I agree with NoDoubt Leong and Twinscharger.Renovations and repair works are very very costly, a little bit of repair work also costs a fortune. Those who buy old landed houses for 400K better factor in those repairs costs just in case over-budget.
1. Repair works and renovations must be financed by cash, no loan provided.
2. You have to be your own contractor supervising the repair jobs. In the end, if you managed to get any savings at all, you must be actually a contractor by trade. If you are not a contractor specialist, you have very slim chance of not getting chopped.
3. Now, do we count the salary for supervising our own house's repair work? If you are wage-earner, it is the worth of your foregone leaves, bonus, or commission if you are commission based. And days of golf outings if you are a business owner.
The current going price for new 2-storey landed in Kajang on average is 550K-700K. This specific area (Saujana Impian, Prima Saujana, Mutiara Heights, Kajang Groove), due to its proximity to Cheras, various highways, good township planning, and established commercial centre, new 2-storey landed property is going at 711K (please refer to the brisk sale Acacia of NAZA Groove).
My future house at Mutiara Villa, a 3-storey superlink (located next to Ivory Residence, what more evidence do you need) which I newly bought from TLS Group costs RM900K, and all are sold out within 2 months. Please do not mistake yesteryears' price to today's price.
RM275/per sq ft is very cheap by today's standards, Jade Hills condo is selling at RM382/per sq ft, Kajang Sentral Residence RM350/per sq ft. If you are looking to make money, Ivory Residence is a good choice, lots room for appreciation. A 30% appreciation will require the price to hit RM357/ sq ft by year 2015 which is easily achieveable as there are already condos in Kajang selling at RM350-RM382 / per sq ft today!
RM275/ sq ft is the price for year 2015, today you only pay 1%, then progressive interest monthly which in total will not exceed 4% of your purchase price. You do not pay full amount in these 3 years during construction, and you don't need the hassle to maintain the property during 3 years.
What you know for sure the housing in Cheras/Kajang area will be more expensive (no more land already) 3years later (2015), and not returing to levels 3years earlier (2009). House price will be better, rental market will be better.
I say if you were to invest your first property into Kajang, look no further than Ivory Residence.
I am not trying to poor cold water to buyer. I think Ivory is a good buy at below RM300psf
I want to ask. Can you compare Ivory with Sentral & jadehill like this?
Kajang Sentral is next to MRT & KTM ( walking distance) and should be very easy to rent out.
Jadehill is super luxury type condo, their materials if you check is all expensive, 4 blocks with only 366 units low density, international school, can acess to 5 star club facilities and possible another Desa park City/ bangsar in Kajang. Good developer with very good maintenance track records
Ivory is not super luxury and not near to Ktm.
Can compare price like that meah? not apple to apple wo.