Hi All Brothers and Sisters,

My age 25years old.... staying with parents...
Salary RM2210 (after -EPF RM1960)
Saved RM30k
And sometimes i have extra income from freelance (RM0-RM500)
Plan to marry after 2years+

Monthly expenses: RM910
Included (Mother + Insurances + Car Loan (1 mth old, new car) + Streamyx + Electrik bill for parents + Maxis)
Excluded ( Girl Friend + Food + Petrol + Entertainment )

Currently I found a apartment (second hand) cost RM140k. Maintaines RM130/mth. Could be rent RM500-RM600/mth

I wish for my own stay after i get married......

Why i wanna buy now?
1) Because the interest is low now..isnt it?


What i am afraid?
1) If i don't buy now, after 2 years.. i scare the price will increase
2) After i bought, i scare very hard to save $ for marry

Hope to get some advice from you all...

This post has been edited by Figio: May 19 2009, 12:02 PM

Depend on you, remember property is an assets not liability. If you think you had made an wisely decision, for your future and it's the best for you, go ahead. No harm.

ya....
i have 2 friends that bought the house before married...
after 2 years, still not married coz not enough money...

the price for the house will increase...
that's for sure...

my advice, or this is what i do...
join any unit trust or some sort like that BUT make sure it is not that SKIM CEPAT KAYA...

if i'm not mistaken, it took almost 20 years to make the money grow...
my ambank, invest 21K, which i'll pay 1K every year, after 21 years, it grow to 70K...

so use that money to buy yur home...
that's is my plan 4 yur reference...

married first la, than you can plan with yur wife, you can manage your expenses...

regards...

haha, really no idea thats why need some advice

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Added on May 19, 2009, 12:18 pmThank you all for replied

Yup, tats why i scare after i bought the house.. no enough money to marry

but if marry first... my bedroom not enough to fit...(so small)



This post has been edited by Figio: May 19 2009, 12:18 PM

depending on the loan margin, but i think you may just be able to secure a loan based on the information provided. but unlike the other advice, i would say a house for own stay should not be categorized as an asset, because you're not making money out of it, and by servicing the loan you're paying more than the actual value of the house.

1) the interest is low now, but when the economy recovers the interest will increase and while you'll unlikely to pay more than the monthly installment agreed, your loan tenure would be extended.
2) if you're buying sub-sales you may want to scout around and find out the transacted prices of similar units over the years to figure out whether it can still appreciate, or has it peaked.
3) it very much depends on your financial management i would say. but at your current status, i believe it will be a little tough for you.

on another issue, i do think that you should be consulting with your partner because if you want to be staying in this apartment after marriage i'm sure your partner will want to have a say in choosing your dream home, no? besides, she might offer to help pay the installment as well, so that will ease some headache for you as well.

Thank you for advices,

haha, my partner said... as long the area is safe....and important the house must have balcony...(easier for her to hang the clothes)...hahaha

Yup, it's the bank's asset.

u can buy tat house first then rent out while waiting tat two years. Like tat u no need worry the instalment (use the rental to cover ur instalment) and u can save the money for ur wedding.BTW, buying a house nd alot of money for the downpayment, lawyer fee and etc. If u think u have enough money for tat and the environment of tat house is ok then can go ahead oh..gambate...i oso jus bought a condo...then my wedding planning need to postpone one or two more yr. no money for tat already.haha..

interest had cut down, i think it is good time to buy. but however count carefully as to whether you can afford the installment or not, if it is ok then buy it

Go for it

Thanks cedrickang for replied,

I also think of rent it out and cover the installment..... because the location is near college...so i think can rent out easily...

May i know RM140k for house.....and what others fees do i need to pay? 10% for downpayment right? Lawyer fees how much for rm140k house ?? and etc?? I heard some bank can offer Free??

sorry.. i mean new

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Added on May 20, 2009, 2:07 pmRM1960 (salary) - RM910 (mthly commitment)
= RM1010 (excluded makan and petrol)..do you think i can afford for the installment ? if rent to ppl and cover..then its ok........but after 2 years later... i married..... wah....really hard to imagine ...and IF i`m so lucky after 1 year later get a baby...... die lor.... all brother sister.... how to survive

Hope you all can share your experience

This post has been edited by Figio: May 20 2009, 04:06 PM

since you think that you cannot afford such investment then you need to save a considerable amount of money such as rm30k on top of the money you paid for the house down payment to cushion you from the installment for sometimes then perhaps you can buy the house or you might want to rent it to someone and used that rental to paid for the house installment. however whether your house can be rented out or not depend on the location and also beware of who u rent the house to because bad people make your house like a criminal nest or make it to a bad shape

yup... dun think too optimistic that you can rent out in the 1st month after getting the apartment.. need to be ready if the unit cannot be rented out for 2 months in a year (just to be cautious).

If you decide to commit the loan on your own (excluding your spouse), 1st I guess you hav to get thru the bank 1st for approval..

Assuming 30yr tenure monthly installment is RM560

Just a rule of thumb, your car loan + RM560 must be 40% or less of your salary (depending on banks also).. if your car loan installment not more than RM400, den should be ok..

Upon renting out, I guess you will still need to top up bcos the rental collected is not enough to cover installemnt and maintenence fee (assume annual installment + maintenence fee + Assessment = (RM560x12) + (RM130x12) + RM200).. Monthly commitment is RM706.66 and if rental is RM600, den you still hav to top up RM106.66 everymonth.. i havent factor in agent.. if you engage agent, you need to pay the agent 1 month rental for commision..

