PETALING JAYA (April 27): If you want to future proof the property that you own — probably the single largest investment that you have made, start by understanding the management and maintenance cost of the property, according to Architect Centre Sdn Bhd accredited architect and trainer Anthony Lee Tee.
In order to future proof a property, one has to understand the building’s life cycle cost, of which the first 25% is for the initial period and the balance will only surface within the next 25 to 30 years of the construction of the building, he told the audience at EdgeProp.my’s Symposium on Excellent Property Management 2019 today.
“When the building is built, the cost in the initial 2 to 3 years only represents about 25% of the overall cost of the building throughout its lifespan.
“The balance 75% goes towards the next 25 to 30 years, or even 40 and 50 years after the property is done, which includes the cost for security, utility bills and maintenance,” he said.
He added that a lot of buyers are not aware that the cost comes from the contribution of their service charges and they often just see the top 25% when they purchase a property.
“You need to understand that it is a long-term commitment and you will have all these hidden costs, which you need to deal with.
Lee was one of the speakers at the event. His talk was entitled “Aesthetics OR safety? You decide!”.
Themed “Is your investment future-proof?” the symposium was organised by EdgeProp.my in collaboration with partner Nippon Paint Malaysia and supporting sponsors Gamuda Land and Panasonic Malaysia. The event was also supported by The Edge Malaysia.
Read the full coverage of the symposium in the May 3, 2018 issue of EdgeProp.my pullout.