if you are renting your property out, it is still your duty as the landlord to pay for the maintenance bill.

Parking Fee
If you own multiple sets of cars, you might not be allocated enough lots for them. You can either choose to rent or buy additional units to complement the number of cars under your belt.

Commercial rates
Many serviced residences are built on commercial land which equates to commercial billing of water and electricity bills. It can add up to more than double of what you would pay for a residential unit. So think twice if being on top of a shopping mall is worth the premium.


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