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Personal financial management, V2
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cshong
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 May 17 2011, 05:55 PM
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I do hope that some financial experts here can help me with my situation below.
Right now, I am just a student. Left few more months to graduate. Since I am fresh, I expected my monthly salary will be maximum RM2k. Originally, I am ok with that. But, now, cannot. Please see my following situation.
After I graduate and get a job, the first thing I will do is to repair my broken house that damaged thanks to those white ants. Last time, the floor in my uncle's room at upper floor nearly complete falling. RM2k has been spent just for rebuilding the floor of one small room. The upper floor of my house consist of 3 rooms (including my uncle's room) and a large living area. I believe not long after that, same thing will be happened to other rooms and living area at upper floor. A few months ago, I started to feel something wrong with my room's floor. In these few days, it is getting more and more worst. Not only my room. The whole upstairs floor started to be problematic.
So, repair 1 small room's floor = about RM2000, Repair the whole upstairs floor = how much?? Can guess yourself. I assume at least RM10000 has to be spent.
Not only the floor problem. Something is wrong with the upper floor toilet, because of this, there are sign of water coming up from the wall at ground floor. My house's main power switch and a lot of sockets were installed nearby the area where the water is coming out from. If, one day, the water hit the main power switch or just any socket nearby, you can guess what will be happened. We haven't repair the toilet yet because of financial problem. Engineer quoted RM3000 for repairing the toilet.
To protect my family members, my house need to be repaired as soon as possible. RM10000 + RM3000 = RM13000. If my salary is maximum RM2k, minus other necessary expenses, guess how long I need to wait until I am affordable for repairing my house?
I am one of the owners of my house after my grandmother transferred her ownership to me before she passed away. It seems like I have to pay for the repairing cost myself because it seems like my other family members prefer to spend their money on other things rather than contribute in repairing my house.
If my house has no such problem, RM2k salary may be enough.
So, expert, your advices please.
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cshong
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May 17 2011, 08:15 PM
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QUOTE(wongmunkeong @ May 17 2011, 07:50 PM) CSHong - are U the only breadwinner? If so, personally, i think U guys are living in TOO BIG a house - sell it and get into something more manageable. My apologies for being blunt - Murphy (as in Murphy's Law) will visit U often even if U manage to dodge the bullet this time as a house which is "too big" will eat U alive (from experience) If U are not the only breadwinner AND the house is fully paid off, U may want to look into refinancing it, use the $ to repair (not renovate). U may want to get 2 to 3 quotations, and if possible, from trustworthy contractors. That house exists before I born. I am now 23 years old. So, I guess my house was being built for more than 30 years. I am not the only owners of my house. My uncles are also the owners. I cannot decide to sell it myself. If we buy a new house, that also need $$$. And, if we sell this house, we also need to at least repair it first, else who want to buy such a danger house? |
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cshong
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May 17 2011, 08:50 PM
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QUOTE(wongmunkeong @ May 17 2011, 08:26 PM) CSHong, I can feel your pains & being boxed in. If the other "owners" refuse to cough up their fair share to repair, then U want to be "the sucker" every time? If so, continue on then. Yes, U need $ to RENT another house or buy. Yes, U can SELL the current without repair - there are buyers that are willing to buy fixer uppers, especially those connected with contractors and know they can fix it up with $xxxxx and sell for $yyyyyy. Sorry to be blunt - if i were in your shoes, and i do have some black sheep uncles and gangster ex-inlaws, i'd sell OR walk-away from the house. Pardon my french but WTF for? Milk me for $ to fix & maintain but all the flers dont chip in. Heck, this may be a blessing in disguise for U & yr loved ones to break away from these bunch. Well, then again, that's just me. Your mileage may vary. U will definitely need to have a long adult discussion with the rest of the "owners" and ppl living with U who are making $. Pardon me if I'm too blunt - like i said, i feel your pains personally and i hate these kind of "relatives". I can't blame them. Because most of them are really poor and one of them is currently having cancer treatment. The most annoying part is, for the one with high salary - my elder brother whose name is not in the list of owner, he work as doctor, his basic salary is RM3xxx + he also work as part time seller for some medicine products = RM6xxx income per month, just because of he is my brother my mom and I and my uncles let him live with us for free and yet he rather spend his RM6xxx on something else rather than contribute in repairing my house. This post has been edited by cshong: May 17 2011, 08:52 PM |
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