I am just to share, but you hav to do the judgement .. everyone has their 1st time just like you and i guess everyone is willing to help and share their experience to make u a successful landlord

I think you just randomly, call up a bank and check with them will be the most accurate one.. good luck

disagree...it not the bank asset if ur rent more than loan...

Jason is smart guy, lots of sentences he picked from robert T.Kiyosaki.

Save more first if u think u're not affordable for house instalment, if u plan to buy but not rent out.
No one understand ur financial status better than anyone of us here.
But if i were u, i will buy

This post has been edited by hacker6280: May 20 2009, 07:06 PM

This shouldnt be the MAIN reason why u should buy a property now.

1. It might not increase

2. Buy undervalued property so that u could refinance for cash, then get married

it'll be tough, frankly, but i'll always say the same thing, it's how you plan your finance. if you think you can't afford, then you'll need to find ways to lessen your expenditure or better still, increase your income.

and although i don't know you personally, since it's going to be you and your partner's home in the future, have you considered asking your other half to be committed as well? if you plan to marry her might as well share your thoughts and dilemmas, she may offer to share the installment with you.

Still can survive, if you are confident can renting out the apartment then go ahead to buy it 500-600 should be enough to cover your installment. If your GF is committed in your relationship she can support you as well. Marry can be very economy depends on how you plan.....You manage to save 30k in age 25 you are great, your finance is good....Just my 2cents, is always great to invest in property.....Property hanya naik tak la turun(depend on location la).....

Good luck to you.

This post has been edited by paul5005: May 21 2009, 12:49 AM

After rented out the apartment for 1 or 2 years, when you take back and want to stay on your own, you will need to spend money to repair and renovate it. You need to set aside a few thousands to do up the apartment.

Hey I was abt to say this too!!

The challenge will be to find one that you like, at the right price. At 25, if you can find such a home, and cheap somore, and found someone you love who shares your ideals, you're one lucky SOB. Bravo!

is that mean he 45 years old only can buy a house if he spend 21k to invest in am bank?

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Added on May 22, 2009, 1:17 amhonestly...with your current salary and your expenses, is best you can sharing this burden with your future wife(your gf) which you said you two will plan to marry after few years. Don't forget if you plan to move in your house, you do need a certain amount of money to renovate your house based on your need. Further more you only have RM30k saving at the moment, if you want to buy the house which is (second hand), you need a 10% deposit + lawyer fees and etc which might cost you total rm20k for all of this.

Do not forget the apartment do need to pay maintaines which is RM130 per month, i do not sure how much the area for the rental fees is, but i believe after you minus those micelenous fees, your rental fees will not left much and you might need to cover up from your salary(maybe?).

Definetely the property price will be increase and same to interest. Either you find an apartment which is completed build after 3 years with Zero entry cost (where currently most of the developer give in the market for apartment and condos recently)

Unless your dad will support you when you gonna marry, else i could say with your current ammount if you want to buy house and marry within 3 years, there will be definetely insufficient for you to proceed.

Or maybe you can buy apartment right now. Check with bank whether how long after you can refinance your home loan, after few years certainly your properties slightly will be more value than your current price, you can refinance your house for "CASH" from there maybe you can have extra money for marry purpose? (correct me if i am wrong)

maybe discuss with your gf (if she already working) both of you share the burden(if both already plan to marry after few year) both of you maybe can set an agreement in case touch wood both of you break, depend on how much both of your contribution to your house 50% 50% or 60% 40%, then only sell it off and distribute the money?

Sorry if my words does not make you happy



This post has been edited by yikjaan: May 22 2009, 01:17 AM

Thank you all for your good advice

I think i know what to do now ..... I want save more bullet $$ first....then maybe next year? only plan to buy again... because as for now....although i`m afford to buy it, but my life will get too tight (my salary RM1960 - (RM910 mthly commitment + RM569 installment (BLR - 2.0% Just called a HL bank agent) + RM130 maintainese fees)

somemore I don't think my gf willing to share share the installment with me (as i understand she got own commitment... Car + Study Loan + Mother + Pets)...Maybe after we get married, then i`ll ask her to pay electric, water, etc.. bill ?

This post has been edited by Figio: May 22 2009, 12:45 PM

u can buy to rent out if tat area got alot of students or working ppl then u jus need to do some renovation tat wont cost u too much.then u set a time.let say u wan to move into tat house after two or three yrs then u rent out for tat two yrs.this will help to cover some of ur installment, but ur rental must be more than RM633, if can get RM700-800 then good.this wil cover ur instalment and maintenace fee. then at the other way u need to save tat 633 as ur bullet for ur wedding or other expense in future after u marry.cos don forget if u are lucky within two yrs ur salary will increase oso.then i think u afford to cover ur house instalment.anyway if u really think tat house is worth la..cos with ur salary now is too hard to pay the instalment.but lucky ur have 30k on hand tat is good for u at least no need worry the first 10%downpayment.

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Added on May 22, 2009, 11:57 amanother way u can use ur 30k do some investment first.not too risky one.then wait till u think is the time to buy house then get back all ur investment and put into the house lo..haha...jus my opinion.

This post has been edited by cedrickang_8: May 22 2009, 11:57 AM

Hahaha...i really dare not to put 30k in investment, because no 1 can 100% guarantee (when i can take back the money)...Just like last time....the unit trust agent said he put all his income in the unit trust.. luckily i din listen to him.. or else my 30k...~~~ dunno wait till when only can take it back