When choosing to purchase a property, you will need to settle on a choice from the get-go. In Malaysia, there are essentially 2 different ways to buy a property; you can either book a spick and span unit or buy the property from secondary or sub-sale market. It is relying upon how a choice of property purchase is made, for instance, from an advertisement, from property expo or from the auction market.
Basically, there are two main market in properties transaction, which consist of primary property and secondary property. So, what do the terms mean?
Primary Property – Direct purchase of a new property from developers. Examples are under construction properties or projects off the plan and unsold units from the developers.
Secondary Property – Direct purchase of properties from primary buyers or buying it from the auction markets. To further elaborate, secondary properties are properties that have been introduced into the market for rental or sub-scale which will either be rented or owner-occupied by subsequent owners.
However, there are pros and cons you need to weigh before you decide to buy a property off the plan!
Source: Property Hunter, October, 2017. ( Primary or Secondary Property: Which is Worth Buying?)