Dear Sifus,

I am in need of some expert opinion. I am interested to purchase a property in setia ecohill 2. Price is around rm640k. But my dilemma is i have ready purchased a service apartment in KL which price is rm700k (monthly installment @rm3.5k). But the apartment is yet to be completed. Expected completion is end of this year. Both i will be using combine income and name for purchase.

If my monthly combination income with wife is less than rm10k and after minus all expenses, balance is around 2k, is it safe for me to go on to book and purchase ecohill 2 first then quickly advertise and sell off my apartment in KL? Or play safe and sell off my current apartment first before buying ecohill 2?

Do let me know if u guys need more details of me in order to give more accurate opinion. Hope to hear advice from you guys.

Thanks.

this kind of question is best answer by urself, use common sense....u could take the risk but again life is full of surprises, some thing come up & u need money urgently than u know what will happen lo.. unless ur got someone can give u emergency $ support than i say go ahead lo...

RM700K condo not easy to sell now...

buying property now is only for those ready for it.

True i am the only best advisor for myself.

Just asking for second opinion from sifus in the forum. Who knows, some.of ur points can help me on my way to decide which suits best for me.

Thanks for the opinion.

Hmm... One of my concerns as well.. Though, i am not thinking on making too much on the profit side. At least can sell off so that i can breathe more on monthly expenses.

Haha.. Sure sir.. Would like to proceed but need to weigh on income vs expenses part..

Already have a family and 4 month daughter now. If still just me and my wife, i will surely go for it without thinking too much. Haha.

SEH2 which type - the one with 10/90? If 10/90, you still can consider taking the calculated risk provided you are confident that your apartment can be rented out in the next 2 years and you still have enough funds for contingency (in the event the apartment is still not rented or tenancy not renewed then). SEH2 you plan to use for own stay? If it's for investment then rental yield could be quite low or having difficulty in rented out given the new township (though the neighboring EM will start to have occupants and commercial activities). In brief, get enough funds for contingency.

It is for own stay and long term stay since it is a landed property. Nope, its is the Alexus endlot unit which falls under the conventional payment (need to pay progress interest). Yeah, renting out i think would be my last resort plan if we are unable to sell it off within 2 years. But our preference is to sell off the apartment as soon as VP by end of this year and get the financial freedom so we can focus on SEH2. If we can sell off the apartment, we can have more buffer in our income balance expenses.

I like ur key point. Enough funds for contingency. We have abit of savings my wife and in case of emergency. I can say amount up to rm20k (abit more but put it as 20k). And monthly income balance around rm1500 after deducting all commitments (such as car loans, home loans, astro, car fuel, unifi, home utilities, etc..)

Note: The apartment is nearby LRT, IKEA cheras as well as the upcoming MYTown IPC as well as Sunway Velocity. Hopefully this can help boost the sales of my apartment.

You're taking a very risky move, the market is very soft now, it's not easy to sell or rent out nowadays, especially for newly completed properties where there are tons of others competing with you to sell or rent out. Somemore you are buying using combined income, if your holding power is not strong, you'll be on the losing end during negotiation.

This post has been edited by Fortezan: Aug 8 2016, 02:40 PM

Dear Fortezan, Appreciate your honest opinion. Will take this into consideration definitely.

u go see the current state of eco hill phase 1, then u will turn your head away