Georgetown has been declared a Unesco World Heritage site and is peppered with architecturally and historically important buildings for which demolition or major alteration is absolutely out of the question. However, it also means there are plenty of options for those looking for a challenging, sympathetic renovation project. The difficulty involved in restoring protected buildings means that most buyers bring a local renovating firm on board rather than tackling it themselves as a hobby of sorts.
There are hundreds of renovation firms in the region which can handle extensive renovation works such as masonry, tiling, carpentry and interior design. As with any restoration project, there is a significant threat that the buyer might bite of more than they can chew and suddenly see development costs for hidden problems spiral out of control. This danger is negated somewhat for those who need financing from banks.
Financial institutions will require a report by a valuation firm so that they can ascertain whether the property provides sufficient security for the loan given. It also provides an indication that the property is worth what you are paying. The fees involved depend on the value of the property, although they are normally in the region of RM300 to RM800 for a normal apartment.